Robotaxi in 2024, Cybertruck in 2023, Record profit

Monetary Outcomes

Tesla simply reported first-quarter outcomes for 2022 and beat analysts’ expectations on the highest and backside traces. Regardless of manufacturing facility shutdowns, inflationary pressures and semiconductor chip shortages, the automaker delivered 310,000 automobiles, up 81% YoY.

Income additionally rose 81% to $18.6 billion from $10.39 billion a yr in the past, due to greater common automobile costs and elevated car gross sales, the corporate stated.

For the interval ending March 31, 2022, Tesla reported $3.22 earnings per share. Since posting a report revenue, shares have risen as a lot as 6% in after-hours buying and selling.

Challenges This Quarter

In its letter to traders, Tesla stated supply-chain issues and raw-material costs prices have elevated “multiple-fold”.

“Our personal factories have been operating beneath capability for a number of quarters,” Tesla stated in its shareholder deck. The corporate didn’t give detailed steerage on deliveries going ahead, however stated it expects 50% annual progress on a multi-year foundation, and warned that offer chain constraints are more likely to proceed by way of 2022.”

Tesla stated {that a} spike in COVID-19 instances prompted a short lived shutdown of the Shanghai manufacturing facility and shortages within the firm’s provide chain.

“Though restricted manufacturing has just lately restarted, we proceed to watch the state of affairs intently,” the corporate stated.

The ramp-up within the newer Texas and Berlin gigafactories will even depend upon supply-chain obstacles, Tesla stated.

“Manufacturing facility ramps take time, and Gigafactory Austin and Gigafactory Berlin-Brandenburg shall be no totally different.”

The corporate additionally acknowledged it could launch its Full-Self Driving to all U.S. customers that opted for the $12,000 bundle “earlier than the top of this yr.”

Vitality

Tesla’s photo voltaic deployments dropped by 50% YoY to 48 MW this previous quarter. The corporate deployed 846 MWh of battery storage methods, up 90% YoY, however down from the earlier quarter. The corporate stated declines in photo voltaic deployments had been attributable to provide chain constraints on sure parts.

Insurance coverage

Tesla says they’re the 2nd largest insurer of Teslas within the state of Texas, and might be the most important by the top of subsequent quarter. Tesla is now a completely built-in supplier of insurance coverage within the states (list of states) the place they’ve launched their insurance coverage product.

Cybertruck and Robotaxi

On the earnings name, Elon confirmed Cybertruck manufacturing to start in 2023 and a vehicle built for autonomy, and not using a steering wheel or pedals to be produced in 2024 which might be “an enormous driver of Tesla’s progress.”

Elon additionally reiterated his stance on Tesla’s optimus robot, saying that it has extra potential alternative than the automobile enterprise over time.

When requested about uncooked supplies and scaling to excessive measurement, Elon acknowledged that Lithium mining is the limiting factor to manufacturing. He later stated that “Tesla will probably want to assist the business on this.”

When requested about the way forward for EV affordability, Elon acknowledged that the robotaxi will present the bottom price per mile of transport ever, a 5x-10x discount, making it accessible to everybody. Based mostly on their projections, it seems that a robo taxi will price lower than a sponsored bus/subway ticket.