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Tesla drops 6% pre-market amid published quarterly results

10:05 20 April 2023

Tesla's (TSLA.US) revenue and net profit down more than 20% year-over-year

Tesla's Q1 2023 revenue and earnings were close to expectations, based on a survey of analysts by Refinitiv. The company conveyed in a document to shareholders that "under-utilisation of new factories" strained margins, along with higher raw material, commodity, logistics and warranty costs and lower revenue from environmental credits, which contributed to the decline in profits compared to last year."

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EPS: $0.85 versus expectations of $0.86

Revenue: $23.33bn vs $23.21bn expected, according to Refinitiv estimates


Source: company investor presentation

Net profit was $2.51 billion, down 24% year-on-year.

Revenues from the automotive segment, Tesla's core segment, reached $19.96 billion in the quarter, up 18% from last year.

Automotive regulatory loan revenue in the first three months of 2023 was $521 million, down from $679 million in the first quarter last year.


Source: company investor presentation

During the earnings call, CEO Elon Musk highlighted the "uncertain" marco-economic environment that could affect consumers' car-buying plans.

Tesla Energy's revenue skyrocketed to $1.53 billion, up 148% from the same period last year. Deployment of Tesla's energy storage systems increased to 3.9 GWh, up 360%. Tesla's lithium-ion battery-based energy storage systems include home backup batteries, called Powerwall, and the Megapack system, which allows utilities to store and use more energy generated from renewable sources such as solar and wind.

Tesla cut the prices of its vehicles late last year and in the first quarter of 2023, including additional cuts on Tuesday night. At the same time, Tesla is chalking up ambitious expansion plans and increased capital expenditure.

Tesla currently sells four EV models, which are produced at two vehicle assembly plants in the US, one in Shanghai and another near Berlin.

Shareholders who asked questions ahead of the earnings call wanted information on the trapezoidal, sci-fi inspired Cybertruck car, the company's energy division and the timing of Tesla's new vehicle model.

During the call, Musk said that Tesla is currently building "alpha versions of the Cybertruck" on a pilot line. The company intends to manufacture the Cybertruck at its factory in Austin, Texas. Musk said he anticipates an event to begin Cybertruck deliveries in the third quarter of 2023.

Tesla expects to produce 1.8 million vehicles in 2023, according to Elon Musk.

At the beginning of April, Tesla reported vehicle deliveries of 422,875 units in the first quarter, the closest approximation of sales revealed by the company. Production was slightly higher than deliveries for the first three months of 2023 at 440,808 vehicles.

A month earlier, Musk announced plans to build a Tesla factory in Monterrey, Mexico, a day's drive from a relatively new plant in Austin, Texas. And more recently, Tesla said it plans to launch a factory in Shanghai to produce Megapaks, which are large energy storage systems based on lithium-ion batteries.

According to a financial filing released at the end of January, Tesla expected to spend between $7bn and $9bn in 2024 and 2025, an increase in capital expenditure of around $1bn over the next two years.

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