Tesla has reported a 24% increase in total revenue and a 148% increase in revenue from its Tesla Energy division compared to 2022.
The report was highly anticipated by analysts who wanted to see whether price cuts hurt the company's earnings.
- The company saw a 24% drop in Q1 net income compared to 2022.
- Tesla stated that the reasons for the drop in its net income were:
- underutilized manufacturing capacity,
- increased labor costs,
- increased raw material costs,
- and a decrease in environmental credit revenue.
- Total revenue reached $23.3B, while automotive revenue reached $19.96B in Q1, an 18% increase from 2022.
- This quarter marks the 14th consecutive profitable one for Tesla.
- Tesla
said it deployed 360% more energy storage systems than last year,
crediting its Megafactory in California for enabling most of the growth.
- The company aims to reach 40 GhW in annual production in this
factory, aside from its other battery factories in locations such as
China.
- This quarterly earnings report was
anticipated by Wall Street analysts who wanted to see how price cuts
have affected the company's overall sales. Some analysts claim that the
decision to cut prices is hurting the company.
- Tesla stated today that regardless of its price cuts, it has a 19.3% margin for each vehicle it sells.
- In 2022, CEO Elon Musk stated that he wanted to make Tesla vehicles cheaper and that its prices at the time were embarrassing.
