San Francisco: Elon Musk-run Tesla has reported $1.5 billion in profit for the April-June period (Q2) this year, down 45 per cent from the same period in 2023.

Total revenue was up 2 percent (year-on-year) at $25.5 billion, but automotive revenues were down 7 percent to $19.9 billion, according to the electric car maker.

“In Q2, we achieved record quarterly revenues despite a difficult operating environment. The Energy Storage business continues to grow rapidly, setting a record in Q2 with 9.4 GWh of deployments, resulting in record revenues and gross profits for the overall segment,” Tesla said in a statement.

It said that global EV penetration returned to growth in Q2 and is taking share from ICE vehicles.

“We believe that a pure EV is the optimal vehicle design and will ultimately win over consumers as the myths on the range, charging, and service are debunked,” said Tesla.