Tesla reports record deliveries but earnings miss expectations, shares fall

Tesla said its second-quarter results were strong across its core vehicle, energy and services businesses, as well as manufacturing, infrastructure and artificial-intelligence initiatives. The company reported record deliveries that helped generate $28.24 billion in revenue, but earnings per share were well below analysts' estimates, prompting a roughly 4% decline in the share price after the market closed.

The earnings release noted that Tesla is entering its "largest and most exciting period of investment" and plans to increase capital spending, with CEO Elon Musk saying the company will invest "as fast as we can without being too wasteful." On an analyst call, Musk did not address speculation about a merger with his other publicly traded company but highlighted potential synergies between the two firms.

Tesla also provided an update on its humanoid robot, Optimus, indicating that production will start slowly and follow a flat, long-term growth curve due to manufacturing challenges. Regarding its robotaxi program, executives emphasized a cautious rollout, citing 380,000 miles of unsupervised robotaxi operation completed without any notable incidents.

The call also covered supply-chain constraints, with a mention of Micron allocating memory chips during the shortage, and updates on the Cybercab and Semi vehicle production plans.