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Tesla (TSLA) is about to release Q1 2024 financial results on Tuesday, April 23, after the markets close. As usual, a conference call and Q&A with Tesla’s management are scheduled after the results.

Here, we’ll take a look at what both the street and retail investors are expecting for the quarterly results.

Tesla Q1 2024 deliveries

While Tesla is an “AI/robotics” company, according to CEO Elon Musk, its automotive deliveries remain the biggest drivers of financial performance by far.

Tesla already disclosed its Q1 vehicle delivery and production numbers:

  Production Deliveries Subject to operating lease accounting
Model 3/Y 412,376 369,783 2%
Other Models 20,995 17,027 1%
Total 433,371 386,810 2%

These results were quite disastrous for Tesla as deliveries are down year-over-year for the first time in a long time.

Delivery and production numbers are always slightly adjusted during earning results.

Tesla Q1 2024 revenue

For revenue, analysts generally have a pretty good idea of what to expect, thanks to the delivery numbers.

However, Tesla’s average price per vehicle is changing a lot these days due to frequent price cuts and discounts across many markets, which makes things more difficult.

The Wall Street consensus for this quarter is $22.220 billion, and Estimize, the financial estimate crowdsourcing website, predicts a slightly lower revenue of $22.202 billion.

The crowdsourcing estimate is rarely lower than Wall Street consensus, but this quarter is special with the rare big delivery miss compared to expectations.

Here are the predictions for Tesla’s revenue over the past two years, with Estimize predictions in blue, Wall Street consensus in gray, and actual results are in green:

Tesla Q1 2024 earnings

Tesla always attempts to be marginally profitable every quarter as it invests most of its money into growth, and it has been successful in doing so over the last three years now.

However, like revenues, it has been harder to estimate earnings over the last year with price cuts digging into Tesla’s industry-leading gross margins and the big delivery drop last quarter is going to hurt badly.

For Q1 2024, the Wall Street consensus is a gain of $0.49 per share, while Estimize’s prediction is slightly higher with a profit of $0.52 per share.

Tesla had earnings of $0.85 per share during the same period last year.

Here are the earnings per share over the last two years, where Estimize predictions are in blue, Wall Street consensus is in gray, and actual results are in green:

Other expectations for the TSLA shareholder’s letter and analyst call

Beyond the financial results, Tesla always gives broader updates and answers shareholder questions in its shareholder letter and conference call with management following the release of the results.

Tesla gathers questions from shareholders from the “Say Technologies” website.

Here are the currently most upvoted questions likely to be answered by management:

  • Given that you moved the start of the next generation compact vehicle production to Austin, has the timeline improved so that we might see next generation platform vehicles in 2025?
  • Should retail shareholders be concerned that Elon has stated he is uncomfortable expanding AI and robotics at Tesla if he doesn’t have 25% of voting ?
  • How many cybertruck orders are in the queue and when do you anticipate you will be able to fulfill all existing orders?
  • What has been the barrier to ramping 4680 cells into the multi million cells per week rate and when do you expect to get there?
  • When will Tesla start construction on the Giga Nevada expansion and Giga Mexico, and when can we expect each of these to produce their first products such as 4680, Semi, and next gen vehicles?

But the earnings call could become much more interesting.

With the vote on Musk’s compensation package coming up and being seen as more of a vote of confidence for Musk than anything else, it’s likely that the CEO will try to justify some of his recent moves, like focusing on Robotaxi and firing up to 20% of Tesla’s staff.

It should make for an interesting call.

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Podcast: new Tesla Model S/X, robotaxi service is coming, new EV price war, and more

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Podcast: new Tesla Model S/X, robotaxi service is coming, new EV price war, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the new Tesla Model S/X “refresh”, robotaxi service is coming, a new EV price war in China, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:

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Kia hits a milestone as the EV5 launches in Singapore

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Kia hits a milestone as the EV5 launches in Singapore

Kia’s electric SUV has already become a hit in several overseas markets. The EV5 is now arriving as the first electric Kia to be assembled in Singapore, as it rolls out to new global markets.

Kia EV5 arrives as its first locally made EV in Singapore

Shortly after its introduction at the 2023 Chengdu Motor Show, Kia launched the EV5 in China, with prices starting at about 20,000 (149,800 yuan).

Kia is now seeing a full-on recovery in China, largely thanks to the new electric SUV. Its joint venture partner in China, Yueda Kia, ranked first in sales growth among JV brands.

In China, Kia sold over 248,000 vehicles last year, the first time it has crossed the 200,000 mark since 2020. The EV5 is made at Yueda Kia’s manufacturing plant in China and exported to overseas markets like Australia and Thailand.

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In fact, the EV5 is currently the fourth best-selling EV in Australia this year through April, ahead of every BYD vehicle.

The EV5 is slightly smaller than the Tesla Model Y at 4,615 mm in length, 1,875 mm in width, and 1,715 mm in height.

Kia-EV5-singapore
Kia EV5 (Source: Kia Singapore)

After launching the EV5 in Singapore on May 28, Kia hit a milestone. The electric SUV arrives as Kia’s first locally assembled EV in the region.

The EV5 was officially launched during an event at Hyundai Motor Innovation Groupe Centre Singapore, where it will be made. It will join other Hyundai Motor electric cars, including the IONIQ 5 and IONIQ 6. Hyundai also builds the IONIQ 5 robotaxi here and exports it to the US.

Kia-EV5-Singapore
Kia EV5 (Source: Kia)

Kia’s distributor, Cycle and Carriage, will sell the EV5 in three variants: Air, Earth, and a sporty GT-line. Two battery sizes will be available, 64.2 kWh and 88.1 kWh, providing range of 400 km and 540 km, respectively.

Prices for the base Air trim start at $194,000 (SDG), including COE. The Earth and GT-Line models start at $210,500 (SDG) and $260,000 (SDG) with COE.

Kia-EV5-interior
Kia EV5 interior (Source: Kia)

Later this year, Kia will launch the global version of the EV5, which will be made at its Autoland Gwangju manufacturing plant in South Korea. It will be sold in overseas markets, including Europe and Canada, but not the US.

Kia confirmed the EV5 will be “exclusively for the Canadian market” in North America. It will be available in FWD and AWD powertrains. Two battery sizes will be offered: 60.3 kWh or 81.4 kWh, providing a range of up to 500 km (310 miles).

Source: Cycle & Carriage Kia Pte Ltd, The Straits Times

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Ford Performance unveils Super Mustang Mach-E that will compete at Pikes Peak 2025

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Ford Performance unveils Super Mustang Mach-E that will compete at Pikes Peak 2025

Do we smell a three-peat? The team at Ford Performance is once again competing at the annual Pikes Peak International Hill Climb, and this year is bringing a “Super” version of the all-electric Mustang Mach-E… At least we think there’s a Mach-E in there somewhere.

Pikes Peak—the “Race to the Clouds.” This annual event spanning 12.42 miles to an elevation of over 14,000 feet in the mountains above Colorado has been celebrated for over 100 years. While its hill climb is rooted in tradition and traditional vehicles, it has become an annual opportunity for EV engineers to showcase how much better all-electric models can be.

Last year, Rivian, Hyundai, and Ford Performance all impressed, with the former two automakers snagging records for their vehicle types, while Ford’s “F-150 Supertruck” took the “King of the Mountain” crown for the fastest climb of the day.

This past January, we learned that Ford Performance planned to defend its title at Pikes Peak with its third all-electric demonstrator in as many years. At the time, we only saw a sheeted vehicle that appeared to be relatively low with a massive spoiler, but the glowing front emblem left no doubt that it was a modified version of the Mustang Mach-E.

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Today, Ford Performance unveiled the BEV it will use to climb Pikes Peak, which it is calling the Super Mustang Mach-E. Have a gander.

  • Mach-E Pikes Peak
  • Mach-E Pikes Peak
  • Mach-E Pikes Peak

Super Mach-E will try to hold Ford’s Pikes Peak crown

Ford Performance shared the images seen above in an Instagram post with the following caption:

12 miles of mountain road. 156 turns. 14,115 feet of elevation. This is the @pikespeakhillclimb, and we’re bringing 6,125 lbs of downforce — and @romaindumas_official — to take it on with the Super Mustang Mach-E.

From the post, we’ve learned the Super Mustang Mach-E will be driven up Pikes Peak by none other than veteran French racer Romain Dumas. Dumas has a wealth of experience in some of the world’s largest (and longest) races, including the 24 Hours of Le Mans, Nürburgring 24 Hours, and the 24 Hours of Daytona.

He has been contracted to Ford Performance since 2022 and has won two of his five Hill Climb victories with the American automaker in the past two years (although the 2023 SuperVan victory was in the division and second overall). Could Dumas tally his sixth career victory at Pike Peak with a three-peat with Ford in the Super Mustang Mach-E?

Ford Performance and Romain Dumas have shown they can do it, so it’s a serious possibility. We will find out on June 22, 2025, when the 103rd running of the Pikes Peak International Hill Climb takes place.

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