Tesla published its second quarter earnings report in which the company said it earned $3.1 billion in net income on $24.9 billion in revenue. That represents a 47 percent increase year over year compared to $16.9 billion in revenue in Q2 2022.

The company’s gross margins fell to 18.2 percent for the second quarter in a row, signaling that Tesla’s rampant price cutting is continuing to take a toll on its bottom line. Gross margins were down 5.6 percent quarter over quarter and 27 percent year over year.

Investors are glum about Tesla’s profit margins, even while cheering its recent delivery report that revealed the company delivered 466,140 vehicles to customers during the past three months. That’s an 83 percent increase over the number reported by Tesla in the same quarter last year.

Tesla has recently been ramping up production at its Austin, Texas plant that will also build the Cybertruck — the first of which came off the line a few days ago — and has plans to open another plant in Monterrey, Mexico.

Tesla’s biggest victory this quarter has been the embrace by legacy automakers of its North American Charging Standard for EV charging. Ford was first to announce plans to adopt Tesla’s more streamlined EV connector, followed by GM, Rivian, Polestar, Volvo, Mercedes-Benz, and Nissan. NACS is now on its way to becoming the de facto EV charging standard for North America.

We’ll update this story with details from Tesla’s Q2 earnings call with investors, which is scheduled for July 19th at 5:30PM ET.

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