- Adj. EPS: $0.73 (Est. $0.75) 🔴
- Revenue: $25.71B (Est. $27.21B) 🔴
- Gross Margin: 16.3% (Est. 18.96%) 🔴; DOWN -138 bps YoY
- Operating Margin: 6.2% (Est. not provided); DOWN -204 bps YoY
Segment Revenue Breakdown:
- Total Automotive Revenue: $19.8B (Est. $21.51B) ; DOWN -8% YoY
- Energy Generation & Storage Revenue: $3.06B (Est. $2.68B) ; UP +113% YoY
- Services & Other Revenue: $2.85B (Est. $2.80B) ; UP +31% YoY
Operational Metrics:
- Total Deliveries: 495,570 (+2% YoY)
- Model 3/Y Deliveries: 471,930 (+2% YoY)
- Other Model Deliveries: 23,640 (+3% YoY)
- Total Production: 459,445 (-7% YoY)
- COGS per Vehicle: Achieved an all-time low of <$35,000 due to raw material cost improvements
- Energy Storage Deployments: Record 11 GWh; UP +244% YoY
Cash Flow & Liquidity:
- Operating Cash Flow: $4.81B (+10% YoY)
- Free Cash Flow: $2.03B (-2% YoY)
- Cash & Equivalents: $36.6B (+26% YoY)
Guidance & Outlook:
- Tesla reiterated Model Y is expected to be the best-selling vehicle globally in 2024
- Cybercab Robotaxi will follow the "unboxed" manufacturing strategy, with volume production targeted for 2026
- Vehicle Volume Growth expected to return in 2025, dependent on: Acceleration of autonomy efforts Production ramp-up at factories; Macroeconomic conditions
- Energy Storage Deployments projected to grow at least 50% YoY in 2025
- Cybertruck expected to qualify for IRA consumer tax credit
- FSD (Supervised) continues improving, aiming to exceed human safety levels
Comment from CEO and management:
- Lower cost reduction than originally expected
- CEO Elon Musk: "Tesla continues to expand production and invest in autonomy. While margins were impacted this quarter, we expect long-term growth to be driven by AI, energy and next-generation vehicle innovation."
- The CFO said that growth in capital expenditure will remain unchanged until 2025, while $TSLA (-0,23 %) CEO Elon Musk expects unattended FSDs to come to market in many regions of the US this year, including California.
- CEO Elon Musk: "We expect to scale Optimus production not by 50%, but by 500% per year."
- CEO Elon Musk: "We will launch FSD in June as an unsupervised paid ride-sharing service in Austin."
Further information:
$TSLA (-0,23 %) plans to increase production of the Optimus to between 10,000 and 100,000 units per month at a price of 20,000 US dollars per unit. External deliveries are expected in the second half of 2025, with possible deliveries to other companies by the second half of 2026.
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