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Quarterly Report — Q2 2024
Filed July 24, 2024
Revenue came in around $25.5 billion for the first half of 2024, with the automotive segment still dominating but showing pricing pressure year-over-year as Tesla leaned on volume and price cuts. The real bright spot is energy generation and storage, which surged meaningfully compared to the same periods in 2023, signaling that Tesla's non-car businesses are becoming a more material part of the story. Cash position remains strong with substantial liquidity, though profits have compressed as the company absorbs higher costs from factory ramp-ups and aggressive pricing strategy.
What is Quarterly Report?
Filed after each of the first three fiscal quarters with unaudited financial statements, management discussion, and any material changes to risk factors or legal proceedings.
Quarterly financial update — tracks business trajectory between annual reports.
Extracted Milestones (6)
New $750M Automotive Asset-Backed Notes Issued for Leased Vehicles
During Q3 2025, Tesla transferred beneficial interests in certain leased vehicles into a special purpose entity and issued $750M in aggregate principal amount of Automotive Asset-backed Notes to fund its growing vehicle leasing operations.
Energy Generation and Storage Unsatisfied Performance Obligations Reach $5.71 Billion
As of June 30, 2024, Tesla's energy generation and storage segment had $5.71 billion in unsatisfied or partially unsatisfied performance obligations on contracts with original terms over one year, signaling a large and growing energy product backlog.
Automotive Regulatory Credits Backlog at $4.58 Billion
As of March 31, 2025, Tesla had $4.58 billion in unsatisfied or partially unsatisfied performance obligations for automotive regulatory credit contracts with original expected length of more than one year, with $1.46 billion expected in the next 12 months.
China Working Capital Facility of RMB 20 Billion Established
In April 2024, a Tesla subsidiary entered into an unsecured revolving loan facility of up to RMB 20 billion (~$2.75 billion) with Chinese lenders for production expenditures, supporting ongoing Gigafactory Shanghai operations.
FSD Deferred Revenue Grows to $3.83B
Deferred revenue related to FSD (Supervised) features, internet connectivity, free Supercharging programs, and over-the-air software updates grew to $3.83B as of September 30, 2025, up from $3.60B at year-end 2024, indicating continued customer uptake of FSD.
AI Infrastructure Assets Nearly Double to $2.47 Billion
Tesla's AI infrastructure property, plant, and equipment grew from $1.51 billion at year-end 2023 to $2.47 billion as of June 30, 2024, reflecting significant capital investment in AI training and inference compute capacity.