Tesla Q1 2024 Earnings CRUSH! Cybercab coming soon 👀🤖🚖
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- Опубликовано: 22 апр 2024
- Tesla Q1 2024 earnings are hot off the press! Tesla crushes it with a surprise $1B+ GAAP profit, strong guidance and and absolutely legendary conference call. Tesla is going all in on FSD with the new V12 rewrite, and its Robotaxi event on 8/8, where it looks like the 'Cybercab' will be unveiled. Elon Musk shocked Tesla fans and shareholders on the earnings call when he said the new cheaper vehicle would be ready for production as soon as late 2024 or early 2025. What are your thoughts on the quarter!? I was so stoked I bought $2,000 worth of Tesla stock today!! Also a little bit of a sad call at the end with head of IR Martin Viecha leaving the company.
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Tesla IR (shareholder letter): ir.tesla.com/#quarterly-discl...
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Disclaimer: I'm long Tesla stock. 
Развлечения
Here are my notes from the Q1` 2024 conference call!! They might be wrong, but wanted to share them anyway! I type them super fast as the call is going along :)
Tesla Q1 2024 Earnings Call Notes
Elon Musk opening remarks
-several unforeseen challenges in addition to new Model 3 ramp
-lots of car companies pulling back on EVs
-energy storage (megapack) reached an all time high, and record profits for the energy business, and poised to increase in quarters & years ahead, significantly faster than car business
-AI training capacity more than doubling sequentially
-new product roadmap …
-updated vehicle lineup to accelerate launch of new vehicles
-earlier in 2025, if not “late this year”
-same manufacturing lines as current vehicle lineup
-no new factory or crazy new production line
-same production lines much more efficiently
-capacity will go to 3M vehicles/year at the full extent
-FSD v12, pure AI based self-driving
-everyone should experience it
-rate of improvement is rapid
-pushed out to 1.8M vehicles , 50% trying FSD
-300M miles with FSD v12
-dropping price to $99/month
-purpose built robotaxi/cybercab in the works
-installed 35,000 H100 computers
-super excited about autonomy roadmap, only a matter of time before exceeding reliability of humans, not much time at that
CFO remarks
-excluding Cybertruck,fremont model 3 ramp, and autopark?, margins up slightly
-normalized model y production in berlin & austin almost at fremont levels
-increasing appetite for EV credits as OEMs pullback from electric
-$299 / month lease for Model 3
-energy margins hit record 24.6%
-75% growth in energy storage deployments in 2024 vs 2023
-lumpy business, deployments will fluctuate
-operating expenses going up sequentially with AI, future projects + marketing
-negative free cash flow of $2.5B, due increase in inventory and heavy capex spend (compute and AI)
-free cash flow will go positive again
-10% layoffs add $1B efficiency on an annual basis
Q &A
-4680 / reaching 1K/week for cybertruck
-staying ahead of cybertruck ramp
-COGS dropping rapidly with the ramp
-Optimus status? When factory tasks & mass production?
-factory tasks being done in the lab
-we think optimus in limited production in the factory doing useful tasks before the end of this year
-we may be able to sell it externally by the end of next eyar
-optimus more valuable than anything else combined
-no limit to size of the economy
-point worth emphasizing, tesla’s AI inference efficiency is vastly better than any other company, no other company is close, had to do ti because of inference hardware limits on car, will pay dividends in many ways
-FSD / safety / regulator approvals??
-handful of states with autonomous vehicles laws, paving the way
-no regulatory barriers if data shows safety, because of lots of lives of stake
-going to be like elevators, used to have an operator, now we get in and just press a button - that’ll be how cars work, summon car with phone, you get in, get to destination and get out, don’t even think about it, like an elevator
-Tesla will be operating the fleet, like a combination of Airbnb & uber
-combo of tesla owned & operated vehicles, handful of cars owned by the end user, can be added or subtracted from fleet whenever, can make it so only friend and family use it, only 5 start riders … etc
-potential for AWS element down the road, if we have very powerful inference, hardware 4 on all cars now, hardware 5 is pretty much designed, in cars towards end of next year
-100 hours a week cars idling where compute is doing nothing and could be used
-10Ms of cars by the end of the decade, several 10Ms of cars
-Cybertruck ramp?
-hit 1K/week couple weeks, only 4-5 months since SOP
-costs are dropping, lots of challenges with new technologies, will rmap this eyar with focus on cost and quality
-legacy automakers contacted tesla licensing FSD?
-in conversations with 1 major automaker in licensing FSD
-optmiizing semi for high volume, low cost of production
-trialing fleet with Pepsi
-started construction in Reno, first vehicles in 2025, customer deliveries in 2026
ANALYST Q &A
Sacconaghi, Bernstein
-new car? Tweaks of exisiting models? New models? Running on existing lines, how do we compare it to the model 3 highland update
-Elon focus on Tesla
-Elon working on Tesla most of work time, going to be very prosperous in the future, very rarley take a sunday afternoon off
Adam Jonas
-on volume, expecting growth rate much lower this year, but what about 0%?
-Elon thinks we’ll have higher sales this year than next year
-how long does it take best chinese competitors to copy 300 mile range $25K EV?
-idk what they could do. Except we’ve done better than they have
-should be though of as AI and robotics company
-f you don’t believe tesla will solve autonomy you should not be an investor in the company
-but we are and we will
-use of car going from 10 hours a week to 50, overnight
-putting the auto in automobile
“Tell us about future horse carriages your making” is mising the whole point
Alex Potter, Piper Sandler
-25% control??
-Elon: no matter what, even if i get kidnapped by aliens tomorrow, we’ll solve autonomy, not sure about optimus or future products … their’s momentum for tesla to solve autonomy even if i disappeared
-more reticent with respect to optimus
-terminator level risk, robot following you into rooms, want control over how that is deployed
-can buyback shares if company generates insane positive cashflow
-more details on headcount loss??
-long period of prosperity for 2019 to 2024, need to reorganize the company for the next phase of growth
Mark Delany, Goldman Sachs
-elaborate on licensing opportunity? And talk about how it has progressed?
-no tough work, just cameras, not hard on manufacturing, just same cameras and computer and licensing out software
-it will become obvious that once you dont have this in your car nobody wants your car
-smart car
-license it or nobody will buy your car
-OEMs take a super long time in product lifecycle, takes a while
-a deal signed now, would be it being in a car in 3 years, thats an eager OEM
-good chance we sign a deal this year, maybe more than 1
-Tesla approach to pricing? Still see meanifngul price reductions making sense? Can you lower prices and stay casfhlow positive?
-yeah can be free cash flow positive meaningfully
-were trying to give price cuts to customers with manufacturing savings
-FSD in new markets/???
-end to end neural net works just like a human, will work with almost no modification in any market
-will release it as supervised autonomy system which will be any market we can get regualtlory approval for that, which we think includes china
-impossible to understand the company without trying v12, everyone needs to try it
-martin veicha leaving the company
Good summary, Bro, thanks 👌
Apart from Tesla what would be the best 5 etfs for a beginner
In no order: 1) VOO 2) QQQM 3) SCHG/VUG 4) VTI 5) SCHD/DGRO. Personally I put down 2.3m$ on few ETFs, still diversifying. it was this time last year I made my first million with a liquid 200k.handed it to a trader here in CA, I get weekly pay out which I put back on long term ETF's. Google will be a huge buy for me when the market bottoms.
Good picks, Smart strategy for beginners, Please share this Expert with me.
She is Katherine Elizabeth Humphreys look her up online
I've known Kath since my early days as an investor. She trades for me and advised me to diversify dividends to 50% FXAIX, 25% SCHD, and 25% QQQM, which has been great. I highly recommend her.
Katherine !! I know her from my early days as an investor. She's brilliant and patient. Many of my colleagues have worked with her, and I highly recommend her.
"This is better than any show on Netflix"
Smoking crack will cloud your judgement. Tesla will hit $106 soon.
Wow $106B in revenue would be great. I hope your right.
@@ecospider5 per share...
I vote for Gali to head Tesla IR!!! You're the best man, keep on doing what you do!
This is such a great video, I wish I could like it twice!
1000% CONCUR!!
Rob M for Tesla IR!
That would be dope
Only if he vows to stop drinking stuff in videos! 😅
Hey, I’m 72 and I’ve got a 3 and I use the selfdriving on the hwy all the time.
You're awesome sir
Me too!
Yes being comfortable with technology is more about having a flexible attitude on how to do things than it does about age.
Hey good for you grandpa!
I hope I’m as open minded at your age someday (and lucky enough to make it that far!)
Bravo for crossing the tech gap that many resist!
Love having you back, Gali!
Yes, it's a joy AND that TSLA is on an imminent bounce
Lfg crew! Woooo! 🙌🏼
They need to do a better job advertising how cheap the model y is with the federal tax REBATE. It’s 30k that’s insane. That shit is crazy.
Yaaaaaa that might make it BEST SELLER
6:45 "Unboxed" is the manufacturing process they announced last year on investor day that they believe will reduce costs by up to 50%.
Source for the number? I don't remember it being that high.
@ParaSpite
Page 47 of the 2023 investor day presentation document on Tesla’s investor relations website
@@ParaSpite It was that high. The source is the investor day presentation 2023 I believe.
I think it was more like 50% space savings not money savings
@@joebuslife9275
See now that sounds more reasonable.
Can't wait for eight eight!
Love your excitement Gali
💯 So good to have Ole Gali back! 🎉
You're energy is awesome. So glad to be on the Tesla ride with ya Tesla fam.
Changing the world incrementally and then all at once. Here ... We... Go...!😊
By th way every body welcome to da pppaaaaaarrrrrdyy # occupy Mars
Pay Elon gdit
15:17 ross GOOBer 😂😂😂 tell em how you really feel lmfao
I like Ross Gerber. One of the few Tesla bulls who is not also a Musk cultist.
😂 Bro is his own cultist @@michelangelobuonarroti916
@@michelangelobuonarroti916 yes, if he didn't speak on his proposals, maybe one might think that way. The problem is he spoke up, and all we heard was absurd ideas.
I still remember the days Ross and Gali schemed together too. What a fall from grace Ross had.
@@michelangelobuonarroti916 He’s delusional in the opposite way, acts like a child hahaha
Diamond hands
Not selling before year 2030 💰🤑👍
GREAT to have you back Gali, MISSED your energy man !!!! Too much FUD out there !!
Stoked. Things are just fine!
Classic Gali that got me into TSLA mid 2019 killing it again approaching mid 2024
………..taking no prisoners
"ross goober" 😂🤣
I literally read this at the moment Galli said it, and that made it infinitely more priceless
I love what Elon said which is the same thing I told my brother when he was comparing Teslas P/E ratio to Ford and GM and other automakers. If you believe that Tesla is an automobile company like those others and you don't believe in FSD, Ai and robotaxis you need to be investing in something else. I do believe exactly as Elon said before. Tesla WILL BE the most valuable company in the world. No doubt in my mind.
Sick
Bro, we need you more than ever now. Keep up the good work!
Wow. Gali, that was fantastic.
Not advice, but very cheerful and accurate assessment of continuing success. Thank you.
Great video
The cybercab mention probably means the taxi will be stainless steel exterior.
I would agree
1/16th truck
Great summary, so exciting 🎉
8:56 I think the lull in EV adoption and sales has to do with external factors. Interest rates, inflation, unemployment etc. causing people to pause large purchases. I believe this is temporary and will pass when the fed becomes more dovish.
Also gas has been pretty cheap in real terms. With inflation I think we’ll be seeing $6.00 gas in many parts of the country soon.
Yes when interest rates come down sales will definitely go up
Awesome news
2017 Gali mode unlocked [x]
Love it !
During the TSLA bull run, Gali was in a studio with stainless steal walls and neon signs, now at $160 a share Gali is back to drywall.
great summary
About time, Gali! Ready to hear your thoughts.
Thanks for the analysis Gali, your energy and enthusiasm is always awesome to see.
On our mostly FSD drive home today we saw two Pepsi Semis and 3 white Semis. And one pulling a walmart trailer the other day.
Cali?
@@Mrbfgrayyes, and Nevada.
@@DavidGetchel Tesla is running them daily between Sparks plant and Fremont on I-80. Pretty sure that's the white ones you saw.
@@Mrbfgray Oh yeah, I know! Live close to Giga Nevada. See them regularly, just not that many in 1 day. Weird thing was two of theirs weren't hauling trailers.
I hope the shorts lose their shirts….
Haha my mom is 60 as well and actually bought the FSD package a year and change ago, uses it religiously
Well done!! ❤
Gali, please make a video on how to vote on the new compensation package, I skimmed through the documents from brokerage and there is nothing at all.
OG vibes with this vid, LFG!
Cybercab and Cybercar coming soon
Looking forward to it
Laughing out loud at trying to test FSD with the moms - great stuff and so relatable, trying to explain Tesla appeal to boomers is difficult
I'm 73 and I love Tesla!! I bought a model 3 with FSD in 2019. Version 12 kicks ass! With the increased compute and increased videos I now feel confident that Tesla will achieve fsd, unsupervised!
You are back Galy, god to see!
Have a great spring!
I agree, Zach was best CFO.....Freudian slip @ 15:15 "Ross Goober"
Intentional slip lol
Even to this day Ross Gerber will not shut up and ruins the experience. 🤣
He is arrogant moron inc. his sidekick Meet Karen
Lost Gerbil is a nincompoop.
@@ericogden4589 Lost Gerbil 🤣That made me laugh harder than it should've.
@@ericogden4589
Nice play on Birds (😉)
Cybertruck is the expensive toy test bed for technology: 48V, stainless, unboxed, etc. The disposable income types are financing the next generation low cost mass production.
It make sense to then use them in the robotaxi, but it's still a massive ambitious goal in manufacturing and with FSD. Shoot for the stars at worst you land on the moon.
Ross never shuts up 😑
you know things are bad when people start comparing things to 10 years ago.
plenty to be excited about.
no need to stretch things like that.
FSD is super close. that’s the key message.
whether they will have competition there is the key question.
I hope Tesla is buying as many batteries as they can…
I wish they would buy less and produce more of their own
@@krasserTerror Maybe both? ... batteries have long been the limiting factor. And between cars and megapacks, there is basically unlimited need for the foreseeable future.
Gali, should Tesla buy lyft to make the cyber cab 🚖 transition smoother?
Elon slammed Tony Sacconaghi
Yes. Elon is a free speech "absolutist" unless it's the speech of someone he doesn't like.
FSD Optimus will be a massive cash call❤
what happened t the fancy wood studio set?
WhoHoo…MHK
“Lil Apple”…peace
❤ CYBER CAB
Been buying since 2014, and still buying. We NEED ELON on the ship. My life savings IS Tesla.
I think what ppl are missing is that Uber is not a $150B business, it’s 20x of that if you exclude human factor, meaning no salaries nd working hours do increase at least 2,5x)))
Erratum 19:26 better sales this year than LAST year (not next year). For your notes.
Anything about when EU will get FSD?
I don't get the market sometimes, these weren't good results but yet the stock is up?
The market looks forward more than back. They said FSD is reasonably guaranteed, they will be making their cheaper vehicles sooner. They will produce more cars this year than previously stated.
Those were all new things.
Thanks for the info Gali
Ross Gerber wouldn't shut up in 2019.
Seems to be the only constant in our universe.
What a guy. 🤦♂️
Gali, in terms of demand for EV, do you think there's a real market in countries that do not offer incentives /subsidies? I live in Australia and the EV penetration here will not match the US/China/Norway etc as there aren't equivalent subsidies and availability of charging infrastructure is poor too. Both are largely outside of Tesla's control unless Tesla intends to invest heavily in growing the charging infrastructure here.
Goober 🤣
Katy Perry has a cybertruck
Something tells me "cybercab" will be just Tesla car-sharing service
👍👍
Gali.
Think of Unboxed like an Ikea Kitchen.
.
Build the individual units.
Bolt the units together.
.
The only difference is Tesla *wrote the instructions* !!
Always love your thoughts and schemings
Glad I kept buying these days
Love these Tesla rants, reminds me of the 2019 days! Let's gooooo!
Gali - talk to Sandy about the unboxed manufacturing strategy - Tesla themselves covered it at battery day the other year - but basically working out how to bring the car together in the most efficient way so that people / robots can work on the same parts in a smaller footprint.
Miss this version of Gali !!!
Remember I was like highschool when y'all talked about FSD. I have a job and a baby now.
😂😂😂😂 and they’re still talking about it! Bunch is duffuses.
Be specific, you can do all that in like a year 😂
You’re English needs work.
@@megashadow1390 job post graduation
😅
👏🏻👏🏻👏🏻👏🏻✌🏻
One of the best calls in awhile
I feel like you're about to bust a flow any minute.
Classic Gali 🤣
I truly believe and hoep you 'll be hippopping your Tesla analysis in your coming videos.
9:06 Gali, did you post your notes? I don't see them in the comments or description.
They could sell all the Cybertrucks and Semi's they can make if they could ramp that up.
Tesla is kicking ass. The manufacturing lead is stunning but nothing compared to the lead in autonomous driving. No other company will be able to catch up. They will eventually license their system to other OEMs, and own that element of the industry.
they have no lead in autonomous driving. waymo already operates robotaxis. Tesla's junk drives like a drunk toddler.
I wonder if Elon realized being genius and all that it is virtually impossible to eliminate the option of Teslabots being used in the military field.
So I bet he wants 25 percent because he just wants the bot to be the best Terminator out there.
His only concern is that it does not go rogue .
If he's not there yet he'll be soon enough. Those military guys can be very persuasive
Is the 4680 dead?
Is that all you've got?
.
(Listen to what was said)
this is what you do best gali, you could do it weekly :)
Would have loved to see the video of you and your Mom with her using the FSD.
will try and record the next trial
Half-ass? I’d call it a hybrid interim approach that allows for more efficiency sooner.
With all this news about robotaxis and it looking like they're closer to reality than ever, why do you think Tesla decides to drop the price on FSD?
I think the potential fsd customer companies are Japanese.
Tesla will not license it to to fossil vehicles... No effing away
You sir are correct
Rhymes with Boyota
@LIamaLlama554 don't beee suspicious 🎶
This earnings report is nuts. They miss top and bottom, and the stock gaps up. Lol.
CyberCab will be stainless?
LMAOOO i knooow i was ready for the dump😂
And then they crush earnings and the stock plummets!
Wait til tomorrow.
Earnings miss was already priced in. The stock fell 20% over the last month. Where have you been?
Yup, but the 13% spike was a surprise. Didn’t see that coming.
It’s amazing that optimism is moving the stock even though earnings are down for Tesla Q1 2024. Tesla net income is 55% down YoY. Unfortunately this isn’t good news. Just keeping it real.
Elon and Tesla plan long-term and strategically. The other automakers only market from quarter to quarter. Adding cup holders to a car does not equal adding compute cycles to AI, FSD, and Optimus! No comparison! Elon is selling innovation!
200m was production flow, 90% decrease stop fundeling gap
Tesla to CHOAM
You forgot to mention the Model 3 Performance release. Big news that it is eligible for the $7,500 US Federal tax rebate. I alerted a few friends about this and warned them that they need to put their order in now because it’s going to be super popular. Since the other Model 3 trims are not eligible for the rebate, the performance trim is just an insane deal. You can add on the $2,000 red color and still be under the $55k price limit. So many more levers they can pull outside of lower prices to get demand up on the Model Y. I for one will trade in my 2018 Model 3 if they offer quicksilver (already seen at Austin factory) and do the small inside changes that they’ve done in China. Another lever I have heard that they are thinking aobut is to offer 1% financing - easy to do with all the cash on hand. Another lever could be to announce that the $8k FSD purchase will stay on your account and maybe you can add other cars on the same account for a fraction of that cost. People will pre-purchase it if they know it’s a good investment vs. lost if the car is sold or totaled. I’m sure you can think of more levers to increase demand or revenue.
Message Ross about his comp package NO.
War time Gali is back
Never been more bullish time for Tesla.
Been a bit, wheres the hat?
Any reason why they don’t just start using the inference compute in the cars now? Allow people to rent out their compute and get a share of the profits?
because its another Elon lie.
you talk so fast, so i cant even speed up the video to shrink its playback time lol its already at 200%