电新特斯拉2024年一季报业绩会交流纪要

Summary of Tesla Q1 2024 Earnings Call Company Overview - Company: Tesla - Date of Call: April 24, 2024 - Q1 2024 Revenue: $21.3 billion, down 9% year-over-year and down 15% quarter-over-quarter [1][2] - Gross Margin: 17.35%, a decrease of 2 percentage points year-over-year and 0.3 percentage points quarter-over-quarter [1] - Non-GAAP Net Income: $1.54 billion, down 48% year-over-year and down 38% quarter-over-quarter [1] - Free Cash Flow: -$2.5 billion [1] Automotive Segment - Revenue: $16.46 billion, down 13% year-over-year and down 20% quarter-over-quarter (excluding credits revenue of $440 million) [2] - Gross Margin: 18.5%, a decrease of 2.6 percentage points year-over-year and 0.7 percentage points quarter-over-quarter (excluding credits and leasing gross margin of 15.6%) [2] - Vehicle Deliveries: 387,000 units, down 9% year-over-year and down 20% quarter-over-quarter, primarily due to updates at the Fremont factory, geopolitical issues, and disruptions at the Berlin factory [2] - Production Capacity: Fremont factory expected to reach 6 million vehicles by the end of March; Texas factory also ramping up [2] Performance Expectations - Cost Factors: Price reductions, increased AI investments, and Cybertruck ramp-up affecting profitability [2] - FSD (Full Self-Driving): FSD12 has achieved 30 million miles driven; 300,000 vehicles expected to be deployed soon; HW3.0 hardware to be installed in 1.8 million vehicles [2][5] - New Products: Introduction of a new low-cost model (Model 2) with updates expected on August 8 [2] Energy Storage - Sales and Capacity: California Lathrop factory expected to reach 20 GWh by early 2024 and 40 GWh by the end of 2024 [2][8] Robotics and Battery Technology - Optimus Robot: Capable of performing simple factory tasks, with limited production activities expected by the end of 2024 [6] - 4680 Battery: Q1 production increased by 18-20%; current capacity at 7 GWh/year with plans to add more production lines to support Cybertruck [5][13] Market and Competitive Landscape - Global Electrification Pressure: Noted challenges in global electric vehicle adoption; plug-in hybrids becoming a viable option [3] - Competition: Acknowledgment of competition in China, with a focus on improving Tesla's own offerings rather than directly responding to competitors [9] Financial Strategy - Cost Management: Plans to improve personnel efficiency and reduce costs to offset price reductions [10] - Long-term Growth Confidence: Anticipation of higher sales in 2024 compared to 2023, despite lower growth rates expected [9] Regulatory and Legal Developments - FSD Approval: Positive trends in regulatory approvals for unsupervised FSD driving [6] Additional Insights - AI Leadership: Tesla's vehicles viewed as advanced robots with potential for extensive autonomous capabilities, likened to cloud services [12] - Supply Chain Management: Addressing supplier capacity issues and inflation impacts on production [14]