Tesla Posts Record Q1, Surpassing Wall Street Expectations
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Tesla Posts Record Q1, Surpassing Wall Street Expectations
- Tesla delivered first-quarter adjusted earnings per share of $0.45, topping the $0.40 consensus estimate from analysts tracked by Bloomberg
- The company reported Q1 automotive revenue of $17.4 billion, up 5% from the prior year despite a 9% drop in vehicle deliveries to 387,000 units.
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Inc. announced blockbuster first 2024 results on 23, exceeding Wall forecasts amid challenges in the electric vehicle market.
Adjusted earnings per share came in at $0., surpassing the $0.40 average estimate from 24 analysts. Total revenue reached $21.3 billion, a 13% decline year-over-year but still beating the $20.9 billion projection. Automotive revenue stood at $17.4 billion, buoyed by higher average selling prices and growth in energy storage, which saw deployments surge 7-fold to 4.1 gigawatt-hours.
Vehicle deliveries totaled 386,810 units, down 8.5% from Q1 2023’s record 484,507, as Tesla navigated softening demand, price cuts, and competition from rivals like BYD and legacy automakers. Despite the dip, CEO Elon Musk highlighted progress on the upcoming Cybercab robotaxi and Optimus humanoid robot during the earnings call, signaling a pivot toward autonomy and AI.
Gross margins improved to 17.4% from 12.4% a year earlier, thanks to cost reductions and regulatory credit sales of $392 million. Energy generation and storage revenue jumped 113% to $1.84 billion, underscoring Tesla’s diversification beyond cars.
The results propelled Tesla shares up about 13% in after-hours trading. Analysts noted resilience amid macroeconomic headwinds, including high interest rates curbing auto purchases. Tesla reaffirmed its 2024 delivery growth forecast of 50% over 2023’s 1.81 million vehicles, targeting 1.9 million units, while ramping production at factories in Texas, Shanghai, and Berlin.
This quarter marks Tesla’s first profitable year-over-year earnings since Q3 2022, reinforcing its position as the U.S. EV leader with a 49% domestic market share per Cox Automotive data. (248 words)