Tesla (TSLA) is about to release Q2 2023 financial results today, Wednesday, July 19, after the markets close. As usual, a conference call and Q&A with Tesla’s management are scheduled after the results.
Here we’ll take a look at what both the street and retail investors are expecting for the quarterly results.
Tesla Q2 2023 deliveries
As usual, Tesla already disclosed its Q2 vehicle delivery and production numbers, which drive the vast majority of the company’s revenue.
Tesla also confirmed that it was able to produce a new record of nearly 480,000 vehicles during the quarter.
Delivery and production numbers are always slightly adjusted during earning results.
Tesla Q2 2023 revenue
For revenue, analysts generally have a pretty good idea of what to expect, thanks to the delivery numbers.
The Wall Street consensus for this quarter is $24.220 billion, and Estimize, the financial estimate crowdsourcing website, predicts a higher revenue of $24.836 billion.
This would represent a marginal increase over the previous quarter since even though Tesla achieved record deliveries, it had to slash prices to achieve it.
It would be a massive increase in revenue over the same period last year, but that wouldn’t be a great comparison since Tesla had to shut down Giga Shanghai during that time in 2022 temporarily.
Here are the predictions for Tesla’s revenue over the past two years, with Estimize predictions in blue, Wall Street consensus in gray, and actual results are in green:
Tesla Q2 2023 earnings
Tesla always attempts to be marginally profitable every quarter as it invests most of its money into growth, and it has been successful in doing so over the last two years now.
For Q2 2023, the Wall Street consensus is a gain of $0.80 per share, while Estimize’s prediction is higher with a profit of $0.87 per share.
Despite anticipating record revenue, Wall Street expects earnings to be down from last quarter because of the previously mentioned price cuts,
Here are the earnings per share over the last two years, where Estimize predictions are in blue, Wall Street consensus is in gray, and actual results are in green:
Other expectations for the TSLA shareholder’s letter and analyst call
Much of the shareholder focus is likely going to be around gross margin and operational profitability at the current price level, which has dropped significantly throughout the year.
With Tesla Energy achieving record quarters that are slowly starting to have a small impact on Tesla’s broader performance, it might be a point of interest again this quarter.
But looking at top-voted shareholders’ questions, it looks like the Tesla shareholder community is more interested in looking into the future.
Here are the top five questions that Tesla is likely going to answer during the conference call:
Has any automaker approached Tesla to license FSD?
When will you get more information about our Cybertruck orders? Estimated delivery schedules, pricing, and specifications?
Have you considered allowing FSD transferability as a lever to allow existing customers to upgrade to a new Tesla instead of being locked in to existing cars due to price of FSD?
What is the status of the 4680 Cell? How far are you from the specs you laid out on battery day? When do you expect to achieve what you laid out on Battery Day?
As you open the supercharger network in North America to other EVs, do you plan to accelerate anticipatory investments in supercharger expansion to avoid congestion, and how will you deal with long lead times to upgrade electric T&D services to these areas for multi-megawatt loads?
You can join us live on Electrek this evening for intensive coverage of Tesla’s Q2 2023 financial results starting at around 4 p.m. ET for the results and through the evening for news coming out of the conference call and results.
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JackRabbit, the maker of pint-sized electric microbikes, is back with a new product designed to quickly recharge their batteries from pure, uncut photons mainlined into an e-bike directly from the sun. In true independent charging form, the Solar Charging Kit from JackRabbit keeps riders rolling even when there’s not a convenient AC outlet in sight.
Unveiled this week, the Solar Charging Kit consists of a single folding solar panel and a tiny voltage converter that is configured to output 42.0V, which is the exact voltage required by JackRabbit’s little e-bike batteries. There’s also an added USB-A and a USB-C charging port for powering other devices in addition to charging JackRabbit batteries.
“This Solar Charging Kit plugs directly into your bike,” explained the company, “letting you recharge without needing an outlet, but with a speed comparable to the charger that comes with the OG/OG2 (42V, 2A).”
That would mean the panel outputs around 80W of solar power, which the company says can recharge its batteries in just three hours. That fairly quick recharging speed is helped by the fact that JackRabbit’s batteries are a mere 151 Wh, or around a third of the size of most e-bike batteries.
If that sounds small, then you’re right – it is. But JackRabbit is all about going micro, offering barely 25 lb rideables that are easy to store and bring on adventures, even when they aren’t actually being ridden.
With small batteries that fit under the 160Wh limit for many airlines in the US, the batteries can be quickly charged and taken to the widest number of locations. And for riders that want to go further than a single 10-mile (16-km) battery will allow, extra batteries are small enough to fit a pants pocket. The company also offers much larger Rangebuster batteries, though they won’t pass by TSA and make it onto an airplane in your personal item.
It sounds like the Solar Chargking Kit should be able to charge up JackRabbit’s large RangeBuster batteries, though likely in more than three hours.
The $349 Solar Charging Kit is a bit pricier than building something similar yourself, but it’s also safer and more convenient than hacking together your own battery charger since it’s designed to work with JackRabbit’s batteries right out of the box.
Technically it’s only inteded for JackRabbit’s micro e-bikes (themselves technically seated scooters, even if they look and feel more like a typical bike), but it’d probably work for just about any 36V e-bike that requires 42.0V to charge.
This isn’t the first time we’ve seen solar charging kits for electric bikes, and it’s a trend that is certainly appreciated by outdoors and camping enthusiasts, festival goers, or anyone who finds themself and their bike spending extended periods in the great, sunny outdoors.
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On today’s episode of Quick Charge, Polestar hopes to steal customers from Tesla now that Elon is involved in politics, CATL revenue dips for the first time ever, and a whole new way to feed the orcas drops down under.
As above, Polestar is hoping Elon’s descent into politics spells opportunity for the struggling Swedish/Chinese performance brand, CATL has big news in Europe, and Scooter Doll shows off a new electric submarine that’s so expensive, they won’t even tell us the price.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
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Solar generated 11% of EU electricity in 2024, overtaking coal which fell below 10% for the first time, according to the European Electricity Review published today by think tank Ember.
EU gas generation declined for the fifth year in a row, and total fossil generation fell to a historic low.
“Fossil fuels are losing their grip on EU energy,” said Dr Chris Rosslowe, senior analyst and lead author of the report. “At the start of the European Green Deal in 2019, few thought the EU’s energy transition could be where it is today; wind and solar are pushing coal to the margins and forcing gas into structural decline.”
The European Electricity Review published today by global energy think tank Ember provides the first comprehensive overview of the EU power system in 2024. It analyzes full-year electricity generation and demand data for 2024 in all EU-27 countries to understand the region’s progress in transitioning from fossil fuels to clean electricity.
Wind and solar continue their meteoric rise in the EU
The EU power sector is undergoing a deep transformation spurred on by the European Green Deal. Solar generation (11%) overtook coal (10%) for the first time in 2024, as wind (17%) generated more electricity than gas (16%) for the second year in a row.
Strong solar growth, combined with a recovery of hydropower, pushed the share of renewables to nearly half of EU power generation (47%). Fossil fuels generated 29% of the EU’s electricity in 2024. In 2019, before the Green Deal, fossil fuels provided 39% of EU electricity, while renewables provided 34%.
Solar is growing in every EU country and more than half now have either no coal power or a share below 5% in their power mix. Coal has fallen from being the EU’s third-largest power source in 2019 to the sixth-largest in 2024, bringing the end into sight for the dirtiest fossil fuel. EU gas generation also declined for the fifth year in a row (-6%) despite a very small rebound in power demand (+1%).
The EU is reaping the benefits of reduced fossil fuel dependency
The surge in wind and solar generation has reduced the EU’s reliance on imported fossil fuels and its exposure to volatile prices since the energy crisis. Ember’s analysis found that without new wind and solar capacity added over the last five years, the EU would have imported an additional 92 billion cubic meters of fossil gas and 55 million tonnes of coal, costing €59 billion.
“While the EU’s electricity transition has moved faster than anyone expected in the last five years, further progress cannot be taken for granted,” continued Rosslowe. “Delivery needs to be accelerated particularly in the wind sector, which has faced unique challenges and a widening delivery gap. Between now and 2030, annual wind additions need to more than double compared to 2024 levels. However, the achievements of the past five years should instil confidence that, with continued drive and commitment, challenges can be overcome and a more secure energy future be achieved.”
Walburga Hemetsberger, CEO of SolarPower Europe said: “This milestone is about more than just climate action; it is a cornerstone of European energy security and industrial competitiveness. Renewables are steadily pushing fossil fuels to the margins, with solar leading the way. We now need more flexibility to kick-in, making sure the energy system is adapting to new realities: more storage and more smart electrification in heating, transport and industries.”
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