TESLA Q1 2024 EARNINGS REPORT: REVENUE, PROFIT AND OPERATING MARGINS DOWN
However, it's still another profitable quarter for Tesla.
Tesla just released its Q1 2024 earnings report. The electric automaker again turned a profit, which makes that 18 quarters in a row in which Tesla has reported profitability.
However, Tesla fell short of expectations regarding both profit per share and revenue. The rapid-fire price cuts on the Model 3 and Model Y seen last year and numerous price alterations this year took their toll on Tesla's bottom line.
The main financial details from the Q1 2024 report are as follows:
- $ 21.3 billion in revenue
- $ 0.45 profit per share (Non-GAAP)
Here's what Tesla was expected to report, according to analysts:
- Profit per share: ~ $0.49
- Revenue: ~$22.22 billion
Total revenue declined 9 percent year-over-year in Q1 to $21.3B.
Tesla adds some additional info on the drop in YoY revenue:
- reduced vehicle average selling price (ASP) YoY (excl. FX impact), including unfavorable impact of mix
- decline in vehicle deliveries, partially due to the Model 3 update in the Fremont factory and Giga Berlin production disruptions
Here's a look at the financial summary:
In regards to vehicle production, Tesla states:
We experienced numerous challenges in Q1, from the Red Sea conflict and the arson attack at Gigafactory Berlin, to the gradual ramp of the updated Model 3 in Fremont. Excluding Cybertruck and unscheduled downtime, our COGS4 per unit declined sequentially, driven primarily by lower raw material costs.
You'll find Tesla's release in its entirety linked below.
We'll have more info on Tesla Q1 2024 happenings following the conference call later today.
More Tesla News
- Tesla Cut Model S, Model X And Model Y Prices By $2,000
- Tesla Model 3 Lease Price Goes Down To $299 Per Month
- Watch Tesla's Q1 Earnings Report Call Live Right Here
- Tesla Faces Its Most Important Earnings Call In Years. Here's What Investors And Fans Want To Know
Looking Back
Q1 2024 Production And Deliveries
For Q1 2024, Tesla delivered a total of 386,810 cars. Tesla lists Model 3/Y deliveries made up the bulk of the action with 369,783 delivered. Meanwhile, the combined Model S and Model X deliveries hit 17,027, or actually a tad lower, since some Cybertruck sales are likely included in the "other models" category.
On the production front, the combined figure for production of all Tesla vehicles hit 433,371 in Q1 2024. The breakdown shows that the Model 3/Y accounted for 412,376 of the total production figures, leaving the Model S/X (plus some Cybertrucks) at 20,995.
Q4 2023 Production And Deliveries, Plus 2023 In Total
For Q4 2023, Tesla delivered a total of 484,507 cars. Tesla Model 3/Y deliveries made up the bulk of the action with 461,538 delivered. Meanwhile, the combined Model S and Model X deliveries hit around 22,969, minus some Cybertruck deliveries.
On the production front, the combined figure for production of all Tesla vehicles hit 494,989 in Q4 2023.
For the whole of 2023, Tesla delivered 1,808,581 cars and produced 1,845,985 vehicles. The Model 3/Y accounted for the bulk of both figures.
2024-04-23T20:36:29Z dg43tfdfdgfd