Tesla reported 480,126 second-quarter deliveries and $28.2 billion of revenue, both substantially above the previous year. Energy and services also grew, while Robotaxi expanded into additional US cities.
Profitability told a weaker story. Operating income fell 57% to $398 million, operating margin declined to 1.4%, and $5.8 billion of capital expenditure pushed free cash flow to negative $1.1 billion.
The short-term view is Bearish Bias because investment is rising faster than operating profit. Medium term is Neutral Range; long term is Bullish Bias if Robotaxi, energy storage and new capacity produce acceptable returns.