Tesla’s (NASDAQ:TSLA) Q4 and FY 2023 earnings call comes on the heels of the company’s fourth quarter and full year 2023 Update Letter. Similar to past quarters, Tesla remained profitable in Q4 despite factors like reductions in the company’s average selling price and the cost of the Cybertruck ramp. Still, Tesla posted revenues of $25.17 billion and an 8.2% operating margin in Q4 2023.
Tesla highlighted several details in its Q4 and FY 2024 Update Letter. For one, the company emphasized that the Model Y became the world’s best-selling car with 1.2 million units sold in 2023. Tesla Energy also had a breakthrough year, with energy generation and storage profits almost quadrupling in 2023.
The following are live updates from Tesla’s Q4 and FY 2023 earnings call. I will be updating this article in real time, so please keep refreshing the page to view the latest updates on this story. The first entry starts at the bottom of the page.
17:33 CDT – And that wraps up Tesla’s Q4 and FY 2023 earnings call! In a way, this earnings call was quite smooth. Elon Musk avoided outlandish predictions (he didn’t even predict that Tesla would achieve full autonomous driving this 2024!), and the company’s executives addressed every question in a professional and objective manner. Overall, I’m quite optimistic about Tesla this 2024.
Thank you once more for joining us for yet another live blog. Until the next big event!
Q4 & Full Year 2023 Shareholder Update → https://t.co/sXBSeLibSL
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Highlights
Our global production reached a record level in Q4, achieving a nearly 2 million annualized run rate.
At Giga Texas, we delivered the first Cybertrucks to customers, with production & deliveries… pic.twitter.com/hMXmY5CIxp— Tesla (@Tesla) January 24, 2024
17:32 CDT – Colin Langan from Wells Fargo asks if there are still some opportunity for Tesla to go below its current costs. The CFO noted that Tesla is continually looking for places where it can lower its costs. Taneja declined to provide details, but he noted that Tesla is definitely opportunity to reduce costs Musk joked that a 1% reduction on costs is roughly equal to $1 billion in savings.
“With good execution, it’s not a slam dunk, but if we execute very well, Tesla would be the most valuable company in the world,” Musk said.
17:22 CDT – Dan Levy asks what extent the Cybertruck is a proving ground for Tesla’s next-generation platform. Tesla executives noted that the Cybertruck is not really a proving ground for the next-gen platform, since Tesla is already far along in the development of its upcoming vehicles.
It should also be noted that the manufacturing machine that will be used for the next-gen car is unique, making it hard to copy.
Levy asks a follow-up question about Project Dojo. Musk notes that Tesla is pursuing a dual path with both NVIDIA and Dojo. He admits that Dojo is a long shot, however, since it is a higher-risk, high payoff program. He confirmed that Dojo is already working and doing training programs, and Dojo 1.5 and other iterations could be explored in the future.
17:20 CDT – Adam Jonas of Morgan Stanley asks if Tesla will hold an AI Day event this year. Musk noted that Tesla’s competitors have started copying Tesla’s innovations that are highlighted in these events, so he is quite cautious. He did note, however, that an event may be held sometime this year.
As a follow-up, Jonas asks about China-based OEMs expanding to the Western market. He asks if Tesla would consider collaborating with Chinese carmakers. Musk admitted that China-based OEMs are very impressive so they would likely see a lot of success outside China. “They’re extremely good,” Musk said. “If there are no trade barriers, they would dominate.”
He noted that there is no obvious opportunity to partner with a Chinese OEM, though Tesla is happy to help with the Supercharger Network and FSD licensing.
17:17 CDT – In a follow up question, Ferragu asked about what Tesla believes is its total addressable market with the company’s current portfolio. Musk stated that Tesla does not have a firm idea of this, though executives noted that in the automotive industry, EVs still comprise a very small portion.
Musk noted that cars like the Model Y are actually expensive vehicles, so it’s quite remarkable that the vehicle became the world’s best-selling car in 2023.
The $TSLA growth story continues… pic.twitter.com/VfwjUtInNx— James Stephenson (@ICannot_Enough) January 24, 2024
17:13 CDT – Analyst questions begin. Pierre Ferragu from New Street Research asks about Tesla’s cost reduction. He notes that the costs per car is going down over several quarters, which is good but quite normal industries like microelectronics. He asks if Tesla can continue its pace.
The CFO reiterated that he believes Tesla can maintain its pace even if it is a game of pennies. “We are constantly looking for what we can do to reduce costs,” Taneja said. He did advise that one should not project previous cost reductions.
17:07 CDT – A question about Cybertruck orders is asked. Tesla executives noted that Cybertruck’s constraint right now is production, not demand. There is also a good chance that the company could meet the Cybertruck’s existing orders this year.
Tesla executives also responded positively to the idea of including Tesla Energy in the company’s quarterly production and delivery reports. Tesla Energy should be included starting Q1 2024.
As for the preliminary results and return on investment of Tesla ads and education campaign, executives noted that the company is currently adopting strategies that focus on its cars’ safety, features, and technology. So far, these digital ads seem to be working as they are reaching people who are not really that familiar with electric cars.
Tesla is going to keep exploring digital campaign, though the company also does not want to overspend on digital campaign. That said, Musk noted that there is definitely some need to raise awareness among consumers, particularly in areas like Japan.
17:02 CDT – A question is asked about the timeline of Optimus’ production. Musk noted that Tesla’s experience with its vehicles would actually be useful since the company’s cars are already robots. He also noted that Optimus has the potential to far exceed the value of Tesla’s other products combined.
Musk noted that there’s a good chance some Optimus units could be shipped sometime next year. Considering Tesla’s history with its projects, however, it would not be surprising if it takes significantly more time before regular consumers can purchase a production Optimus robot.
“The team is dong amazing work,” Musk said. He also stated that Tesla is making sure Optimus is safe, especially at scale. He also noted that the barrier is getting Optimus to do something useful. “Gotta get the utility up,” Musk said.
Q4 & Full Year 2023 Earnings Call https://t.co/YxM7WA1LKe— Tesla (@Tesla) January 24, 2024
16:58 CDT – A question is asked about the construction of Giga Mexico and Giga Nevada. Tesla executives noted that Giga Nevada’s groundbreaking for its expansion already happened, and for Giga Mexico, Tesla has already started long lead work. But it is still taking it slowly.
When asked about other carmakers potentially licensing FSD, Musk noted that other automakers are probably still not believing that FSD could be real. But “some tentative conversations” are happening.
16:55 CDT – A question is asked if Tesla anticipates a 50% volume CAGR to be realized in either of 2024 or 2025. The CFO noted that there will be periods where Tesla won’t be growing at the same rate.
16:54 CDT – A question is asked about Tesla’s expectation for automotive gross margins in FY 2024. Taneja stated that Tesla is focused on reducing the costs of its vehicles in Q4. “This is a constant exercise and we just have chase down every penny possible,” the CFO said.
“If the interest rates comes down quickly, I think margins will be good,” Musk said.
16:53 CDT – A question is asked about Elon Musk’s concerns that he does not have 25% of voting rights on Tesla has been asked. Musk noted that he sees a path to making Tesla an AI juggernaut, though he also is wary of activists that infiltrate Tesla’s institutional shareholders.
16:51 CDT – A question about the barriers to ramping 4680 cells is asked. Musk clarified that battery production is a notably challenging endeavor. The Tesla executives noted that 4680 production is ahead of Cybertruck ramp, and more efforts are underway to ramp the batteries’ production even further.
“Definitely this year would be a good year for ramping 4680,” a Tesla executive said. Musk adds that Tesla’s 4680 project does not in any way affect the company’s battery supply deals.
Here's how Tesla's Free Cash Flow looks on a trailing 12-month basis over the past several years.
Q4 Operating Cash Flows were the highest in 15 months and a Top 3 quarter all-time. ? pic.twitter.com/AReROSDy7U— James Stephenson (@ICannot_Enough) January 24, 2024
16:49 CDT – Investor questions begin. Musk joked that he is often optimistic with time, but Tesla’s current schedule states that production of the next-generation platform should start around the end of 2025. There’s just a lot of new technology in the car, but it also includes a lot of new manufacturing innovations.
It would be a hard project, but once optimized, it would probably be a game-changer when it comes to volume vehicle production. Musk also noted that the vehicle would be produced at Giga Texas, since it would be easier for Tesla to have its engineers on hand for the project.
“We’re currently expecting to start production in late 2024. We will be sleeping on the production line. But I am confident that once it’s growing, it would be heads and shoulders above,” Musk said.
16:45 CDT – Tesla CFO Vaibhav Taneja takes the floor. Like Musk, he thanks Tesla’s team for their work in 2023. He notes that Tesla achieved record results in 2023 despite high interest rates.
Taneja also highlighted the idea that a lot of consumers are still not familiar with Tesla. Thus, it is pertinent for the company to educate as many customers as possible. The CFO also shared some optimism about Tesla Energy, whose growth should outpace the company’s automotive business this year.
“We are currently expecting our capital expenditure this 2024 to be in excess of $10 billion,” the CFO noted.
16:40 CDT – Musk states that Tesla is in the middle of its second growth wave. This wave, as per the Q4 and FY 2023 Update Letter, would likely be driven by the next-generation platform. Musk also noted that FSD V12 should be available to regular customers in the near future.
“Tesla is the most efficient company at AI inference. We’re quite far in regards to other companies in the world in terms of AI inference,” Musk said.
He also discusses the upgraded Tesla Model 3, a car that Musk noted would be great to test drive. He also noted that Tesla is far along in the development of its next-generation platform. Musk noted that the vehicle would start its production at Giga Texas, followed by other sites like Giga Mexico and other locations. “We’re very excited about [Tesla’s next vehicle.]” Musk said.
Summing up his remarks, Musk reiterated that he sees a path to Tesla becoming the world’s most valuable company.
16:35 CDT – Elon Musk starts his opening remarks. He states that the Tesla team did a stellar job in 2023, with the company hitting an annualized run rate of 2 million vehicles per year near the end of Q4. The Fremont Factory also produced 560,000 cars in 2023, making it the highest productivity car plant in the United States.
“It was there when we got it, and now it’s the most productive plant on this side of the world. It’s enriched the community in so many ways. It’s really a gem,” Musk said. “I’m super proud of the people that work there.”
He also noted that the Model Y became the world’s best selling car in the world with over 1.2 million units sold in 2023. FCF is notable as well.
16:34 CDT – Tesla VP of IR Martin Viecha opens the call. He introduces Elon Musk and other Tesla executives.
16:32 CDT – Ok, it’s past 16:30 CDT and the call hasn’t started yet. Elon Time?
16:25 CDT – The ambient music begins in Tesla’s stream for the Q4 and FY 2023 earnings call. Will it start on time, in three minutes? We shall see.
16:15 CDT – Hello, everyone, and welcome to our live blog of Tesla’s fourth-quarter and full-year 2023 earnings call. Tesla missed analyst estimates for a number of key metrics, and it shows in the after-market performance of TSLA shares. Despite this, it is difficult to deny that the electric vehicle maker had an impressive 2023, with the company meeting its vehicle delivery goal of 1.8 million vehicles and the Cybertruck finally starting its customer deliveries.
Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.
Investor's Corner
Tesla and SpaceX get latest synopsis from Wall Street legend Ron Baron
In a wide-ranging appearance on CNBC’s Squawk Box on May 12, legendary investor Ron Baron, founder, CEO, and portfolio manager of Baron Capital, reaffirmed his deep conviction in Elon Musk’s two flagship companies.
Legendary investor Ron Baron says he will continue buying stock of both Tesla and SpaceX, as he continues his support behind CEO Elon Musk, who he says is a special person and “brilliant.”
In a wide-ranging appearance on CNBC’s Squawk Box on May 12, legendary investor Ron Baron, founder, CEO, and portfolio manager of Baron Capital, reaffirmed his deep conviction in Elon Musk’s two flagship companies.
With assets under management approaching $55–56 billion, Baron detailed his firm’s substantial holdings, outlined plans for the anticipated SpaceX IPO, and painted an exceptionally optimistic picture for both Tesla (NASDAQ: TSLA) and SpaceX, framing them as generational opportunities that will reshape industries and deliver extraordinary long-term returns.
Baron Capital’s position in SpaceX has grown dramatically since the firm began investing around 2017. What started as roughly $1.7 billion has ballooned to more than $15 billion, making it the firm’s largest holding.
Tesla ranks second, valued at approximately $5 billion in the portfolio. Together with stakes in xAI and related Musk-led ventures, these investments account for roughly one-third of Baron Capital’s $60 billion in lifetime profits since 1992. Baron emphasized that the growth stems from Musk’s singular ability to execute ambitious visions—from reusable rockets to global satellite internet and beyond.
The centerpiece of the discussion was SpaceX’s expected initial public offering, targeted for mid-2026 following a confidential S-1 filing. Baron announced plans to purchase an additional $1 billion in shares at the IPO.
Ron Baron said today that he plans on buying an additional $1 billion of SpaceX stock during the upcoming IPO:
“At the IPO price, I’ve got an order for $1 billion. I want to buy more stock at the IPO. I don’t know if we’re going to get filled, but we’re going to try. I believe… pic.twitter.com/KOv1HvYcZ0
— Sawyer Merritt (@SawyerMerritt) May 12, 2026
He described the company’s trajectory in sweeping terms: “This is going to become the largest company on the planet.”
He highlighted Starlink’s expansion of high-speed internet to every corner of the globe, the revolutionary economics of reusable rockets, and Starship’s potential to enable massive space-based data centers and interplanetary infrastructure.
Baron sees SpaceX not merely as a rocket company but as a platform poised for exponential scaling once it goes public, with post-IPO appreciation potentially reaching 10- to 20- or even 30-times current levels over the next decade or more.
On Tesla, Baron struck an equally enthusiastic note, declaring that “now is Tesla’s moment.” He projected the stock could reach $2,000 to $2,500 per share within 10 years—implying a market capitalization near $8.3 trillion and roughly 5–6 times upside from recent levels. While Tesla remains a major holding, Baron’s optimism centers on its evolution beyond electric vehicles into an AI, robotics, autonomous-driving, and energy platform.
He pointed to robotaxis, Full Self-Driving (FSD) technology, Optimus humanoid robots, energy storage, and the vast real-world data advantage from Tesla’s global fleet as catalysts that will fundamentally alter the company’s revenue model and valuation multiples. Baron views these developments as transformative, shifting Tesla from a traditional automaker to a high-margin technology and infrastructure powerhouse.
Throughout the interview, Baron’s admiration for Musk was unmistakable. He has likened the entrepreneur to a modern Leonardo da Vinci for his artistic, multidisciplinary approach to solving humanity’s biggest challenges.
Baron’s personal commitment mirrors this confidence: he has repeatedly stated he does not expect to sell a single share of his own Tesla or SpaceX holdings in his lifetime, positioning himself as the “last one out” after his clients. This stance underscores a philosophy of patient, long-term ownership rather than short-term trading.
Baron’s comments arrive at a time of heightened anticipation around SpaceX’s public debut, which could rank among the largest IPOs in history and potentially value the company at $1.5–2 trillion or more at listing.
For investors, his message is clear: the Musk ecosystem—spanning electric vehicles, autonomy, robotics, satellite communications, and space exploration—represents one of the most compelling secular growth stories of the era. While short-term volatility in tech and EV stocks may persist, Baron sees these as buying opportunities for those who share his multi-decade horizon.
In summarizing his outlook, Baron reinforced that the combination of technological breakthroughs, massive addressable markets, and Musk’s leadership creates asymmetric upside that few other investments can match.
For Baron Capital’s clients and long-term Tesla and SpaceX shareholders alike, the investor’s latest CNBC remarks serve as both validation and a call to remain patient through the inevitable ups and downs. As Baron sees it, the best days for both companies—and the returns they can deliver—are still ahead.
Elon Musk
Trump’s invite for Elon just reshuffled Tesla’s big Signature Delivery Event
Tesla rescheduled its final Model S farewell to May 20 after Musk joined Trump in China.
Tesla has rescheduled its Model S and Model X Signature Edition delivery event to Wednesday, May 20, 2026, after abruptly calling off the original May 12 celebration. The event will take place at Tesla’s factory at 45500 Fremont Boulevard in Fremont, California, the same location where the Model S first rolled off the line in 2012. Invitees received a follow-up email asking them to reconfirm attendance and download a new QR code ticket, with Tesla noting that all travel and accommodation expenses remain the buyer’s responsibility.
The reason behind the original cancellation came into focus the same day it was announced. President Trump invited Elon Musk, Apple’s Tim Cook, BlackRock’s Larry Fink, Boeing’s Kelly Ortberg, and executives from Goldman Sachs, Blackstone, Citigroup, and Meta to join his trip to China this week for a summit with President Xi Jinping. The agenda covers trade, artificial intelligence, export controls, Taiwan, and the Iran war, following weeks of escalating friction between Washington and Beijing over AI technology, sanctions, and rare earth exports. Trump wrote on Truth Social, “I am very much looking forward to my trip to China, an amazing Country, with a Leader, President Xi, respected by all.”
Tesla launches 200mph Model S “Gold” Signature in invite-only purchase
The vehicles at the center of all this are the last Model S and Model X units Tesla will ever build. Priced at $159,420 each, the 250 Model S and 100 Model X Signature Edition units come finished in Garnet Red with a one-year no-resale agreement, giving Tesla right of first refusal if the owner decides to sell. As Teslarati reported, the Model S defined Tesla’s early identity as a serious luxury automaker, and the Fremont factory line that built it is now being converted to manufacture Optimus humanoid robots.
Musk’s inclusion in the China delegation drew attention given his very public relationship with Trump, and the invitation signals the two have moved past and past grievances. Trump originally brought Musk on to lead the Department of Government Efficiency following his inauguration, and despite a sharp public dispute in mid-2025, the two have appeared together repeatedly in recent months. A seat on the China trip, the most diplomatically consequential visit of Trump’s current term, puts Musk back at the table on U.S. economic policy at a moment when Tesla’s China revenue remains one of the company’s most important financial pillars.
Investor's Corner
Tesla Optimus is already benefiting investors, top Wall Street firm says
Piper Sandler has updated its detailed valuation model for Tesla (NASDAQ: TSLA), concluding that at recent share prices around $400–$420, investors are essentially acquiring the company’s ambitious Optimus humanoid robot project at no extra cost.
Tesla Optimus is already benefiting investors from a fiscal standpoint, at least that is what Alexander Potter at Piper Sandler, a top Wall Street firm covering the company, says.
Piper Sandler has updated its detailed valuation model for Tesla (NASDAQ: TSLA), concluding that at recent share prices around $400–$420, investors are essentially acquiring the company’s ambitious Optimus humanoid robot project at no extra cost.
Analyst Alexander Potter, in the firm’s latest “Definitive Guide to Investing in Tesla,” built a comprehensive framework covering 17 separate product lines.
This granular approach values Tesla’s core businesses—including electric vehicles, energy storage, Full Self-Driving (FSD) software, in-house insurance, Supercharging network, and a standalone robotaxi operation—at approximately $400 per share, without assigning any value to Optimus or related inference-as-a-service opportunities.
“At $400/share, we think investors can buy Optimus for ‘free,’” Potter stated in the note. Piper Sandler maintained its Overweight rating on Tesla shares and a $500 price target, which implicitly attributes roughly $100 per share to the robot-related businesses— a figure the analyst views as potentially conservative.
The updated model incorporates elements often overlooked by other sell-side analysts, such as detailed forecasts for Tesla’s insurance operations, Supercharger revenue, and a distinct valuation for the robotaxi business separate from FSD software licensing. It also accounts for Tesla’s 2025 CEO compensation plan for the first time.
Potter acknowledged that his estimates for 2026 and 2027 fall below Wall Street consensus, citing factors like declining deliveries from certain discontinued models and reduced regulatory credit income.
However, he expressed limited concern, noting that traditional vehicle delivery metrics are expected to matter less over time as FSD subscriber growth and robotaxi deployment metrics gain prominence. On Optimus specifically, Potter suggested the humanoid robot program, combined with inference services, “arguably will be worth more than Tesla’s other businesses combined,” though the firm has not yet produced formal long-term forecasts for these segments.
Tesla shares have traded near the $400 range in recent sessions, reflecting ongoing investor focus on the company’s autonomous driving progress and expansion into robotics and AI. The Optimus project remains in early development stages, with Tesla aiming to deploy the robots initially for internal factory tasks before broader commercial applications.
This Piper Sandler analysis highlights the growing emphasis among some investors and analysts on Tesla’s long-term technology platform potential beyond its current automotive and energy businesses.
As with any forward-looking valuation, outcomes will depend on execution timelines, technological breakthroughs, regulatory approvals for autonomous systems, and market adoption of humanoid robotics—areas that carry significant uncertainty and execution risk.
The note underscores a common theme in Tesla coverage: differing views on how to quantify emerging high-growth opportunities like robotics within the company’s overall enterprise value. Investors are advised to consider their own risk tolerance and conduct thorough due diligence regarding these speculative elements.
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