Illustration by Alex Castro / The Verge
Tesla published its second quarter earnings report in which the company said it earned $3.1 billion in net income on $24.9 billion in revenue. That represents a 47 percent increase year over year compared to $16.9 billion in revenue in Q2 2022.
The company’s gross margins fell to 18.2 percent for the second quarter in a row, signaling that Tesla’s rampant price cutting is continuing to take a toll on its bottom line. Gross margins were down 5.6 percent quarter over quarter and 27 percent year over year.
Investors are glum about Tesla’s profit margins, even while cheering its recent delivery report that revealed the company delivered 466,140 vehicles to customers during the past three months. That’s an 83 percent increase over the number…