Electric vehicle leader Tesla Inc TSLA reported first-quarter financial results after market close Wednesday. Here are the key highlights.
What Happened: Tesla reported revenue of $23.33 billion for the first quarter, up 24% year-over-year. The revenue total came in ahead of a Street estimate of $23.21 billion, according to data from Benzinga Pro.
Total automotive revenue was $19.96 billion in the first quarter, up 18% year-over-year.
The company reported earnings per share of 85 cents for the first quarter, in line with estimates from the Street.
The operating margin for the first quarter was 11.4%.
Energy storage was 3.9 GWh in the first quarter, up 360% year-over-year. Solar deployed was 67 MW, up 40% year-over-year, but down from the last quarter.
Tesla reported first-quarter vehicle production of 440,801 units, up 44% year-over-year. First-quarter deliveries totaled 442,875, up 36% year-over-year.
The company reported that the Tesla Model Y was the bestselling vehicle in Europe in the first quarter. In the United States, the Model Y was the bestselling vehicle, excluding pickup trucks.
The company ended the quarter with cash of $22.4 billion, which it said provides “sufficient liquidity to fund our project roadmap” and expansion plans.
Digital assets totaled $184 million on the company’s balance sheet, the same total reported in the fourth quarter, suggesting the same holdings of Bitcoin BTC/USD.
The company ended the quarter with 4,947 Supercharger locations and 45,169 supercharger connectors.
Related Link: Trading Strategies For Tesla Stock After Q1 Earnings
What’s Next: The company said the Shanghai factory has been running near full capacity for several months. Sales recently launched in Thailand, a market supplied with vehicles from the Shanghai factory. Early reception in the country has been positive, the company stated.
“We are planning to grow production as quickly as possible in alignment with the 50% CAGR target we began guiding to in early 2021. In some years we may grow faster and some we may grow slower, depending on a number of factors. For 2023, we expect to remain ahead of the long-term 50% CAGR with around 1.8 million cars for the year,” the company said.
Tesla said it is working on innovations to reduce costs and increase profits. Operating margins are expected to be among the highest in the industry.
“In the current macroeconomic environment, we see this year as a unique opportunity for Tesla. As many carmakers are working through challenges with the unit economics of their EV programs, we aim to leverage our position as a cost leader.”
The company said it has begun tooling on the Cybertruck.
“Product Cybertruck remains on track to begin production later this year at Gigafactory Texas.”
Beyond the Cybertruck, the company said it continues to “make progress on our next generation platform.”
“In this environment, we believe it makes sense to push forward to ensure we lay a proper foundation for the best possible future.”
TSLA Price Action: Tesla shares are down 4% to $174.48 in after-hours trading Wednesday, versus a 52-week trading range of $101.81 to $363.50.
Read Next: Here's How Many Vehicles Tesla Has Delivered And Produced In Each Quarter Since 2019
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