Furthermore, the quarter witnessed a momentous milestone as the first production Cybertruck rolled off the assembly line. Despite limited visibility from the official release photo, Tesla assured enthusiasts that the Cybertruck line has entered tooling and is expected to begin steady production sometime in the next year. Musk shared exciting details about the Cybertruck’s unique design, featuring four doors, a spacious six-foot bed, yet able to fit into a standard 20-foot garage, offering both utility and convenience.
Tesla made headlines in Q2 by opening its previously proprietary charging port design to the rest of the automotive industry. Major manufacturers, including Mercedes, Volvo, Rivian, Ford, and GM, have committed to adopt this design for their North American models, starting from the 2024 model year. In a remarkable development, Texas mandated that state-funded EV charging stations accommodate the Tesla charging standard. The company’s charging network capacity has grown substantially, boasting a 33% increase from the previous year, with 48,082 chargers spread across 5,265 stations globally.
Despite the company’s notable successes, Q2 was not without its challenges. Tesla faced scandals involving accusations of executive overpayment amounting to a staggering $735 million since 2017. Moreover, Elon Musk himself was suspected of misappropriating company funds for the construction of a glass house, a literal structure separate from any Twitter metaphor.
