On April 23, 2024, Tesla, Inc. reported its financial results for the first quarter of 2024. The company faced several challenges during the quarter, including the Red Sea conflict and an arson attack at its Gigafactory Berlin, as well as the ramp-up of the updated Model 3 in Fremont. Despite these issues, Tesla managed to achieve a 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. The company's 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. However, Tesla saw a 7% increase in Energy Generation and Storage revenue and a 25% increase in...Show More

On April 23, 2024, Tesla, Inc. reported its financial results for the first quarter of 2024. The company faced several challenges during the quarter, including the Red Sea conflict and an arson attack at its Gigafactory Berlin, as well as the ramp-up of the updated Model 3 in Fremont. Despite these issues, Tesla managed to achieve a 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. The company's 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. 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. Tesla's AI training compute increased by over 130%, and a record energy storage deployment of 4.1 GWh was achieved. Over 1,000 Cybertrucks were produced in a single week in April. 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.