U.S. electric vehicle maker Tesla on Tuesday reported a revenue of 25.5 billion U.S. dollars in the second quarter of fiscal 2024, up 2 percent over a year ago.

Tesla posted 1.48 billion dollars in net income for the quarter that ended on June 30, representing a 45 percent decrease year over year.

In the second quarter, Tesla produced approximately 411,000 vehicles and delivered about 444,000 vehicles. The company deployed 9.4 GWh of energy storage products in the quarter, the highest quarterly deployment yet.

Tesla said it significantly increased deliveries in several markets supplied by Gigafactory Shanghai in the second quarter, including South Korea.

“While the automotive market in China remains among the most competitive globally, we feel that our cost structure and focus on core functionality that drives value for customers, including autonomy, position us well for the long-term,” the company said.

“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 range, charging and service are debunked,” Tesla noted.

“Overall, our focus remains on company-wide cost reduction, including reducing COGS per vehicle, growing our traditional hardware business and accelerating development of our AI-enabled products and services. Though timing of Robotaxi deployment depends on technological advancement and regulatory approval, we are working vigorously on this opportunity given the outsized potential value,” the company said.