特斯拉

Financial Data and Key Metrics Changes - Group revenues for 2024 are estimated at USD 92.5 billion, an increase from previous estimates of USD 89.9 billion, reflecting a 2.9% upward revision [30] - Gross profit is projected to be USD 16.4 billion for 2024, up from USD 15.6 billion, indicating a 5.5% increase [30] - Net income is expected to reach USD 6.4 billion, compared to USD 5.9 billion previously, marking a 7.9% increase [30] - Free cash flow (FCF) is estimated at USD 1.6 billion, slightly down from USD 1.7 billion, showing a -6.1% change [30] Business Line Data and Key Metrics Changes - The automotive business has faced challenges, with sales down 5% in Q2 2024 and production down 11% year-over-year, indicating ongoing volume weakness [20] - The Energy and Storage (E&S) business showed strong growth, with 9.4 GWh deployed in Q2 2024, which is 66% ahead of consensus and more than double the storage deployed in Q1 2024 [67] Market Data and Key Metrics Changes - Tesla's market share in the energy storage market is currently around 22% and is expected to increase to approximately 35% by the end of the decade [27] - The used Tesla vehicle prices have decreased by 54% since mid-2022, compared to a 13% decline in the overall used car market, impacting residual values significantly [22] Company Strategy and Development Direction - The company is between two major growth waves, with the first wave driven by the global expansion of Model 3 and Y, and the next wave expected to come from the next-generation platform [43] - There are ongoing discussions about the potential for humanoid robots and robotaxis, with CEO Musk suggesting that the market for humanoid robots could exceed the global population [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the automotive business is experiencing volume weakness and pricing pressure, which are key drivers of the current challenges [9] - The company remains optimistic about the future of its energy storage business, forecasting significant growth despite the challenges faced in the automotive sector [28] Other Important Information - The company has scrapped its low-cost car plans amid strong competition in the EV market, although CEO Musk has denied this [43] - The latest software updates for Full Self-Driving (FSD) have received mixed feedback, indicating ongoing challenges in achieving Level 5 autonomy [40] Q&A Session Summary Question: What are the expectations for Tesla's automotive sales in the near term? - Management indicated that there are no easy fixes to the sales issues, with EV adoption facing hurdles in key markets like the US and Europe [20] Question: How is Tesla addressing the decline in used vehicle prices? - The company is attempting damage control by offering discounts to fleet buyers, but the effectiveness of these measures remains to be seen [22] Question: What is the outlook for Tesla's energy storage business? - The energy storage business is expected to grow significantly, with a forecasted gross margin improvement from 18.9% in 2023 to 23.5% in 2024 [28]