In early April, Tesla reported vehicle deliveries of 422,875 vehicles in the first quarter, the closest approximation of sales disclosed by the company. In 2023, Tesla expects to produce 1.8 million vehicles, Musk reiterated, or possibly an "upside" volume of 2 million vehicles this year. Musk said he anticipates an event to kick off Cybertruck deliveries in the third quarter of 2023. The company intends to produce the Cybertruck at its Austin, Texas, factory. On the call, Musk said Tesla is now building "alpha versions of the Cybertruck" on a pilot line. Shareholders who submitted questions ahead of the earnings call for management's consideration were seeking updates on the company's trapezoidal, sci-fi inspired Cybertruck, the company's energy division and the timing for a new model vehicle from Tesla. When Tesla began to discuss its ambitions in self-driving technology in 2016, Musk said the company would conduct a hands-free trip across the U.S. He said, "We've taken a view that pushing for higher volumes and a larger fleet is the right choice here, versus a lower volume and higher margin," but noted he expects Tesla vehicles "over time will be able to generate significant profit through autonomy." He cautioned that, "Every time that the Fed raises interest rates, that's the equivalent to an increase in the price of a car." He also said, whenever there's uncertainty in the economy, people will generally postpone "big new capital purchases like a new car." During a question-and-answer session with analysts, Musk said he expected 12 months of "stormy weather" in the economy. On an earnings call, CEO Elon Musk emphasized an "uncertain" macroeconomic environment that could impact people's car-shopping plans. Revenue from automotive regulatory credits during the first three months of 2023 amounted to $521 million, down from $679 million in the first quarter of last year. The company specified in a shareholder deck that "underutilization of new factories" stressed margins, along with higher raw material, commodity, logistics and warranty costs, and lower revenue from environmental credits, all contributing to the drop in earnings from last year.Īutomotive revenue, Tesla's core segment, reached $19.96 billion in the quarter, up 18% from last year. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower More recently, the automaker slashed the price of Model S and X vehicles by up to $10,000.Best Debt Consolidation Loans for Bad Credit In January, for instance, the five-seat Model Y went from costing $65,990 to $52,990, and then $54,990 less than a month later.
The first three months of the year saw Tesla aggressively cut pricing across most of its lineup. It will be interesting to see how Tesla’s latest delivery numbers affect the company’s bottom line. That's a drop from the 17,147 Model S and Model X vehicles it delivered last quarter.
Comparatively, Tesla's more expensive Model S and Model X cars accounted for a modest 10,695 deliveries over the same time frame. Unsurprisingly, the Model 3 and Model Y made up the bulk of Tesla’s deliveries in the first quarter of 2023, with 412,180 of those vehicles making their way to customers before the end of March. My error rate was +1.2% for production and +1.0% for deliveries. Tesla has just reported 422,875 deliveries in Q1 2023 which is a new record compared to 405K in Q4 2022.
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