Tesla recently released its earnings report for Q1 2024, marking the 18th consecutive quarter of profitability for the electric automaker. However, Tesla fell short of expectations in terms of profit per share and revenue. The company reported $21.3 billion in revenue and $0.45 profit per share (Non-GAAP), while analysts had anticipated higher figures. The decline in total revenue was attributed to reduced vehicle average selling prices and production disruptions at the Fremont factory and Gigafactory Berlin.
Despite facing challenges such as the Red Sea conflict and the arson attack at Gigafactory Berlin, Tesla was able to maintain profitability in Q1 2024. The company experienced a decline in cost of goods sold per unit, primarily driven by lower raw material costs. In terms of vehicle production, Tesla delivered 386,810 cars in Q1 2024, with Model 3/Y deliveries accounting for the majority of the total. Production figures for all Tesla vehicles totaled 433,371, with Model 3/Y production surpassing that of Model S/X vehicles.
In comparison to Q4 2023, Tesla saw a decrease in both deliveries and production numbers in Q1 2024. Model 3/Y deliveries remained the highest, with Model S/X deliveries slightly lower. The company delivered 484,507 cars and produced 494,989 vehicles in Q4 2023, indicating a slight decline in Q1 2024. Throughout 2023, Tesla delivered 1,808,581 cars and produced 1,845,985 vehicles, with the Model 3/Y playing a significant role in both figures.
The financial summary of Tesla’s Q1 2024 report highlighted the impact of price cuts on the Model 3 and Model Y on the company’s bottom line. Despite falling short of analyst expectations, Tesla’s profitability streak continues with its 18th consecutive profitable quarter. Challenges faced in Q1 2024, such as production disruptions and lower average selling prices, contributed to the decline in total revenue.
Looking ahead, Tesla remains focused on overcoming challenges and continuing its streak of profitability. The company’s efforts in addressing production disruptions and lowering costs per unit have helped mitigate the impact of external factors. With a strong focus on delivering electric vehicles to meet growing demand, Tesla is expected to navigate future challenges and maintain its position as a leader in the electric automaker industry.
