BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Tesla Reports Q2 2024 Financial Results: Significant Growth in Energy Storage Amid Automotive Challenges
PALO ALTO, Calif., July 23, 2024 – Tesla, Inc. (NASDAQ: TSLA) released its financial results for the second quarter of 2024, highlighting robust performance in its Energy Storage segment despite facing challenges in the automotive sector.
Financial Highlights
Tesla reported a GAAP operating income of $1.6 billion in Q2, including restructuring and other charges amounting to $0.6 billion. The company's GAAP net income for the quarter stood at $1.5 billion, while the non-GAAP net income reached $1.8 billion.
Key Financial Metrics:
- Total Revenue: Increased by 2% year-over-year to $25.5 billion.
- Operating Cash Flow: $3.6 billion in Q2.
- Free Cash Flow: $1.3 billion in Q2, factoring in $0.6 billion of AI infrastructure capital expenditure.
- Cash and Investments: Increased by $3.9 billion, totaling $30.7 billion at the end of the quarter.
Segment Performance
Automotive Sector:
- Total Automotive Revenues: $19.9 billion, reflecting a 7% decrease year-over-year.
- Vehicle Production and Deliveries:
- Total production: 410,831 vehicles.
- Total deliveries: 443,956 vehicles.
- Model 3/Y production: 386,576 vehicles.
- Cybertruck: Became the best-selling EV pickup in the U.S., with production more than tripling sequentially.
Energy Generation and Storage:
- Revenue: $3.0 billion, marking a 100% increase year-over-year.
- Record Deployment: 9.4 GWh of energy storage, driven by the ramp-up at the Lathrop Megafactory and preparations at the Shanghai Megafactory for production in Q1 2025.
Services and Other:
- Revenue: Grew by 21% year-over-year to $2.6 billion.
- Supercharging Network Expansion: Continued expansion with a focus on capital efficiency and coverage, including opening the network to non-Tesla EVs.
Technological Advancements
Tesla has made significant strides in its AI and autonomous driving capabilities. The company focused on reducing interventions with its Full Self-Driving (FSD) system while improving driving comfort. A new version of FSD utilizing eye-tracking software to monitor driver attentiveness was rolled out. Additionally, the company increased the robustness of its next-generation FSD model with more parameters.
In the realm of battery and powertrain technology, Tesla produced over 50% more 4680 cells than in Q1 and commenced validation of vehicle testing for the Cybertruck using in-house dry cathode 4680 cells, marking a significant cost reduction milestone.
Outlook and Future Plans
Tesla anticipates a sequential increase in vehicle production in Q3, with a focus on new models and product enhancements. The company’s growth in energy storage deployments and revenue is expected to outpace its automotive business in 2024.
Despite the positive developments, Tesla's stock price fell by 7.77% in after-hours trading, reflecting investor concerns amid a challenging operating environment.
Product and Expansion Plans:
- New vehicle models, including more affordable options, are on track for production in the first half of 2025.
- The Robotaxi product development continues, focusing on a revolutionary manufacturing strategy.
Source: Tesla
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