Tesla Q1 2024 earnings preview: here’s what to expect
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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Mercedes-Benz is gearing up to unveil the electric version of its best-selling SUV, the GLC, later this year. With its official debut just around the corner, Mercedes revealed a few new details, offering an exclusive first look at the new EV.
Mercedes offers an exclusive look at the new electric GLC
Although we got a sneak peek of the electric SUV in March during winter testing in Northern Sweden, Mercedes is giving us a better idea of what to expect.
“We’re not just introducing a new model – we’re electrifying our top seller,” Mercedes-Benz Group CEO, Ola Källenius, said on Thursday.
Mercedes promises the electric GLC “sets new standards” with a sleek new design, advanced tech, and its new MB.OS operating system.
The new GLC EV is an upgrade over the current model, offering significantly more space and improved ride quality. Since the wheelbase is 3.1″ longer than the current gas-powered SUV, the electric version has more legroom and headroom for front and rear passengers.
With all the seats folded, the electric SUV offers 61.4 cubic feet of space. The gas-powered model features up to 56.3 cubic feet of cargo space. Plus, you get an extra 4.5 cu ft of space in the trunk (front trunk).
Källenius said that with Mercedes’ new 800V electric architecture and latest batteries, the electric GLC can regain around 260 km (161 miles) WLTP range in just ten minutes. He added that DC fast charging at over 320 kW is possible.
The GLC 400 4MATIC with EQ Technology will arrive with impressive towing capability of up to 5,291 lbs. In comparison, the Tesla Model Y can only tow up to 3,500 lbs.
Added features, such as ESP trailer stabilization and trailer maneuvering assistant, make it even easier to tow with optimized stability and control.
Källenius also teased the new electric GLC design, calling it the start of a “new era” and “a new face of the brand as the first in a family of upcoming vehicles.”
The inside is just as impressive, providing a holistic experience. A “majestically floating next generation MBUX Hyperscreen” is optional, providing a spatial experience powered by the new MB.OS supercomputer.
Mercedes will unveil the new electric GLC at the 2025 International Motor Show in Munich on September 7, 2025.
Although official range figures will be revealed at the event, according to Car and Driver, which tested a prototype model, Mercedes said it expects the new GLC to provide a WLTP range of just over 400 miles, or slightly more than 300 miles on the EPA scale, from a 94.5 kWh battery.
Prices will also be announced in due time, but given that the current GLC 350e 4MATIC PHEV starts at $59,900 in the US, you can expect the electric model to be priced slightly higher, at around $65,000.
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Tesla (TSLA) announced its 2025 annual shareholders meeting at the very last minute, and it pushed it all the way to November, the latest it has ever held the meeting.
Tesla generally holds its annual meeting in the summer and announces it way ahead of time.
Today, the automaker announced that the meeting will be held on November 6:
The board of directors (the “Board”) of Tesla, Inc. (“Tesla”) has designated November 6, 2025 as the date of Tesla’s 2025 annual meeting of shareholders (the “2025 Annual Meeting”).
This is highly unusual for Tesla. Here are the dates of Tesla’s last 5 annual meetings:
- 2020: September 22, 2020
- 2021: October 7, 2021
- 2022: August 4, 2022
- 2023: May 16, 2023
- 2024: June 13, 2024
At those meetings, shareholders vote on several matters, including the reelection of directors and shareholders’ proposals.
Tesla has not released any yet, but they are expected to be in the upcoming proxy statement, which Tesla should release in the coming weeks.
Why does Tesla need more time?
Electrek’s Take
I think Tesla is working on some proposals that are going to take time to put together and then to sell to shareholders – hence why the meeting is set for November.
There are two suspects: a new CEO compensation package for Musk or a merger/acquisition of xAI.
It could also be both, but I think that would be harder to swallow for some shareholders as both initiatives have a clear aim of giving Musk a bigger stake in Tesla.
I think sane investors should not want that, but Tesla shareholders don’t fit in that category. Much of Tesla’s value is attached to Musk’s lies and ridiculous predictions. The value will have to come down to reality at some point, but they are a bunch of gamblers who are enjoying the ride in the meantime.
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A three-row electric SUV for less than $30,000? Sign me up. NIO (NYSE: NIO) opened pre-orders for the new Onvo L90 on Thursday, starting from 193,900 yuan, or about $27,000.
NIO kicks off Onvo L90 pre-orders in China
NIO claims the Onvo L90 is the lightest full-size three-row SUV in its class, with a curb weight just under 5,000 lbs (2,250 kg). In comparison, the Lucid Gravity has a curb weight of 5,966 lbs (2,712 kg).
The new flagship model is designed as a family-friendly SUV, offering ample interior space and advanced technology.
At 5,145 mm long, 1,998 mm wide, and 1,766 mm tall, the Onvo L90 is slightly bigger than the Lucid Gravity. In China, it will go head-to-head with higher-end electric SUVs like Li Auto’s L9.
However, the L9 is an extended-range electric vehicle (EREV) and starts at around 409,800 yuan ($57,000), more than double the price of the Onvo L90.
The low price of 193,900 yuan ($27,000) applies only to those who rent the battery. Nio’s Battery as a Service (BaaS) costs 899 yuan ($125) a month. With the battery included, the Onvo L90 still starts at just 279,900 yuan ($39,000).
Nio’s new electric SUV is offered in six and seven-seat configurations. The interior features a massive 17.2″ floating infotainment screen at the center.
Other interior highlights include a three-zone climate control system, massage, heating, and ventilation for every seat, as well as an additional entertainment screen for rear passengers. And like many new vehicles in China nowadays, it even comes with a built-in refrigerator.
Powered by an 85 kWh battery, the Onvo L90 offers a CLTC range of 605 km (367 miles). It’s also based on NIO’s next-gen 900V platform, unlocking class-leading energy consumption of just 14.5 kWh per 100 km.
Buyers can choose from single and all-wheel-drive powertrains. The AWD version boasts up to 590 hp (440 kW), good for a 0 to 100 km/h (0 to 62 mph) sprint in just 4.7 seconds.
NIO is offering an incentive for early pre-order holders. Those who place an order with a 2,000 yuan deposit will receive a 5,000 yuan credit off the vehicle and an extra 5,000 yuan for optional features and more. Nio plans to begin delivering Onvo L90 to customers, starting on August 1.
The L90 is the second Onvo-branded EV to arrive in China, following the smaller L60, launched last September.
Source: CarNewsChina, NIO Onvo
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