Tesla (TSLA) released its financial results and shareholders letter for the first quarter (Q1) 2024 after market close today.
We are updating this post with all the details from the financial results, shareholders’ letter, and the conference call later tonight. Refresh for the latest information.
Tesla Q1 2024 earnings expectations
As we reported in our Tesla Q1 2024 earnings preview yesterday, the Wall Street consensus for this quarter was $22.220billion in revenue and earnings of $0.49 per share.
Now, did Tesla meet, beat, or miss the expectations?
Tesla Q1 2024 financial results
Just after the market close today, Tesla released its financial results and confirmed that it did miss expectations with earnings of $0.45 per share (non-GAAP) and revenue with $21,301 billion during the last quarter.
Despite the miss on expectations for revenue and earnings, which are generally the main drivers of stock prices, Tesla’s stock is up by as much as 8% in aftermarket trading following the release of the results.
That’s probably due to Tesla trying to ride the AI wave with news in the release.
For example, the automaker announced that it “increased AI training compute by more than 130% in Q1”, which is impressive considering Tesla already had one of the biggest supercomputers in the world prior to the quarter.
For the first time in a long time, Tesla saw its cash position reduced in Q1, but it still sits on a nice $26.9 billion cash pile:
Quarter-end cash, cash equivalents and investments in Q1 was $26.9B. The sequential decrease of $2.2B was a result of negative free cash flow of $2.5B, driven by an inventory increase of $2.7B and AI infrastructure capex of $1.0B in Q1.
Tesla also announced a change of plan regarding its next-gen vehicles:
Furtermore, Tesla announced a change of plan regarding cheaper vehicles. While it appears to finally confirm the cheaper model based on the “unboxed” system, which we reported as NV9, is canceled, the automaker says it will build new cheaper vehicles on its existing production… https://t.co/w06R9pgGEapic.twitter.com/L3vuntckwZ
We will be posting our follow-up posts here about the earnings and conference call to expand on the most important points (refresh the page to see the most recent posts):
Here’s Tesla’s Q1 2024 shareholder presentation in full:
Here’s Tesla’s conference call for the Q1 2024 results:
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On today’s battle-ready episode of Quick Charge, it’s Elon Musk vs. the world as big players position themselves for control of enough lithium to build 600 million electric cars and the rest of the industry squares up to Tesla in the battle for market leadership.
While Windrose is making sales and expanding into new markets, the Tesla Semi is still in limited tests, Robotaxi launches as a “ride hailing service” in California with randos in the drivers’ seat and Academy Award nominated actor/noted college football analyst Timothée Chalamet teams up with Lucid to steal (even more) sales from the embattled Model S and X lines.
Today’s episode is brought to you by Retrospec, the makers of sleek, powerful e-bikes and outdoor gear built for everyday adventure. Quick Charge listeners can get 10% off their next e-bike ride through August 14 with the exclusive code ELECTREK10 only at retrospec.com.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
Got news? Let us know! Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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EV charging company ezVOLTz has partnered with Driivz, the EV software arm of Vontier, to make its “Charging as a Service” platform even smarter and more reliable for fleets, businesses, and state and local governments across the US.
If you’re not familiar with ezVOLTz, it’s a full-service EV charging provider. It handles everything, from installing hardware-agnostic chargers to managing the backend with its software platform, ezCONNECT. Now, ezVOLTz is plugging into Driivz’s charging and energy management tech to help run things even more smoothly.
With Driivz’s help, ezVOLTz plans to keep its network humming with 24/7 monitoring and real-time issue detection. Driivz’s Alert Management System can auto-fix up to 80% of charger hiccups remotely without sending a tech on-site. That means more uptime and fewer headaches for drivers and site owners.
“EV adoption is surging, and drivers and the companies and entities that serve them need smart, connected, and reliable charging options,” said ezVOLTz CEO Sam Malhotra. “The Driivz team and their smart charging and energy management solutions are a natural fit in bolstering our services.”
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The partnership also gives ezVOLTz new tools to grow its network. Driivz’s software tracks usage patterns and charger performance, helping pinpoint the best spots for new installations. Driivz will also support the ezVOLTz app, letting users plan road trips and find chargers nationwide.
“Reliability and ease-of-use are two of the most important considerations for EV drivers,” said Andrew Bennett, CEO of Driivz. “We’re proud to partner with ezVOLTz in delivering seamless and reliable charging to their customers.”
As more businesses, fleets, and municipalities plug into EVs, partnerships like this one aim to make sure the charging experience keeps up.
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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The Subaru BRZ may live on as an EV after all. Subaru wants its share of the sports car market, and an electric BRZ could hit the sweet spot.
Is Subaru launching an electric BRZ?
Subaru discontinued the BRZ in Europe in 2020 after the first generation. Although its twin, the Toyota GR86, was sold until the 2024 model year, the BRZ was released as a US-only model.
In its third generation, it could return as an EV. Speaking with Autocar, Subaru’s European head, David Dello Stritto, said, “Our options are open,” hinting that the BRZ could make a comeback in electric form.
Subaru’s global EV product boss, Inoue Masahiko, confirmed an electric version of the sports car “was under consideration.” He added that Subaru has extensively looked into an EV version of the BRZ with its partner, Toyota.
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Masahiko explained that “We did consider electrifying the BRZ and GR86, but the win-win relationship is more important.” So far, “We can’t get the kind of benefits from both sides,” he added.
2026 Subaru Uncharted EV (Source: Subaru)
Subaru is already launching several new electric vehicles in Europe, including the new Uncharted, E-Outback (known as Trailseeker in the US), and an updated Solterra SUV.
Stritto said that an electric sports car will depend on the success of these models first, especially the Uncharted. According to Subaru’s European boss, the Japanese automaker feels “very positively about Subaru enthusiasts, but we need to see how Uncharted does first.”
2026 Subaru Solterra EV (Source: Subaru)
As for an “electrified” powertrain, or hybrid, Masahiko said the vehicle’s packaging “would make it difficult,” adding an EV version would be “easier” to create.
The comments come after Stritto told Autocar last week that a new entry-level EV could also be in the works. However, that will also depend on how well the Uncharted sells.
For those in the US, don’t worry – Subaru is not planning to discontinue the BRZ. If it did launch as an EV, would you consider one? It would go up against the new Hyundai IONIQ 6 N and Tesla Model 3 Performance.
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