Tesla Global News #10

Tesla Q1 2024 earnings call set on April 23, 2024

Will this be a breaking point for TSLA owners?

Tesla has revealed that it will release its financial results for the first quarter of 2024 after markets close on Tuesday, April 23, 2024. The announcement of the earnings call date coincided with the release of Tesla's first-quarter vehicle production and delivery report.

Following the market closure on April 23, 2024, Tesla will publish its Q1 2024 Update Letter on its Investor Relations (IR) website. The earnings call, anticipated to include Tesla's leadership, is scheduled for 4:30 p.m. CT (5:30 p.m. ET) on the same day. During this call, Tesla's performance and future outlook will be discussed.

Tesla faced challenges in the first quarter of 2024, particularly concerning vehicle deliveries. Despite producing over 433,000 vehicles, the company delivered approximately 387,000 vehicles, falling notably short of both Street expectations and the optimism of TSLA enthusiasts. Consequently, analysts and retail investors are likely to pay close attention to Tesla's Q1 2024 earnings call to gain insights into the reasons behind the lower-than-expected vehicle deliveries.

The company attributed its subpar performance in Q1 2024 to several factors. Tesla cited the early phase of production ramp-up for the updated Model 3 at its Fremont Factory in California, as well as disruptions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin, as key contributors to the underwhelming delivery figures. Notably, the impact of these events primarily affected vehicle production.

Gary Black, a seasoned Wall Street figure from The Future Fund, LLC, estimated that Tesla's finished goods inventory at the end of Q1 2024 was equivalent to 29 days' worth of production, marking the highest level since the first quarter of 2019.