The fiscal numbers behind that contrast are clear: FY‑2024 revenue of $97.69B versus FY‑2023 $96.77B, and gross profit compressed to $17.45B as gross margins fell to 17.86%. These annual metrics are reported directly in Monexa AI’s company dataset and frame why market participants are split between valuing near‑term manufacture/margin recovery and long‑term AI optionality (Monexa AI.

More recent operational signals — notably Q2 2025 slides and analyst commentary — show the strategic pivot to AI and Robotaxi is coinciding with near‑term softness in deliveries, margins and free cash flow, increasing volatility in the stock and widening the range of price targets on the street (Investing.com Q2 slides.

Q2 operational read: revenue, margins and market reaction#

Tesla’s Q2 operational disclosures and slide commentary have driven immediate market moves: reported Q2 revenue of $22.5B (≈ -12.00% YoY), vehicle deliveries of 384,122 (-13.00% YoY), and gross margin reported near 17.20% (compression of -0.71 percentage points YoY) are widely cited in press coverage of the quarter (Investing.com Q2 slides; StockTitan Q2 release.