We've Got The Latest

New quarters always have fun news. Even when nothing changes, consistency is something to talk about. Wall Street is obsessed with movement, up and down, left and right. But sometimes, we just move forward in time.

Tesla, however, moved down while they moved forward. Let’s take a look and guess wildly what will happen next.

--

Tesla

Tesla's Q2 2024 earnings report showed a significant drop in net income despite a slight increase in revenue. The company reported $1.48B in net income on $25.5B in revenue, marking a 45% decrease compared to the previous year, although revenue increased by 2%. Gross margins slightly improved to 18% from the last quarter but remained at their lowest in six years due to price cuts and cooling demand. Tesla highlighted that global EV penetration is growing, attributing this to improved consumer sentiment.

But, don't worry about them; if you look past the car stuff and present reality, there are lots of imagined things to be excited about:

• AI and Autonomy: Musk hyped investments in AI, claiming self-driving Teslas without human supervision by next year.

• Optimus Humanoid Robot: Started performing tasks autonomously in Tesla facilities.

• xAI Startup: Proposed a $5 billion investment in his AI startup, xAI, and sought public opinion on the investment.

• Energy Storage: Highlighted advancements in energy storage solutions.

• Robotaxi Event: Delayed to October, with expectations for a 2025 launch.

• Price Cuts and Incentives: Addressed aggressive price cuts and incentives to boost demand amid rising competition.

Rivian

Speaking of possible Tesla Wins... Electric car maker Rivian will go on trial over allegations of encouraging employees who defected from Tesla to steal trade secrets.

Meanwhile, Rivian CEO RJ Scaringe announced that the R3X subcompact SUV will launch before the regular R3, aiming to produce it "as soon as we possibly can." Rivian continues to expand its lineup without adopting Apple CarPlay or Android Auto, maintaining tight control over its software.

Lucid

Lucid CEO Peter Rawlinson, speaking at the 2024 Goodwood Festival of Speed, expressed his bold vision for Lucid Motors, aiming to sell a million EVs annually.

Dreams are for sleeping people, Peter; how will you make any of this real?

Current Offerings:

• Lucid Air sedan priced from $69,900.

• Plans to introduce a $48,000 midsize model to increase sales volume.

Advanced Technology:

• 900-volt architecture, the highest in any production EV.

• Air Pure model achieves over 400 miles on a single charge.

• Class-leading efficiency with an average of 5 miles per kilowatt-hour consumed.

Future Plans:

• Launch of the Lucid Gravity SUV, expected to outperform competitors like Rivian's R1S.

• Emphasis on product excellence as a key driver for Lucid's market success.

Genesis

Hyundai's stand-alone Luxury EV brand, Genesis, is no schlub, but it also doesn't make many headlines.

Recently, the Genesis GV60 Magma Concept won the 4-seater production car category and placed 16th overall at the Goodwood Festival of Speed.

The vehicle boasts aerodynamic enhancements and a luxurious interior with premium bucket seats.

European production for the GV60 Magma begins in 2025, and it features a powerful electric motor estimated at 600 horsepower. Plans for entry into the US market have not been disclosed yet.

This victory underscores Genesis's commitment to high-performance electric vehicles and advanced automotive technology.