April 23, 2024 - $Tesla (TSLA.US)$ shares rose 11.14% to $160.8 in post-market trading on Tuesday.

On April 23, 2024, $Tesla (TSLA.US)$ announced results for its first quarter of 2024.

Q1 2024 highlights

Total revenue decreased by 9% year-over-year to $21.3 billion, influenced by a reduction in vehicle average selling price, a decline in vehicle deliveries, and negative foreign exchange impacts.

GAAP operating income of $1.2 billion and a GAAP net income of $1.1 billion. Non-GAAP net income was reported at $1.5 billion.

However, Tesla saw a 7% increase in Energy Generation and Storage revenue and a 25% increase in Services and Other revenue.

The quarter ended with $26.9 billion in cash and investments, a decrease of $2.2 billion, primarily due to negative free cash flow of $2.5 billion.

Looking ahead, Tesla anticipates a lower vehicle volume growth rate in 2024 as it prepares for the launch of the next generation vehicle and other products. The company remains focused on profitable growth and cost reduction, with plans to introduce new and more affordable products.

Tesla recently undertook a cost-cutting exercise to increase operational efficiency. We also remain committed to company-wide cost reduction, including reducing COGS per vehicle. Ultimately, we are focused on profitable growth, including by leveraging existing factories and production lines to introduce new and more affordable products.

"The future is not only electric, but also autonomous. We believe scaled autonomy is only possible with data from millions of vehicles and an immense Al training cluster. We have, and continue to expand, both. To make FSD (Supervised) more accessible, we reduced the price of subscription to $99/month and the purchase price to $8,000 in the US." Tesla said.