Tesla reported second-quarter revenue of $28.24 billion, up 26% year over year, while executives highlighted progress toward launching production of the Tesla Semi Class 8 electric truck at its Nevada manufacturing facility.
Austin, Texas-based Tesla (Nasdaq: TSLA) released its second-quarter earnings and held a conference call with analysts after the market closed on Wednesday
The company generated $20.5 billion in automotive revenue during the quarter, delivered a record 480,126 vehicles worldwide and reported diluted earnings per share of 32 cents. Operating income totaled $398 million, reflecting higher research and development spending in artificial intelligence, robotics, battery manufacturing and commercial vehicle production. Tesla CEO Elon Musk said the company is entering what they described as its largest investment cycle, with spending focused on expanding manufacturing capacity across several businesses, including the Tesla Semi program. “We have started production with the Tesla semi-truck,” Musk said during Wednesday’s earnings call, adding that Tesla is simultaneously ramping battery production, lithium refining, cathode manufacturing and future solar manufacturing capacity.
The company’s shareholder update said that the Nevada Tesla Semi factory remains on schedule, with production expected to begin later this year. Tesla also said increased production of its 4680 battery cells is supporting planned production ramps for both the Cybercab and Tesla Semi programs. In the manufacturing section of the report, Tesla listed its Nevada Semi facility as being in the commissioning phase while noting the company continues expanding battery manufacturing capacity to support higher vehicle production.