Tesla reports falling profit, sales drop despite price cuts and low-interest loans

q2 in review

The Texas company said Tuesday that it made $1.48 billion from April through June, less than the $2.7 billion it made in the same period of 2023. Photo courtesy of Tesla

Tesla's second-quarter net income fell 45 percent compared with a year ago as the company's global electric vehicle sales tumbled despite price cuts and low-interest financing.

The Austin, Texas, company said Tuesday that it made $1.48 billion from April through June, less than the $2.7 billion it made in the same period of 2023. It was Tesla's second-straight quarterly net income decline.

Second quarter revenue rose 2 percent to $25.5 billion, beating Wall Street estimates of $24.54 billion, according to FactSet. Excluding one time items, Tesla made 52 cents per share, below analyst expectations of 61 cents.

Shares of Tesla fell about 8 percent in trading after Tuesday’s closing bell. The shares had been down more than 40 percent earlier in the year, but have since recovered most of the losses.

Earlier this month Tesla said it sold 443,956 vehicles from April through June, down 4.8 percent from 466,140 sold the same period a year ago. Although the sales were were better than the 436,000 that analysts had expected, they still were a sign of weakening demand for the company’s aging product lineup.

For the first half of the year, Tesla has sold about 831,000 vehicles worldwide, far short of the more than 1.8 million for the full year that CEO Elon Musk has predicted.

The company’s widely watched gross profit margin, the percentage of revenue it gets to keep after expenses, fell once again to 18 percent. A year ago it was 18.2 percent, and it peaked at 29.1 percent in the first quarter of 2022.

Tesla said it posted record quarterly revenue “despite a difficult operating environment.” The company’s energy-storage business took in just over $3 billion in revenue, double the amount in the same period last year.

CEO Elon Musk, who has tried to portray Tesla as an autonomous vehicle, robotics and artificial-intelligence company, told analysts on a conference call that the company's “Full Self Driving” system should be able to run without human supervision by the end of this year, although he acknowledged that his predictions “have been overly optimistic in the past.”

At present, “Full Self Driving” is being tested on public roads by some Tesla owners. The company says it cannot drive itself and human drivers must be ready to intervene at all times.

For many years Musk has said the system will allow a fleet of robotaxis to generate income for the company and Tesla owners, making use of the electric vehicles when they would have been parked. Musk has been touting self-driving vehicles as a growth catalyst for Tesla since “Full Self Driving” hardware went on sale late in 2015.

But in investigative documents, the U.S. National Highway Traffic Safety Administration said it found 75 crashes and one death involving “Full Self Driving.” It’s not clear whether the system was at fault.

Later, Musk said he did not think approval by government regulators would be a limiting factor in deploying robotaxis. “If you’ve got billions of miles that show that in the future, unsupervised FSD is safer than humans, what regulator could really stand in the way of that?” he asked.

Musk told analysts he postponed the company’s August robotaxi unveil until Oct. 10 to make changes to improve the vehicle. He also said Tesla will show off a “couple of other things” at the event.

Musk said he expects Tesla to begin limited production of the Optimus humanoid robot early next year for use by Tesla. The robot already is doing work at a factory. In 2026, production would ramp up more to send robots to outside customers, he said.

Musk also said the company is on track to deliver its new more affordable vehicle in the first half of next year.

The company, he said, wants to wait until after the U.S. presidential election before deciding whether to build a new factory in Mexico. Republican nominee Donald Trump has threatened to slap tariffs on autos made in Mexico, so it wouldn't make sense to build there in that case, Musk said. Musk has endorsed Trump.

Morningstar analyst Seth Goldstein attributed the large stock drop to Tesla giving little new specific information on vehicles or tangible financial targets. “Maybe some investors are saying ’you know, we didn’t get more details from management,'” Goldstein said.

Although the next scheduled catalyst that could move the stock is now the robotaxi event in October, Goldstein said Musk could share details of new products on X, his social media platform. “Elon Musk could share details of Tesla’s progress,” he said. “That could be a catalyst for the stock on any given day.”

During the quarter, Tesla's revenue from regulatory credits purchased by other automakers who can’t meet government emissions targets hit $890 million for the quarter, double Tesla’s amount of most previous quarters.

The company reported $622 million in “restructuring and other” expenses for the quarter, when it laid off over 10 percent of its workforce.

Tesla said in a note to investors that it’s between two major growth waves, with the next one coming through advances in autonomous vehicles and new models. But the company reiterated caution that its sales growth “may be notably lower than the growth rate achieved in 2023.”

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The pay package is likely to remain tied up in the Delaware Chancery Court and Supreme Court for months as Tesla tries to overturn the Delaware judge's rejection. Photo via Getty Images

Elon Musk gets green light from shareholders to get back $44.9B Tesla pay package

bullish on EVs

Tesla shareholders voted Thursday to restore CEO Elon Musk's record $44.9 billion pay package that was thrown out by a Delaware judge earlier this year, sending a strong vote of confidence in his leadership of the world's largest electric vehicle maker.

The favorable vote doesn’t necessarily mean that Musk will get the all-stock compensation anytime soon. The package is likely to remain tied up in the Delaware Chancery Court and Supreme Court for months as Tesla tries to overturn the Delaware judge's rejection.

Musk has raised doubts about his future with Tesla this year, writing on X, the social media platform he owns, that he wanted a 25% stake in the company in order to stop him from taking artificial intelligence development elsewhere. The higher stake is needed to control the use of AI, he has said.

Tesla also has struggled with falling sales and profit margins as demand for electric vehicles slows worldwide.

But at the company's annual meeting Thursday in Austin, Texas, Musk reassured shareholders that he will stick around, telling them he can't sell any stock in the compensation package for five years.

“It's not actually cash, and I can't cut and run, nor would I want to,” he said.

The company said late Thursday that shareholders had voted for Musk's compensation plan, which initially was approved by the board and stockholders six years ago.

Tesla last valued the package at $44.9 billion in an April regulatory filing. It was once as much as $56 billion but has declined in value in tandem with Tesla's stock, which has dropped about 25% so far this year.

Chancellor Kathaleen St. Jude McCormick ruled in January in a shareholder’s lawsuit that Musk essentially controlled the Tesla board when it ratified the package in 2018, and that it failed to fully inform shareholders who approved it the same year.

Tesla has said it would appeal, but asked shareholders to reapprove the package at Thursday’s annual meeting.

A separate vote approved moving the company’s legal home to Texas to avoid the courts in Delaware, where Tesla is registered as a corporation.

“Its incredible," a jubilant Musk told the crowd gathered at Tesla's headquarters and large factory in Austin, Texas. “I think we’re not just opening a new chapter for Tesla, we’re starting a new book.”

Musk and Tesla didn’t win everything. Shareholders approved measures that trimmed board member terms from three years to one and cut the required vote on shareholder proposals to a simple majority.

Legal experts say the issue of Musk’s pay will still be decided in Delaware, largely because Musk’s lawyers have assured McCormick they won’t try to move the case to Texas.

But they differ on whether the new ratification of the pay package will make it easier for Tesla to get it approved.

Charles Elson, a retired professor and founder of the corporate governance center at the University of Delaware, said he doesn’t think the vote will influence McCormick, who issued a decision based on the law.

McCormick’s ruling essentially made the 2018 compensation package a gift to Musk, Elson said, and that would need unanimous shareholder approval, an impossible threshold. The vote, he said, is interesting from a public perception standpoint, but “in my view it does not affect the ruling.”

John Lawrence, a Dallas-based lawyer with Baker Botts who defends corporations against shareholder lawsuits, agreed the vote doesn’t end the legal dispute and automatically give Musk the stock options. But he says it gives Tesla a strong argument to get the ruling overturned.

He expects Musk and Tesla to argue that shareholders were fully informed before the latest votes, so McCormick should reverse her decision. But the plaintiff in the lawsuit will argue that the vote has no impact and isn’t legally binding, Lawrence said.

The vote, he said, was done under Delaware law and should be considered by the judge.

“This shareholder vote is a strong signal that you now have an absolutely well-informed body of shareholders,” he said. “The judge in Delaware still could decide that this doesn’t change a thing about her prior ruling and doesn’t require her to make any different ruling going forward. But I think it definitely gives Tesla and Musk strong ammunition to try to get her to revisit this.”

If the ruling stands, then Musk likely will appeal to the Delaware Supreme Court, Lawrence said.

Multiple institutional investors have come out against Musk’s sizeable payout, some citing the company’s recent struggles. But analysts said votes by individual shareholders likely put Musk’s pay over the top.

Early Friday, Tesla disclosed that shareholders voted for Musk's pay package by 1,760,780,650 to 528,908,419, with about 77% of all votes in favor. The company's shares jumped 3% by the time the markets closed Thursday and were up 1.2% in premarket trading early Friday.

After the votes were announced, Musk began telling shareholders about new developments in the company's “Full Self-Driving” system. He has staked the company's future on development of autonomous vehicles, robots and artificial intelligence.

“Full Self-Driving” keeps improving with new versions, and its safety per mile is better than human drivers, Musk said.

"This is actually going to work. This is going to happen. Mark my words, this is just a matter of time,” he said.

Despite its name, “Full Self-Driving” can’t drive itself, and the company says human drivers must be ready to intervene at all times. Tesla’s “Full Self-Driving” hardware went on sale late in 2015, and Musk has used the name ever since as the company gathered data to teach its computers how to drive.

In 2019, Musk promised a fleet of autonomous robotaxis by 2020, and he said in early 2022 that the cars would be autonomous that year. In April of last year, Musk said the system should be ready in 2023.

Since 2021, Tesla has been beta-testing “Full Self-Driving” using volunteer owners. U.S. safety regulators last year made Tesla recall the software after finding that the system misbehaved around intersections and could violate traffic laws.

Musk also said the company is making huge progress on its Optimus humanoid robot. Currently it has two working at its factory in Fremont, California, that take battery cells off a production line and put them in shipping containers, he said.

Despite laying off the team working on Tesla’s Supercharger electric vehicle charging network, Musk said he thinks the company will deploy more chargers this year “that are actually working” than the rest of the industry. In the second half of the year, he expects to spend $500 million on Superchargers, Musk said.

HCC's Transportation Center of Excellence Electric Vehicle training program received a donation of $200,000 from BP America. Photo courtesy of HCC

BP donates $200,000 to Houston school system's EV training program

fresh funding

BP America agreed to donate a large sum to Houston Community College in order to support the future of the city's electric vehicle workforce.

During the Board of Trustees meeting, HCC's Transportation Center of Excellence Electric Vehicle training program received a donation of $200,000 from BP America. The program plans to use the funds for a safety and fundamentals course for more than 300 City of Houston’s and Harris County fleet department employees, which equips technicians to repair and maintain EVs.

“We are delighted to be at the forefront of this important education to equip Houstonians with the knowledge and skills to maintain electric vehicles,” Chancellor Margaret Ford Fisher says in a news release. “This generous donation is a win for the partners involved and for helping to ensure a sustainable future.”

The Transportation Center of Excellence's EV training program has already trained more than 100 fleet mechanics and automotive technicians. It began on April 1 at the HCC North Forest Campus Automotive Training Center. With state-of-the-art equipment for hands-on training and classroom instruction,instructors show technicians potential risks associated with the high-voltage elements of EVs.

"We are proud to support the HCC Transportation Center of Excellence - Electric Vehicle training program," Mark Crawford, senior vice president at BP America adds in the release. "This partnership aligns with BP's commitment to sustainable livelihoods and advancing the energy transition."

Tesla warned that sales growth this year may be “notably lower” than the 2023 growth rate, as it works to launch a more affordable next-generation vehicle at a factory near Austin. Photo courtesy of Tesla

Texas-based EV giant foresees profit crunch amid price drops, slowing growth

be warned

Shares of Tesla tumbled at the opening bell Thursday as the electric vehicle, solar panel and battery maker warned investors of slower sales growth this year after posting fourth-quarter results that were weaker than most had expected.

In a letter to shareholders released Wednesday, Tesla warned that sales growth this year may be “notably lower” than the 2023 growth rate, as it works to launch a more affordable next-generation vehicle at a factory near Austin.

Tesla, the letter said, is between two big growth waves, one from global expansion of the Models 3 and Y, and a second coming from the new vehicle.

The company, which is headed by billionaire Elon Musk, reported a fourth-quarter adjusted profit of 71 cents per share on revenue of $25.17 billion. Analysts polled by FactSet predicted a profit of 73 cents per share. Revenue was expected to be $25.64 billion.

Profits were off because Tesla lowered prices worldwide through the year in an effort to boost its sales and market share.

Shares slid more than 9 percent in Thursday morning trading.

Wedbush's Dan Ives said in a client note that Tesla's conference call on Wednesday to go over its financial results left many frustrated.

“Consistent with last quarter’s call, investors wanted to get their arms around the falling margins and constant, never ending price cuts seen globally, but instead, we heard from a much more cautious Musk who focused on production, next-gen vehicle timelines, and FSD/AI investments where much of the larger Tesla story was talked about instead of concrete guidance,” Ives wrote.

Still, the analyst remains optimistic on Tesla, believing that electric vehicle adoption to a broader mass market is near. However, Ives concedes there are still challenges to contend with.

“This is a pivotal period for Musk to get Tesla through that will help shape (or haunt) its EV future," he said.

Jeffrey Osborne of TD Cowen said that in the short term, it will be hard for EV competitors to catch up to Tesla as the company focuses on electrical efficiency and investing in battery technology. However, the analyst said there is “a great deal” of production-related risk in coming quarters that could possibly pressure margins and the stock as Tesla ramps up new plants in Germany and Texas and new vehicles.

A year ago, Tesla announced its plans to expand its Texas facility.

Mercedes-Benz HPC North America says it will build EV charging hubs at most Buc-ee’s stores, starting with about 30 hubs by the end of 2024. Photo courtesy of Mercedes

Texas gas station favorite scores Mercedes-Benz partnership for EV chargers

plugging in

Buc-ee’s, the beloved Lake Jackson-based chain of convenience stores, has plugged into a partnership with a Mercedes-Benz business unit to install electric vehicle charging stations at Buc-ee’s locations.

Mercedes-Benz HPC North America says it will build EV charging hubs at most Buc-ee’s stores, starting with about 30 hubs by the end of 2024. Some Buc-ee’s hubs already are being set up and are scheduled to begin supplying EV power by the end of this year.

Mercedes-Benz HPC, a subsidiary of the German automaker, is developing a U.S. and Canadian network of EV charging stations. All of the stations will run solely on renewable energy.

“Buc-ee’s values people and partnerships,” Jeff Nadalo, general counsel at Buc-ee’s, says in a news release. “Our new collaboration with Mercedes-Benz HPC North America will continue our traditions of elevated customer convenience and excellent service that have won the hearts, trust, and business of millions in the South for more than 40 years.”

Buc-ee’s — hailed for its squeaky-clean restrooms, abundance of fuel pumps, and unique food — operates 34 supersized convenience stores in Texas and 12 locations in other states. Another seven locations are under construction in Texas, Colorado, Kentucky, Mississippi, and Missouri.

“Mercedes-Benz HPC North America's collaboration with Buc-ee’s represents an important moment in our pursuit of a national charging network that sets a new standard in both convenience and quality,” says Andrew Cornelia, president and CEO of Mercedes-Benz HPC.

“Within a remarkably short period,” Cornelia adds, “we’ve made significant strides towards opening several charging hubs at Buc-ee’s travel centers. Buc-ee’s strategic locations along major travel routes, combined with their commitment to clean and accessible amenities, aligns perfectly with our vision.”

In January 2023, Mercedes-Benz announced plans to install 10,000 EV chargers worldwide, including North America, Europe, and China. Mercedes-Benz drivers will be able to book a charging station from their car, but the network will be available to all motorists.

“The locations and surroundings of the Mercedes-Benz charging hubs will be carefully selected with wider customer needs in mind. Our best possible charging experience will therefore come with food outlets and restrooms situated nearby,” says Mercedes-Benz HPC.

Each hub will feature four to 12 chargers and ultimately as many as 30 chargers.

Mercedes-Benz says more than $1 billion is being invested in the North American charging network, which is set to be completed by 2029 or 2030. The cost will be split between the automaker and solar power producer MN8 Energy, a New York City-based spinoff of banking giant Goldman Sachs.

Evolve Houston, founded in 2018 through Houston’s Climate Action Plan and relaunched last year, has launched a new tool for EV incentivization. Photo via Evolve

This Houston organization is on a mission to shrink the city's carbon footprint — one EV at a time

driving energy transition

Equity and environmental impact characteristics often used to describe a company’s outlook on increased sustainability and fighting climate change.

Evolve Houston, which was founded in 2018 through Houston’s Climate Action Plan and relaunched last year, is one of the organizations leading the way, and now with their Grant Tracker program, they are giving back to those who are giving back to the planet.

“Raising awareness is a critical part of accelerating a new technology, this includes awareness of incentives that individuals and fleets in the Greater Houston region may be eligible for,” Casey Brown, executive director and president, tells EnergyCapital. “Beyond understanding incentives, most Houstonians have not experienced an EV for themselves. With the support of our Founding Members (Shell, NRG Energy, CenterPoint Energy, University of Houston, and the City of Houston), we offer educational and experiential ways for Houstonians to interact with EVs and learn more about the benefits.”

The Grant Tracker aims to make it easier to find funding opportunities, and assist with current grants available to organizations and individuals that are committed to a goal of zero emissions. The tracker serves as a tool to assist with purchasing an EV and charging equipment. Ultimately, Evolve wants to assist and fund those looking to make the transition to electric.

Anup Parikh and his company Pangea Charging, through EVOLVE, was granted a project to help bring charging capacity for EVs to help build the infrastructure in areas and apartment complexes that traditionally would not have them.

“People see electric vehicles as high-end and a luxury lifestyle, when in fact it can happen for everybody,” Parikh said in a promotional video.

In addition to the Grant Tracker program, Evolve’s Mobility Microgrant Initiative will partner with local nonprofits,community reviewers, and corporate catalysts to award funding to eMobility projects aimed at serving mobility needs in Houston's underserved neighborhoods. In July, Evolve teamed up with RYDE and District D Council Member Carolyn Evans-Shabazz to bring the free on-demand electric local shuttle service to residents in the Third Ward area, which was one of the many microgrants associated with the project. RYDE’s service in the area has been extended recently into the fall and “until further notice” according to a newsletter from EVOLVE.

“Private investments in this sector follow EV adoption,“ Brown says. “Investing in areas early creates more opportunity for EV technology interaction and benefits.

"We are excited about the success of our Equity Program and the exciting projects it has funded across Houston," he continues. "Today, we accomplish this through our eMobility Microgrant Initiative, a community-led investment program focused on historically disadvantaged communities, and aimed to tackle community needs with electric vehicle technologies. We have had a very successful Round 1 of investments this year and we are excited to announce round two grant winners in January of 2024.”

As Evolve continues to evolve its sphere of influence, the company still aims for its goal to have half of the vehicles in the city be electric by 2030. The company says that EVs should be for all Houstonians, not just for some.

“Houston maintains some of the lowest population density and longest commute distances of major U.S. cities, and we have an immense amount of business and goods that flow through Houston,” Brown said. “We see a landscape that can uniquely achieve larger financial and environmental benefits of EV technologies. One way that we share these benefits is being the Presenting Sponsor of the Houston Auto Show. We also summarize the local EV sector through our R.I.S.E. report and maintain an actionable, forward view in our EV Roadmap; both sources can be found on our website and are undergoing a refresh as we close 2023.”

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Houston renewable energy developer continues growth in New York with 10 new solar projects

shine on

A Houston renewable energy developer has announced 10 new projects in partnership with a New York company.

Cataly ze selected GreenSpark Solar — an engineering, procurement, and construction company — to work on 10 new renewable energy projects totaling 60 megawatts.

“We’re excited to expand our solar portfolio through this partnership with GreenSpark, which has been a leader in the New York renewable energy landscape for over two decades now,” Jared Haines, CEO of Catalyze, says in a news release. “We look forward to sharing our mutual expertise to provide New Yorkers with affordable and reliable renewable electricity, regardless of geography or income.”

The projects, which are expected to deliver this year through mid 2025, will be funded in part by the New York State Energy Research and Development Authority through the NY-Sun Program. The state has a goal of installing 10 gigawatts of distributed solar and reaching 70 percent renewable energy by 2030, per the release.

“Community solar is one of the best avenues to bring the energy transition to low-middle income communities—a movement that GreenSpark is incredibly passionate about,” adds Kevin Schulte, CEO of GreenSpark Solar. “We are excited to support Catalyze’s success in bringing community solar projects online across New York and look forward to supporting them to bring this portfolio of solar projects to fruition, and in turn, bring more renewable energy to our communities.”

The deal follows Catalyze's May announcement that it secured $100 million in financing from NY Green Bank to support a 79 megawatt portfolio of community distributed generation solar projects across the state of New York.

Catalyze also announced another partnership earlier this month with real estate leader Cushman & Wakefield to expand installation of solar panels and battery storage technology at U.S. commercial and industrial properties.

ExxonMobil enters into off-take agreement with EV battery manufacturer

it's a deal

ExxonMobil has signed a non-binding memorandum of understanding with South Korean electric vehicle battery developer SK On.

The deal aims to secure a multiyear off-take agreement of up to 100,000 metric tons of MobilTM Lithium from the company’s first planned project in Arkansas. SK On will use the lithium in its EV battery manufacturing operations in the United States, which will contribute to ExxonMobil’s 2023 goal of supplying lithium for nearly 1 million EV batteries annually by 2030, and also assist in the build out of a U.S. EV supply chain.

The Arkansas project proposes an extraction of lithium from underground saltwater deposits and converting it into battery-grade material onsite. The approach will produce lithium more efficiently and with fewer environmental impacts than traditional hard rock mining, according to ExxonMobil. Consumer electronics, energy storage systems, and other clean energy technologies have all shown increased use in lithium needs.

The planned production of MobilTM Lithium will use ExxonMobil's core capabilities in drilling, subsurface exploration, and chemical processing, which should offer U.S. EV battery manufacturers a lower-carbon lithium supply option.

“The world needs more lithium to support its emissions goals, and we're doing our part to drive solutions forward in the United States,” Dan Ammann, president of ExxonMobil Low Carbon Solutions, says in a news release. “This collaboration with SK On demonstrates the leading role we play in the growing market for domestically sourced lithium, a market that’s advancing energy security and climate objectives, as well as supporting American manufacturing."

The annual production capacity of SK On in the U.S. alone is expected to reach more than 180 GWh in 2025. That production is enough to power around 1.7 million EVs per year.

“Through this partnership with ExxonMobil, we will continue strengthening battery supply chains in the U.S.,” Park Jong-jin, executive vice president of Strategic Procurement at SK On, adds.

Houston-based clean energy site developer raises $300M to decarbonize big tech projects

seeing green

Houston energy executives have started a new company dedicated to developing clean-powered infrastructure for the large electric loads.

Cloverleaf Infrastructure, dually headquartered in Houston and Seattle, Washington, announced its launch and $300 million raised from NGP and Sandbrook Capital, two private equity firms. The company's management team also invested in the company.

As emerging technology continues to grow electricity load demand, Cloverleaf has identified an opportunity to develop large-scale digital infrastructure sites powered by low-carbon electricity.

"The rapid growth in demand for electricity to power cloud computing and artificial intelligence poses a major climate risk if fueled by high-emission fossil fuels," David Berry, Cloverleaf's CEO, says in a news release. "However, it's also a major opportunity to catalyze the modernization of the US grid and the transition to a smarter and more sustainable electricity system through a novel approach to development.

"Cloverleaf is committed to making this vision a reality with the support of leading climate investors like Sandbrook and NGP."

Berry, who's based in Houston, previously co-founded and served as CFO at ConnectGen and Clean Line Energy Partners, clean energy and transmission developers. Last year, he co-founded Cloverleaf with Seattle-based Brian Janous and CTO Jonathan Abebe, who most recently held a senior role at the United States Department of Energy. Nur Bernhardt, director of Energy Strategy at Microsoft who's also based in Seattle, rounds out the executive team as vice president.

"The large tech companies have become dominant players in the electricity sector, and they are genuinely determined to power their growth with the lowest possible emissions," Janous, who serves as chief commercial officer, says in the release. "Achieving this objective doesn't depend on disruptive new technologies as much as it does on dedicated teams working hand in hand with utility partners to maximize the use of the clean generation, storage, and other technologies we already have."

Cloverleaf will work with regional U.S. utilities and data center operators to provide clean electricity at scale through strategic investments in transmission, grid interconnection, land, onsite power generation, and electricity storage, per the release.

"The sustainable development of digital infrastructure at scale is fundamentally a technical power problem," Alfredo Marti, partner at Sandbrook, adds. "We have witnessed members of the Cloverleaf team effectively address this challenge for many years through a blend of creativity, specialized engineering, a partnership mindset, and astute capital deployment."

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