![]() This should offset the problems with Gigafactory Shanghai, as the city of Shanghai went into a partial lockdown in recent days. Tesla production is expected to increase fast as the new gigafactories in Berlin and Austin ramp up production in the second quarter. Tesla’s results are no less impressive considering the market downturn, especially as other carmakers reported slowing production in the quarter due to supply chain issues. Tesla is still expected to report a record quarterly profit in the next earnings call on April, 20. Two days of missed production at Giga Shanghai due to Covid-19 restrictions were probably responsible for this difference. “ Outstanding work by Tesla team & key suppliers saved the day.”ĭespite being able to keep up a good delivery pace, Tesla failed to impress Wall Street, which expected Tesla to deliver around 317,000 vehicles in the first quarter. “ This was an *exceptionally* difficult quarter due to supply chain interruptions & China zero Covid policy,” wrote Elon Musk on Twitter. As Tesla’s CEO Elon Musk revealed, this result is still impressive considering the “exceptionally difficult” quarter. Tesla still managed to beat that result in Q1 2022 by around 2,000 vehicles. Deliveries were roughly flat from the final quarter of 2021, the best one for Tesla at the time. Price Action: Tesla shares closed 0.93% lower at $661.75 on Thursday.Tesla reported more than 310,000 vehicles delivered globally in the first quarter, which is about 68% more compared to the same period a year ago. Loup Ventures' Gene Munster too expressed a view that even if Tesla had missed street estimates on Q1 deliveries, it wouldn't be a cause for alarm. ![]() ![]() The views are in contrast with those of Wedbush analyst Daniel Ives, who dubbed the Q1 deliveries report as a "drop the mic" moment. “So, net-net, the mix in the quarter, on cars sold alone, looks set to negatively impact TSLA’s bottom-line by -$236.580mn, meaning, barring credit sales, they will likely lose money again in 1Q21,” as per Johnson.įinally, as per Johnson while Tesla’s growth potential has declined materially more competition from rivals such as Ford Motor Company (NYSE: F), Volkswagen AG (OTC: VWAGY), and General Motors Company (NYSE: GM) is expected this year. 5B Bitcoin Investment 'A Sign Of Desperation' From Elon Musk, Says Analyst Johnson said Tesla sold 211,300 more Model 3/Y cars in the period, which means $84.52 million more in profit. On Model S/X, Johnson worked out the margin to be approximately $20,000.Įxtrapolating these numbers, he pointed out that Tesla sold 16,900 fewer Model S/X cars in Q1 2021 compared with the preceding quarter, which means it had $321.1 million less in profit. He assumed an average margin on a Model 3/Y vehicle to be nearly $4,000. The analyst finally questioned the margins that Tesla enjoys on its various vehicles and how it affects the company’s bottom line. “This is not a company with a production problem this is a company with a DEMAND PROBLEM,” wrote Johnson. Johnson said that Tesla’s growth prospects in large car markets around the world have peaked out and there is “no more low-hanging fruit.” “More specifically, the ONLY quarter where TSLA had fully cut the prices for its cars in China and had full production in China was 4Q20, where the company sold 180.6K cars so, the ONLY thing that matters for TSLA in 1Q21, and going forward, in our view, is sequential growth,” wrote Johnson.Īs per the analyst, the growing volumes of 2% in Q1 on a quarter-over-quarter basis “is not a good thing.” Johnson highlighted the fact that the automaker was “barely” producing any cars in China in Q1 2020 and price cuts of approximately $8,500 for Model 3 Standard Range and $24,100 for Model Y Long Range had not yet been made. The GLJ analyst said Tesla has a growing demand problem.
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