The company also posted non-GAAP earnings per share of $0.45 and GAAP EPS of $0.34 for Q1 2024. Tesla also posted $1.2 billion GAAP operating income in Q1, $1.1 billion GAAP net income in Q1, and $1.5 billion non-GAAP net income in Q1. The following are live updates from Tesla’s Q1 2024 earnings call. I will be updating this article in real-time, so please keep refreshing the page to view the latest updates on this story.
The first entry starts at the bottom of the page. Lars Moravy reiterated Elon Musk’s previous comments. He notes that Tesla is updating its future lineup launches to get cheaper EVs to customers faster. Execs noted that while Cybertruck production has reached 1,000 per week, challenges remain.
Elon Musk also confirmed that Tesla is in discussion with one automaker for FSD licensing. “We’re in conversation with one automaker,” Musk said. When asked about the scaling of the Tesla Semi, executives noted that the vehicle’s facility in Reno, Nevada has started its construction. Tesla also expects Megapack run rate to hit 20 GWh to 40 GWh per year.
Tesla notes that there are already a handful of states that are embracing autonomous vehicles. Musk also noted that “Tesla will be operating the fleet,” seemingly referring to the company’s Robotaxi network. He reiterates that the Tesla Robotaxi fleet will work like a combo of AirBnB and Uber. Musk also noted that Tesla’s Hardware 5 should be in the company’s cars about the end of 2025.
Elon Musk and other Tesla executives notes that the company has models that provide insights on how FSD will perform in later iterations. Those models are not released to the public. Tesla execs also noted that the company is more focused on autonomy. The Target is 5-7 million cars with autonomy.
The first question is about 4680 production. Tesla noted that 4680 production increased 18-20% compared to Q4 2023. Another question was asked about Optimus and if the robot is being used in current operations. Musk noted that Optimus is able to perform simple tasks, and Tesla will attempt to do an initial production for Optimus for internal use this year.
“We are able to do simple factory tasks in the lab,” he said, adding that the humanoid robot may start limited production for external customers by the end of next year. “Optimus will be more valuable than anything else combined… Tesla AI inference technology is vastly different than any other company,” Musk noted. He also noted that the costs of Model Y production in Austin and Berlin are closing in on Fremont’s costs. The executive also noted that Tesla is lowering prices and “attractive financing” on vehicles and subscriptions, which could help boost demand.
The CFO also noted that Tesla’s energy business continues to make meaningful progress. Margins for Tesla Energy hit a record 24.6%. “The future is extremely bright and the journey will be extremely rewarding,” he said. He notes that Tesla’s $99 per month FSD subscription is a way for the company to make FSD more attainable to customers.
He also stated that Tesla will be unveiling its purpose-built Robotaxi later this year, which he dubbed the “Cybercab.” Musk also mentioned that Tesla has roughly 35,000 H-100s. “We’re really headed for an electric vehicle autonomous future. Gasoline cars will be like riding a horse and using a flip phone,” Musk said. He also thanked the Tesla team for their hard work.
Elon Musk and a number of executives are present in the call. Elon Musk makes his opening remarks with a recap of the first quarter. He admits that the EV adoption rate is under pressure, and other automakers are turning to hybrids. Tesla will not be doing this.
He notes that the launch of Tesla’s new models is being expedited, which includes a more affordable car. The vehicles will use aspects of current and new platforms and be produced in the company’s existing production lines. The new vehicles should allow Tesla to reach 3 million vehicles of capacity. While Tesla did not exactly meet analyst expectations, the company’s first-quarter results were positively received by shareholders.
As of writing, Tesla shares are trading up 8.14% in Wednesdaays’ after-hours. It’s been a while since TSLA shares saw such movement. *Don’t hesitate to contact us with news tips.