Tesla Inc. is scheduled to release its Q1 2024 financial results after the market closes on April 23. Analysts are projecting revenues of $22.34 billion, a slight decline from $23.33 billion in the same period last year. Over the last five quarters, Tesla has exceeded revenue expectations twice but fell short on both revenue and earnings per share in the recent two quarters.
Key aspects to monitor include demand shifts following recent price reductions and the effects of recent layoffs. The energy division of Tesla saw significant growth in Q1 2023, with revenues soaring to $1.53 billion, marking a 148% increase year-over-year. Additionally, the deployment of energy storage systems reached 3.9 gigawatt-hours, up 360% from the previous year.
Concerns from analysts such as John Murphy of Bank of America about Tesla’s position in the electric vehicle market persist, leading to a neutral stock rating with a price target of $220. Daniel Ives from Wedbush highlights the importance of the upcoming first-quarter conference call and CEO Elon Musk’s commentary, suggesting it could heavily influence Tesla’s stock trajectory.
Areas of interest for shareholders include Tesla’s energy division, the Cybertruck, and the potential for new model vehicles. Updates from Musk on the Cybertruck’s production and delivery timelines were provided, though details on new model vehicles were not disclosed. The company reported vehicle deliveries totaling 422,875 and the production of 440,808 vehicles in Q1 2023.
Investors are keenly awaiting next week’s Q1 delivery report, hoping for positive surprises to overcome a tough quarter. Despite a challenging 2022, Tesla’s stock has rallied with a 48% gain in 2023. However, the company continues to face production hurdles, increasing competition, and heightened regulatory scrutiny as it navigates through 2024.
References:
- Tesla Investor Relations Press Releases: This section of Tesla’s official website provides the latest press releases including details on vehicle production, deliveries, and financial results for each quarter. You can access it here.
- SEC Filings for Tesla: For comprehensive regulatory filings, including annual and quarterly reports, you can refer to the SEC filings section on the Tesla Investor Relations site. This provides detailed financial statements and other mandatory disclosures that Tesla files with the Securities and Exchange Commission. You can view these filings here.
