Tesla Inc (TSLA) - Rapport boursier

Second-quarter revenue rose 26% year over year to $28.2 billion on record deliveries.

Operating income fell 57% to $400 million, cutting operating margin to 1.4%.

Free cash flow, the cash left after equipment purchases, was negative $1.1 billion.

In the first half, Tesla generated $8.6 billion of operating cash and reinvested $8.3 billion in capital expenditures, leaving limited cash after investment.

The key operating issue is whether demand for electric vehicles and autonomous driving grows fast enough to support the investment while pricing and cost control protect margins.

Stronger adoption could support deliveries and factory utilization, while margin recovery would also require sufficient pricing and cost control.

Tesla designs electric vehicles and energy-storage systems, and it owns and operates the factories that build them. Its customers are households, businesses, and utilities that mostly buy or lease directly from Tesla.

The core economic function is selling manufactured hardware, then adding recurring software, charging, financing, and service revenue on top.

Tesla reports two segments. Automotive sells and leases electric vehicles plus related services such as Supercharging and insurance. Energy generation and storage sells and leases power products such as batteries and solar with financing and related services.

Tesla sells mainly through its own website and company-owned stores rather than independent dealers.

Management is prioritizing artificial intelligence and self-driving software (Full Self-Driving, Robotaxi), alongside scaling manufacturing and computing infrastructure. Computing infrastructure means the large-scale computers Tesla uses to train its driving and robot software.

Tesla's results depend heavily on running its factories at high volume, because vehicle sales are cyclical and swing with the economy.

For investors, this means Tesla is a capital-heavy manufacturer whose future increasingly rests on unproven AI and autonomy bets.