Tesla’s (NASDAQ:TSLA) Q1 2024 earnings call comes on the heels of the company’s Q1 2024 Update Letter, which was released after the closing bell on Wednesday, April 23, 2024.
Tesla posted total revenues of $21.3 billion, with automotive revenues at $17.3 billion for the first quarter of 2024. The company also posted non-GAAP earnings per share of $0.45 and GAAP EPS of $0.34 for Q1 2024. Tesla also posted $1.2 billion GAAP operating income in Q1, $1.1 billion GAAP net income in Q1, and $1.5 billion non-GAAP net income in Q1.
The following are live updates from Tesla’s Q1 2024 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.
Q1 Earnings Call starting in ~10 mins https://t.co/NSPNDuqW5D— Tesla (@Tesla) April 23, 2024
17:35 CDT – Martin Viecha announces that he is also leaving the company after seven years in the company. He thanks the company and his peers in the Tesla executive team for the experience. Elon Musk also personally thanks Viecha for his contributions to the company.
17:31 CDT – Wolfe Research also asked about Tesla’s 4680 cells. Musk clarified that Tesla is now seeing a lot of competitive prices from its battery suppliers due to excess capacity. This was due to battery orders from other automakers declining dramatically. “There’s gonna be a boom and bust in battery supply,” Musk noted.
17:25 CDT – Collin Rusch from Oppenheimer asked about Tesla’s Robotaxi, as well as what is happening to the vehicle now. Tesla executives noted that while developing AI, the main question is what should Tesla do with “usable compute. The company’s vehicles are loaded with hardware designed for autonomous driving, so it only makes sense to use the vehicles for useful tasks.
Rusch’s follow-up question was focused on the 4680 ramp and how close Tesla is to its targets. Musk noted that it’s not super important in the near term, though the company estimates 4680 production will exceed the capacity of suppliers by the end of the year. The 4680 ramp is related to Cybertruck right now, as noted by Lars Moravy.
17:20 CDT – George Gianarikas from Canaccord asked about asked about FSD’s upcoming launch in China. “There are a bunch of markets we are not selling new cars and we are looking into accelerating that,” Musk said. He also noted that FSD works pretty well even without modification, so FSD’s rollout will likely be dependent on regulators. There are some subtleties that need to be worked on, of course, such as country-specific training for FSD.
The analyst asked a follow-up question about Q1 deliveries being impacted by supply constraints. Tesla executives noted that many factors affect deliveries, such as seasonality and macroeconomic pressure. Musk noted that he thinks Tesla’s Q2 will be better. He also admitted that Tesla’s vehicle purchasing process has become overcomplicated. Tesla will aim to optimize its buying process for it would be possible to “buying a car in under a minute.”
17:15 CDT – Mark Delaney from Goldman Sachs asked about FSD licensing and how far the potential business has progressed. Musk noted that Tesla just has to prove that its FSD solution is the right approach. Low cost, simple, and it just works. “It just needs to be obvious that our approach is the right approach,” Musk said.
The Tesla CFO also clarified that OEMs take a long time, so a deal that’s signed for FSD licensing today will probably show up in cars three years from now, and that’s if the OEM is eager. Other automakers simply take a lot of time to put certain advancements into their vehicles.
Delaney asked a follow-up about Tesla’s pricing. Musk noted that Tesla could be free cash flow positive meaningfully. Other executives also noted that Tesla is offsetting its prices by reducing costs.
17:10 CDT – Alex Potter from Piper Sandler noted that he agrees with Tesla’s focus on AI. He asked about Elon Musk’s desire to control 25% of Tesla, and if he has come up with a way to achieve that much voting control. Musk noted that no matter what, Tesla will solve autonomy. “Even if aliens kidnap me tomorrow, Tesla will solve autonomy,” Musk said, albeit a little slower. Elon Musk is more reticent with respect to Optimus, however. He feels that he needs to be able to make important decisions about a humanoid robot. Musk also mentioned that Tesla may buy back shares down the line.
The analyst asked a follow-up question, this time about Tesla’s recent workforce reductions. The CFO reiterated the company’s previous points that Tesla needs to be optimized for its next phase of growth. “Any tree that grows, it needs pruning. This is the pruning,” the executive said. “The future is really bright. We just need to get through this period to get there,” he said.
“We’re not giving up anything that is significant that I’m aware of,” Musk said. He also noted noted that Tesla had a long period of prosperity from 2019. “It is time to reorganize the company for the next phase of growth.”
17:05 CDT – Adam Jonas from Morgan Stanley asked about Telsa’s volume growth in 2024. Elon Musk noted that he believes Tesla will have higher sales this year compared to last year. The analyst asked a follow-up question about Chinese competitors, which could copy Tesla’s vehicles. Musk noted that he does not know what Tesla’s competitors can do, though he noted that Tesla is staying afloat in China. “I don’t know what our Chinese competitors can do,” he said.
Musk also reiterated a comment from ARK Invest, which argued that Tesla must not be valued as an AI company. “Cathie Wood said it best. Tesla is an AI company.” Musk also noted that those who value Tesla only as an automaker will not understand the company well. “We’re putting the ‘auto’ in automobile,” Musk said.
17:01 CDT – Analyst questions begin. First up is Tony Sacconaghi from Bernstein, who asked about Tesla’s product pipeline. Musk refused to answer. The analyst asked Musk if he intends to take a step back from Tesla considering his involvement with numerous companies. “Tesla constitutes the majority of my work time,” Musk said. “I’m gonna make sure that Tesla is very prosperous.”
17:00 CDT – A question is asked about Tesla’s affordable car. Lars Moravy reiterated Elon Musk’s previous comments. He notes that Tesla is updating its future lineup launches to get cheaper EVs to customers faster.
A question was asked about the Cybertruck ramp. Execs noted that while Cybertruck production has reached 1,000 per week, challenges remain. Elon Musk also confirmed that Tesla is in discussion with one automaker for FSD licensing. “We’re in conversation with one automaker,” Musk said.
When asked about the scaling of the Tesla Semi, executives noted that the vehicle’s facility in Reno, Nevada has started its construction. Tesla also expects Megapack run rate to hit 20 GWh to 40 GWh per year.
16:48 CDT – A question about FSD’s regulatory path is asked. Tesla notes that there are already a handful of states that are embracing autonomous vehicles. Musk noted that regulatory approvals should follow after it becomes undeniable that FSD is significantly safer than a human-driven car. For now, however, Musk noted that it is critical to provide conclusive data that autonomous cars are significantly safer than a human-driven car.
Musk also noted that “Tesla will be operating the fleet,” seemingly referring to the company’s Robotaxi network. He reiterates that the Tesla Robotaxi fleet will work like a combo of AirBnB and Uber.
Musk also noted that Tesla’s Hardware 5 should be in the company’s cars about the end of 2025. “Hardware 5 is pretty much designed and should be in cars by the end of next year,” he said.
Elon Musk and other Tesla executives notes that the company has models that provide insights on how FSD will perform in later iterations. Those models are not released to the public. Tesla execs also noted that the company is more focused on autonomy. The Target is 5-7 million cars with autonomy.
16:44 CDT – Tesla investor questions begin. The first question is about 4680 production. Tesla noted that 4680 production increased 18-20% compared to Q4 2023.
Another question was asked about Optimus and if the robot is being used in current operations. Musk noted that Optimus is able to perform simple tasks, and Tesla will attempt to do an initial production for Optimus for internal use this year.
“We are able to do simple factory tasks in the lab,” he said, adding that the humanoid robot may start limited production for external customers by the end of next year. “Optimus will be more valuable than anything else combined… Tesla AI inference technology is vastly different than any other company,” Musk noted.
16:41 CDT – The Tesla CFO noted that the company did see a decline in revenues quarter over quarter, from 18.9% to 18.5%, though this was mostly due to seasonality and some microeconomics. He also noted that the costs of Model Y production in Austin and Berlin are closing in on Fremont’s costs. The executive also noted that Tesla is lowering prices and “attractive financing” on vehicles and subscriptions, which could help boost demand.
The CFO also noted that Tesla’s energy business continues to make meaningful progress. Margins for Tesla Energy hit a record 24.6%. “The future is extremely bright and the journey will be extremely rewarding,” he said.
16:36 CDT – Musk also reiterated the value of FSD V12 and its potential. He notes that Tesla’s $99 per month FSD subscription is a way for the company to make FSD more attainable to customers. He also stated that Tesla will be unveiling its purpose-built Robotaxi later this year, which he dubbed the “Cybercab.” Musk also mentioned that Tesla has roughly 35,000 H-100s.
“We’re really headed for an electric vehicle autonomous future. Gasoline cars will be like riding a horse and using a flip phone,” Musk said. He also thanked the Tesla team for their hard work.
16:31 CDT – Tesla VP of Investor Relations Martin Viecha opens the call. Elon Musk and a number of executives are present in the call.
Elon Musk makes his opening remarks with a recap of the first quarter. He admits that the EV adoption rate is under pressure, and other automakers are turning to hybrids. Tesla will not be doing this. He notes that the launch of Tesla’s new models is being expedited, which includes a more affordable car. The vehicles will use aspects of current and new platforms and be produced in the company’s existing production lines. The new vehicles should allow Tesla to reach 3 million vehicles of capacity.
16:26 CDT – Hello, everyone, and welcome to our live blog of Tesla’s first-quarter 2024 earnings call. While Tesla did not exactly meet analyst expectations, the company’s first-quarter results were positively received by shareholders. As of writing, Tesla shares are trading up 8.14% in Wednesdaays’ after-hours. It’s been a while since TSLA shares saw such movement.
Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.
Tesla and SpaceX shares fell on Wednesday after Democrats swept both chambers of Congress. The decline stood out as broader market securities recovered and turned positive, while both of Musk’s publicly traded companies lagged.
CEO Elon Musk already joked about the unsuccessful campaigning for the Republicans, but now the new party will make pretty drastic changes to how it handles Tesla and SpaceX, and those companies will adjust their outlook.
Let’s take a deeper look.
Tesla ($TSLA)
Tesla shares traded lower during the regular session after Democrats secured both the House and Senate. The stock was down 2.32 percent at around 1:45 p.m. on the East Coast, trading at around $389.30.
The pressure is tied to more than the raw scale of Musk’s political spending, estimated at $450–474 million this cycle with roughly $224 million directed at Texas. In that state, Tesla now faces a Democratic governor and a Democratic senator after Gina Hinojosa unseated Greg Abbott and James Talarico defeated Ken Paxton.
The Austin Gigafactory, Robotaxi pilot programs in multiple Texas cities, and any related AI compute expansion sit under a new state executive who campaigned against certain corporate subsidies and floated a moratorium on new data-center construction.
Federally, Democratic control of key committees opens the door to deeper examination of Tesla’s autonomous-driving safety record, federal energy-storage and manufacturing incentives, and the national-security implications of any combination with SpaceX.
Investors are also weighing whether the company’s historically close alignment with the prior Republican leadership will invite slower permitting, additional hearings, or tighter rules on Full Self-Driving deployment.
For Tesla, the political shift adds near-term friction around state permitting and federal regulatory approvals for autonomy and energy storage. A potential merger with SpaceX may face slower review even if it proceeds.
Core growth drivers such as vehicle deliveries, energy deployments, and robotaxi rollout remain intact, yet the stock now carries a higher political-risk premium that could weigh on valuation until the company demonstrates workable relationships with the new Texas leadership and congressional majorities.
SpaceX ($SPCX)
SpaceX shares also declined in live trading on November 4 following the Democratic midterm sweep. The stock traded at $134.97, down 4.49 percent. The drop occurred even as broader indexes stabilized, highlighting a company-specific reaction to the election outcome.
Musk’s large contributions, concentrated in Texas races that both companies lost, place SpaceX’s Starbase launch facility and headquarters under a new Democratic governor.
At the federal level, Democratic control of Congress enables greater scrutiny of NASA, the Department of Defense, and other contracts that support a meaningful share of revenue, along with reviews of Starlink national-security uses and any Tesla merger. Analysts have noted that empowered committees can hold hearings and request documents on these relationships.
For SpaceX, the results raise the risk of delayed contract awards, higher compliance costs, and tighter constraints on AI and satellite infrastructure expansion, particularly in Texas where a data-center moratorium has been discussed.
A merger with Tesla could encounter political friction that slows integration of launch, connectivity, and autonomy capabilities.
While Starlink growth and launch cadence continue as primary drivers, the company faces a more contested path for federal funding and state-level operations, requiring management to rebuild ties with the new congressional majorities and Texas leadership to limit the overhang.
Elon Musk
Elon Musk calls Earth’s data centers “peanuts” next to what SpaceX is planning in orbit
Elon Musk says SpaceX capex efficiency is underestimated as orbital data centers loom by 2028.
Elon Musk is pushing back on one of the biggest worries hanging over SpaceX stock. In a reply on X on Sunday, Musk said the company’s capital expenditure efficiency is severely underestimated. He was responding to a Milk Road Stocks post citing analyst Kyle Reidhead, who estimates SpaceX will need to spend roughly $470 billion over the next five quarters.
Reidhead built that figure around the target SpaceX set on its third quarter earnings call: 13 gigawatts or more of compute by the end of 2027. In his breakdown, Nvidia captures 83 to 89 percent of the spending. SpaceX ended the quarter with 1.7 GW of nameplate compute and guided to $35 billion to $40 billion in fourth quarter capex, as Teslarati reported.
Musk did not attach a number to his claim, but the earnings call shows the argument. CFO Bret Johnsen said new compute currently pays for itself in under a year at today’s pricing, and Musk said that window could shrink to six months next year. Using that pace, Reidhead argues about $230 billion of the $470 billion could come from operating cash flow and about $60 billion from SpaceX’s roughly $90 billion cash pile, leaving around $180 billion to borrow. Musk confirmed last week that SpaceX had already closed a new $40 billion debt raise to buy GPUs.
The ground buildout is not the end goal. It is what is meant to pay for the move to orbit. Replying on Friday to charts built from Sequoia partner Shaun Maguire’s SpaceX model, Musk wrote that “Terrestrial compute will be peanuts compared to orbital compute,” adding that orbital compute deployed per month “probably exceeds terrestrial around the end of 2028 and then far exceeds it in 2029.”
Maguire’s model shows how steep that path is. It has capex climbing from $88 billion this year to $290 billion in 2027 and $369 billion in 2028, with SpaceX burning $77.8 billion in cash this year and $122.6 billion next year before turning $114.9 billion cash positive in 2028. Musk’s response to the model was, “I think we can do better.”
The orbital half runs through Starmind. SpaceX plans to operate up to 1 million AI satellites flying in clusters of about 10, linked by roughly 10 terabits of bandwidth, with deployment of thousands of units starting as soon as late 2027 out of its Gigasat factory in Bastrop, Texas, according to SpaceX’s space safety page. Musk has said each Starmind spacecraft will carry more than 250 kW of solar power.
Getting there depends on launch volume. Maguire’s model assumes 250 Starship flights in 2028, up from two this year and 38 next year. The nearer test is financial: SpaceX guided to $33 billion to $37 billion in first quarter 2027 revenue, more than double the $14.58 billion it booked in Q3, and Musk reposted that guidance again on Sunday morning.
Elon Musk
SpaceX President to gift Trump Accounts her SpaceX stock
Gwynne Shotwell’s 2 million SpaceX shares are headed to children’s Trump Accounts starting this December.
SpaceX President Gwynne Shotwell said Friday that more than 2 million SpaceX shares belonging to her and her husband, Robert, will be distributed to children’s Trump Accounts in December, turning a pledge she made over the summer into an actual transfer. “Robert and I are thrilled that our gift of over 2 million shares of SpaceX stock will be distributed to children’s Trump accounts in December!” Shotwell wrote on X, adding that the shares are “transferring to escrow as we speak.”
The first round goes to children aged 11 to 17 who live in ZIP codes where the median family income is $57,000 or less, along with kids in ZIP codes with too few residents for the Census to report that figure. Shotwell said those families should receive a notice by Monday, Reuters reported.
A second gift is expected to be finalized in the next few weeks. That round will cover eligible children in military families serving overseas, children in foster care, and more kids in Texas counties near the Shotwells’ home where median family income is $90,000 or less. Elon Musk replied to the announcement with “Cool” and a heart emoji.
Shotwell first announced the donation on July 6, less than a month after SpaceX priced its record IPO at $135 per share on the Nasdaq. IPO filings showed Shotwell owned about 12.6 million SpaceX shares, Quartz reported at the time, which makes the gift roughly one sixth of her stake. At the roughly $146 per share used to value Musk’s own pledge earlier this month, 2 million shares are worth about $290 million.
How the stock would actually reach the accounts had been an open question since July. Treasury guidance acknowledged that stock donations could flow into Trump Accounts, but it did not explain the mechanics for a program whose contributions default into an S&P 500 index fund. Shotwell thanked the Treasury, the IRS, the Dell Foundation, Greater Horizons, Invest America and the law firms Morgan Lewis and Gibson Dunn for “working over the past few months to make this happen.”
The transfer also works as a dry run for a far larger gift. On October 19, Musk said he would give one of his SpaceX shares to every kid in America next year and called it “the first of many.” With roughly 72 million children in the country, that pledge is worth about $10.5 billion. President Donald Trump thanked Musk the same day and said the shares would go through Trump Accounts, though neither SpaceX nor the Treasury has published how or when that distribution will happen.
Shotwell’s recipients also fill a gap in the program itself. Trump Accounts launched on July 4, and the $1,000 Treasury deposit only goes to babies born between 2025 and 2028. Teenagers aged 11 to 17 receive no government seed money, so for many of the families getting a notice on Monday, SpaceX stock will be the first asset in the account. The accounts convert into retirement accounts when the child turns 18.
Tesla Giga Texas reportedly moves to 24/7 production
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