The following is a summary of the Tesla, Inc. (TSLA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Tesla experienced a seasonal decline in auto revenues with auto margins dipping from 18.9% to 18.5%.

• Negative free cash flow of $2.5 billion in Q1 2024 was seen due to an increased inventory and CapEx for AI compute.

• The Energy business set a new record with margins reaching 24.6% with forecasts of energy storage deployments growing at least 75% higher from 2023.

Business Progress:

• Despite global pressures on the EV market, Tesla is investing in energy storage deployments and expects record profitability in the coming years.

• The production of new vehicle models has been expedited with production starting in 2025.

• Tesla's AI-driven Full Self Driving (FSD) Version 12 is now on 1.8 million vehicles, with its subscription price reduced to $99 a month.

• The company's core AI infrastructure is set to expand from 35,000 to 85,000 H100 computers by year-end.

• Tesla plans limited production of its Optimus robot, capable of performing simple factory tasks, by the end of the year.

• Tesla continues to focus on autonomy and aims to roll it out to a fleet of millions of cars within the next few years.

• Cybertruck production, despite various challenges, has reached 1k per week recently.

• Tesla is in talks with a major automaker about licensing its FSD technology.

• Production at the Lathrop ramp is progressing as planned, aiming to double its output from 20 gigawatt-hours per year to 40 gigawatt-hours per year.

• The perceived growth in sales, cost-saving efforts, and plans for additional revenue streams from FSD licensing and 4680 cell selling indicate a positive outlook despite first-quarter challenges.

More details: Tesla IR

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