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.
Investor's Corner
Tesla tailwinds could drive momentum-filled finish to 2025: analyst
Tesla is heading toward some momentum to finish out the year, one Wall Street firm believes.

Tesla has some tailwinds that could drive it toward a momentum-filled finish to the year, one Wall Street analyst is predicting.
The tailwinds are joined by some minor risks that have impacted the broader electric vehicle market, but overall, this firm believes Tesla has many catalysts moving forward.
Emmanuel Rosner of Wolfe Research believes that Tesla has plenty of things that could drive the stock upward as we approach the end of the year. With Q3 well underway, Tesla has about five months of catalysts to rely on to erase the roughly 18 percent drop in stock price it has so far this year.
At first glance, it is easy to see the things that would have investors bullish on Tesla for the rest of 2025 and even beyond. Initially, the Robotaxi launch and expansion, which spread to Northern California last night, provide potentially huge tailwinds for the company moving forward.
Along with that, and slightly related, are the advancements in Full Self-Driving that the company has made over the past few months.
This includes the potential launch of the FSD suite in regions like Europe and Australia, where the company believes it will make some progress on regulatory approval in the coming months.
Finally, Wolfe says the company’s Optimus project, which is expected to enter scale production sometime next year, is the third catalyst for Tesla moving forward.
With these three projects in motion, Tesla truly can begin to work on rebounding from a rough 2025 on the market.
Rosner writes:
“This name trades more around the narrative than the numbers. And net-net, we tactically see an improving narrative from here. Tesla has several catalysts coming up w/r/t FSD and Robotaxi, including an expansion of their AV service into several new U.S. markets (San Francisco, Nevada, Arizona, Florida, etc.). The company plans to unlock hands-free/eyes-off autonomy for FSD owners in select U.S. locations by YE25. Supervised FSD in China and Europe is expected to launch over the next ~12 months. And, Optimus is expected to enter scale production in 2026.”
Tesla is currently trading around $310 at around 3:20 p.m. on the East Coast.
Investor's Corner
Tesla Robotaxi execution should lead to valuation ‘far exceeding current levels’: analyst
RBC Capital bumped its price target on Tesla stock slightly from $319 to $325.

Tesla’s Robotaxi platform is the primary focus for the automaker currently, and based on what has been outlined by the company as goals for the project, one firm is saying that the company’s valuation should “far exceed even current levels.”
The Robotaxi is a self-driving ride-hailing service that Tesla plans to implement in current and future vehicle builds. CEO Elon Musk and other executives have said that “the vast majority of the Tesla fleet that we’ve made is capable of being a Robotaxi,” thanks to its development of Over-the-Air software updates that increase the capability of the vehicle with a simple download.
Currently, the Robotaxi platform is only active in a portion of Austin, Texas, but Tesla is expanding to other markets, including California, Nevada, Arizona, and Florida. California will be the next market to open its doors to the Tesla Robotaxi platform.
🚨 Tesla Robotaxi is close to offering rides in California based on this new message we got in our app.
There is no geofence currently set up in the Bay Area, but we’ll monitor it moving forward. pic.twitter.com/ZrKAqDqQs9
— TESLARATI (@Teslarati) July 26, 2025
But the name of the game is execution, and that’s what Tesla is aiming for in a timely fashion. If it can come through on all of its current goals, its valuation could explode, and one firm is holding steady on that narrative as Tesla continues to work toward expanding Robotaxi.
On Tuesday, RBC Capital analysts bumped their price target on Tesla shares (NASDAQ: TSLA) to $325 from $319, primarily due to the Robotaxi expansion and its success:
“Should Tesla be successful on all of its goals, its valuation could far exceed even current levels. The Austin Robotaxi launch has been better than many feared, and the company is looking to expand in more cities.”
There are some risks to Tesla’s narrative, but they fall outside the scope of what the company can control. In relation to Robotaxi, regulatory hurdles remain. Some regions may be slower than others to give Tesla the proper licensing to operate in their jurisdiction. This could slow the pace of Robotaxi expansion, bringing some overhang to the story.
Additionally, Tesla is fending off narratives of slowing demand, and the White House’s decision to revoke the $7,500 EV tax credit from consumers could temper sales past Q3.
Nevertheless, Robotaxi is where Tesla’s true value seems to be focused. Successfully launching a driverless ride-sharing platform is where the company is putting all of its eggs, and revolutionizing passenger travel is where the focus lies.
RBC Capital’s note continued:
“Regulatory hurdles remain, however. Further, we expect the end of IRA credits and high levels of used EV inventory to pressure the auto business for the next several quarters.”
The slight price target bump puts RBC Capital’s expectations near where the stock is trading, as it is currently priced at around $320 at 9:54 a.m. on the East Coast.
Investor's Corner
Elon Musk shares details on Tesla AI6 production deal with Samsung
Tesla is already laying the groundwork for the ramp of its next-generation products.

Elon Musk has provided some details about Tesla’s AI6 production deal with South Korean tech giant Samsung. As per Musk, Samsung’s upcoming Texas fabrication facility will be dedicated to the production of Tesla’s AI6 chip.
Musk’s update suggests that Tesla is already laying the groundwork for the ramp of its next-generation products like the Cybercab and Optimus.
Samsung AI6 production reports
On Sunday, Bloomberg News claimed that Samsung will be producing semiconductors for Tesla in a $16.5 billion deal. As per the report, Samsung is currently producing Tesla’s AI4 chip, and the deal will help the South Korean tech giant gain some ground back from competitors in the semiconductor market.
Elon Musk confirmed the news on X, stating that the $16.5 billion is actually just the bare minimum. As per Musk, the deal with Samsung will likely be “much more than that.” And in a later comment, Musk clarified that the actual output of Samsung’s Tesla AI6 plant will “likely be several times higher” than what has been reported.
Musk shared a critical detail that would likely allow Samsung to maximize its AI6 output. “Samsung agreed to allow Tesla to assist in maximizing manufacturing efficiency. This is a critical point, as I will walk the line personally to accelerate the pace of progress. And the fab is conveniently located not far from my house,” Musk wrote in his post.
Elon Musk on AI5 and AI6
Tesla currently produces vehicles with its AI4 chip, which is produced by Samsung. As per the CEO, Tesla’s AI5 chip, which just finished its design, will be produced by TSMC. The AI5 chip will be produced initially in Taiwan, and then in Arizona, the CEO noted.
Elon Musk’s comments about AI6 and Samsung’s output suggest that Tesla is really preparing to enter a stage in its growth that involves production at a scale that’s never been seen before. Tesla’s speed is quite notable, though it seems safe to assume that the actual rollout of AI6 will still be a few years away.
In a few years, Tesla will probably be mass producing the Cybercab and Optimus, as well as more affordable vehicles that will likely see more adoption from mainstream customers. This means that Samsung’s AI6 ramp will likely be just in time to support Tesla’s outputs for its Optimus bots, its Cybercabs, and its mass market affordable cars.
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