[2024 Q1 TSLA Earnings Summary] Tesla’s Innovative Growth Every Quarter This Time Survives With Cost Reduction.

[2024 Q1 TSLA Earnings Summary] Tesla’s Innovative Growth Every Quarter This Time Survives With Cost Reduction.

1️⃣ Key performance figures

• • EPS (non-GAAP): $0.45 vs. $0.51 est
• • EPS (GAAP): $0.34 vs. $0.36 est
• • Revenue: $12.3B vs. $21.4B est
• • Gross margin: 17.4%
• • Net income (GAAP): $1.5B
  •GAAP net income: $1.1B

2️⃣ Details of performance

1. gross revenue

• Average vehicle sales price (ASP) decrease year-on-year (excluding FX impact), including mix adverse impact
• Reduced vehicle deliveries, in part due to Model 3 updates at Fremont plants and interruption of Giga Berlin production
• Negative FX impact of $0.2B1
• Growth in other parts of the business
• ❗FSD sales awareness increased year-on-year due to the launch of the ️ North America Autopark feature ❗ ️

1. operating profit

Operating profit fell to $1.2 billion year-over-year in the first quarter, resulting in an operating margin of 5.5%. Items that affected operating profit year-over-year

• Reduced vehicle ASP due to price and mixing
• Operating costs increase in part due to AI, cell development, and other R&D projects.
• Cybertruck production ramp cost
• Reduced vehicle deliveries, in part due to Model 3 updates at Fremont plants and interruption of Giga Berlin production
• Reduce costs per vehicle, including low raw material costs, freight and tariffs
• Gross profit growth in energy generation and storage, including IRA credit benefits
• ❗FSD sales awareness increased year-on-year due to the launch of the ️ North America Autopark feature ❗ ️

1. Cash flow

Q1 Q1 END OF CASH, CASH EQUIVALENT AND INVESTMENT OF $26.9 BILLION WHY FREE CASH FLOW DECREASED BY $2.5 BILLION

• Q1 inventories up $2.7 billion
• AI Infrastructure Facility Investment of USD 1 Billion

3️⃣ Key details

✅ Experiencing numerous challenges in Q1, from the Red Sea conflict and the arson attack on Gigafactory Berlin to the gradual rollout of Fremont’s updated Model 3
✅ Excluding Cybertruck and unscheduled downtime, COGS per unit decreases continuously, mainly due to falling raw material prices
✅ Most prefer hybrid, but continue to push for EV adoption in line with our mission
✅ Increase awareness and expand vehicle financing programs, including attractive rental conditions for customers for growth
✅ Invest for Future Growth: Network and new product infrastructure including AI infrastructure, production capacity, superchargers and services (a $2.8 billion capital expenditure Q1)
✅ Recent cost-cutting activities to increase operational efficiency. Committed to reducing costs across the enterprise, including reducing costs. Ultimately, we focus on profitable growth!
✅ Plans to use existing factories and production lines to launch new and cheaper products
✅The future leader is an electric vehicle that can drive autonomously!
✅ This requires data from millions of vehicles and a massive AI training cluster
✅We have both and are continuing to expand! To increase the accessibility of FSD (supervisor) 5, the U.S. reduces the subscription price to $99 per month and the purchase price to $8000