Tesla reported a decrease in total revenues to $21.30 billion in Q1 2024, down by $2.03 billion from the previous year. Net income for common stockholders also fell to $1.13 billion, a drop of $1.38 billion year-on-year. The company's cash and cash equivalents ended at $26.86 billion, a $2.23 billion decrease from the end of 2023. Operating cash flow saw a significant reduction to $242 million, compared to $2.51 billion in the same period last year. Capital expenditures rose to $2.77 billion, up by $701 million from Q1 2023. Despite these challenges, Tesla is focusing on profitable growth, ramping up production, and expanding its global infrastructure. The company produced approximately 433,000 vehicles and delivered around 387,000 in the first quarter, while deploying 4.05 GWh of energy storage products. Tesla continues to invest in AI, robotics...Show More

Tesla reported a decrease in total revenues to $21.30 billion in Q1 2024, down by $2.03 billion from the previous year. Net income for common stockholders also fell to $1.13 billion, a drop of $1.38 billion year-on-year. The company's cash and cash equivalents ended at $26.86 billion, a $2.23 billion decrease from the end of 2023. Operating cash flow saw a significant reduction to $242 million, compared to $2.51 billion in the same period last year. Capital expenditures rose to $2.77 billion, up by $701 million from Q1 2023. Despite these challenges, Tesla is focusing on profitable growth, ramping up production, and expanding its global infrastructure. The company produced approximately 433,000 vehicles and delivered around 387,000 in the first quarter, while deploying 4.05 GWh of energy storage products. Tesla continues to invest in AI, robotics, automation, and its Full Self-Driving (FSD) capabilities, including plans for a robotaxi product. Looking ahead, Tesla aims to improve vehicle performance, decrease production costs, and increase affordability. The company is also expanding its manufacturing capacity, including for new models like the Cybertruck, and is developing its own battery cells to support growth. Tesla's energy generation and storage business saw a 7% revenue increase, attributed to higher average selling prices of Megapack, despite a decrease in solar deployments. The company's capital expenditures are projected to exceed $10.00 billion in 2024, with a focus on global projects, new products, and technology development.