Tesla (TSLA) stock fell more than 11% on Wednesday after the company reported mixed second quarter results late Tuesday that revealed growth this year would be "notably lower" than what it saw in 2023.

In the second quarter, Tesla reported revenue of $25.05 billion, less than the $24.63 billion expected, according to estimates from Bloomberg. Tesla reported revenue of $24.93 billion in the same quarter last year. Adjusted profits were also shy of estimates, coming in at $0.52 against $0.60 expected.

The company did say in its report it remains on track for the production of new vehicles, likely including a cheaper EV, in the first half of next year.

Ahead of Tuesday's report, Tesla stock had erased its losses for the year, which stood at north of 40% at their lows in April. The stock is now down more than 12% this year.

"Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025. These vehicles will utilize aspects of the next generation platform as well as aspects of our current platforms and will be able to be produced on the same manufacturing lines as our current vehicle line-up," Tesla said in its Q2 earnings report.

Many analysts and industry watchers think the debut and release of a cheaper EV will spur the next leg higher of EV sales — something even Tesla CEO Elon Musk has said before.

On the earnings call, Musk said the company would reveal its robotaxi on October 10, which was originally slated for August 8. Musk said the extra time would allow Tesla to add "a couple other things" to the robotaxi prior to its unveil.

Tesla said the robotaxi will feature the "unboxed manufacturing strategy" it's touted before.

“Addressing the delay in Robotaxi Day and the new timing will be important to hear on the conference call as we believe a linchpin to Tesla reaching $1 trillion+ valuation and ultimately higher over the next year is contingent on the AI/FSD story materializing into a monetization path over the coming years,” Wedbush analyst Dan Ives wrote in a note published on Monday.

As for its other vehicles, Tesla said Cybertruck production more than tripled compared to Q1, and the vehicle is on track to "achieve profitability" by the end of the year. Tesla said its Semi factory is also on track to begin production by the end of 2025

Tesla delivered 443,956 vehicles globally in the second quarter, topping the 439,302 Bloomberg consensus estimate, but down nearly 5% from a year ago. Q2’s delivery total was, however, a significant improvement from the 386,810 vehicles delivered in Q1, which prompted concern among some analysts that demand for Tesla vehicles was in free fall.

“We believe the Tesla demand story has made a shift for the positive after a rough last 6-9 months with stronger than expected 2Q deliveries earlier this month marking a major 'turning point' in the Tesla bull case story looking ahead into 2H24/2025,” Ives said.

One area of surprise in Tesla’s second quarter production and delivery report was a disclosure that it deployed 9.4 GWh (gigawatt hours) of battery energy storage, its highest quarterly amount ever, and more than double the amount of battery storage the company deployed in the first quarter.

Morgan Stanley’s Adam Jonas dubbed Tesla’s Q2 energy deployment storage figure a “show stealer,” noting the 9.4 GWh deployed was double the firm’s forecast.

Pras Subramanian is a reporter for Yahoo Finance covering the auto industry. You can follow him on X and on Instagram.

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