Tesla’s (NASDAQ:TSLA) first quarter 2023 earnings call comes on the heels of the company’s Q1 2023 Update Letter. Tesla’s first quarter numbers were quite impressive, with the electric vehicle maker meeting EPS expectations despite posting lower gross margins during the quarter.
A number of milestones were highlighted by Tesla in the first quarter. Tesla Giga Berlin was listed with a capacity of over 350,000 Model Y per year, and the FSD Beta program reached 150 million cumulative miles. The Cybertruck is also closer than ever to its first deliveries, with the all-electric pickup truck’s production line now being set up.
The following are live updates from Tesla’s Q1 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.
17:35 CDT – And that wraps up the Q1 2023 earnings call! Not gonna lie, this is one of the most info-heavy earnings calls to date, with lots of questions answered from both the investor and analyst sides.
Once again, thanks for staying with us for yet another live blog! Until the next one!
17:31 CDT – Following a question from Jefferies, who asked if there is a limit to the direct selling business to grow market share, Elon Musk notes that Tesla’s direct selling strategy seems to be working so far. And while the analyst brought up the issue of customers who may be missing human interactions for things like service, Musk noted that “the best service is no service.” He also noted that Tesla uses the feedback loop to improve car design so it needs less service.
17:29 CDT – Following a question from Barclays, who asked about the margin profile of Berlin and Austin and how it compares to Shanghai. Musk notes that Shanghai is well optimized, though Tesla expects Giga Berlin and Giga Texas to achieve good margins as well.
17:26 CDT – Following a question from Morgan Stanley, Tesla executives such as Elon Musk reiterated that the company doesn’t really think of competitors that much. Executives also noted that Tesla wants all EVs to succeed, as shown by the company opening its Supercharger Network to other brands.
17:21 CDT – A question from Wolfe Research is asked, with the analyst asking about margins on Tesla’s lineup of services.
Elon Musk reiterates that it’s hard to predict these things. Zachary Kirkhorn also cautioned investors not to be too caught up with the short-term, as Tesla typically adopts strategies designed for the long-term. In a way, gross margin levels only matter in terms of how Tesla will invest it in the following years.
Elon Musk also noted that Tesla is in a unique position because Tesla can technically sell its cars for 0% profit now and yield it in other ways in the future (i.e. through autonomy). He notes that really, no other automaker can do that.
17:16 CDT – A question from Goldman Sachs is asked, with the analyst asking if Tesla is still seeing a 1.8 million target for this year, or will the company be going for 2 million.
Elon Musk noted that from a production standpoint, at least, if things go well, Tesla has a shot at 2 million this year. That being said, Tesla feels comfortable with a target of 1.8 million vehicles for 2023.
17:10 CDT – A Baird analyst asks about Tesla’s programs such as Dojo and Optimus. Elon Musk notes that Dojo has a multi-billion dollar potential. “I look at Dojo as a long shot bet — but a long shot bet that could pay off in a very big way,” Musk said.
He also mentioned upcoming projects such as heat pumps for homes and commercial offices. Musk noted, however, that such products are a “back-burner item.”
Tesla also highlights the idea that there is no such thing as an “EV market share vs ICE.” Tesla sees it as a “car market” overall. “All cars will be EVs,” Musk said.
17:03 CDT – A Deutsche Bank analyst asks about specific ways Tesla could further monetize its products, such as the Robotaxi platform.
Musk explains that the Robotaxi idea is quite a general term, though he reiterates that all vehicles with Hardware 3 could be a Robotaxi. The Robotaxi is also almost synonymous with Tesla’s next-generation vehicle.
A question on automotive gross margins was asked. Kirkhorn noted that several factors contributed to Q1 2023 gross margin results. Elon Musk also mentioned interest rate, and uncertainty in the economy contributed to Q1 2023 results as well.
16:59 CDT – Cannacord asks about FSD take rates and if there are any significant positives and negatives. The analyst also asks if FSD pricing will also be dropping.
Elon Musk notes that this is a tricky question since the value of an autonomous car is enormous. He notes that improvements are dramatic, though it’s more of a “two steps forward, one step back” kind of progress. Musk jokes that he believes FSD will be achieved this year (for the nth time now).
“The trend is very clearly towards full autonomy,” Musk said.
Tesla also highlighted that the company is not impacted by lithium pricing because it has contracts in place. After all, on the lithium front, at least, the chokepoint is refining capacity. The same extends to the refining of the cathode and anode materials.
Elon also begs — literally begs — everyone to go into refining, to much laughter from other executives.
16:51 CDT – The fifth investor question is asked: “How has global order intake tracked since the most recent round of price cuts?”
“Orders are in excess of production,” Elon Musk said.
The final question from investors is asked: “Can you give updated specs and pricing for Cybertruck, and any new features that will make it to production?”
Musk states that Tesla will save it for Cybertruck handover happening toward the end of Q3, though he also stated that the wait would be worth it.
“A product like this only comes only once in a while. It will not be disappointing at all,” Musk said.
16:49 CDT – The fourth investor question is asked: “What do you anticipate FY23 automotive gross margins (ex-credits) will be at the company’s current pricing levels?”
Zachary Kirkhorn noted that it’s difficult to predict this at the moment, especially as Tesla is busy with projects such as the Giga Texas battery factory. So far, Giga Texas’ cost optimizations are focused on stabilizing production and lowering 4680 costs. “We see a pretty good projection for Austin factory,” Kirkhorn said, noting that Giga Berlin also has a lot of areas for cost reduction.
Kirkhon also expresses this thanks to Tesla’s supply chain team, though he also noted that commodities remains max pain point for Tesla.
16:45 CDT – Third investor question is asked: “How well are 4680 cells meeting the expectations described on battery day? How long will it be until the cells meet those goals?”
Austin’s 4680 battery cell facility is progressing well. A Tesla executive noted that Giga Texas’ 4680 factory would be 70% lower CAPEX when fully ramped. The lithium corpus christi refinery will also be breaking ground in May. Tesla also achieved a 25% reduction in COGS.
16:43 CDT – Second investor question is asked: “Do you still believe Tesla Energy will be bigger than auto and when will you provide more formal guidance on megapack and overall Tesla energy?”
“I should just clarify, bigger than auto, from the standpoint of GWh deployed,” Musk said. So while Tesla Energy may not have the total revenue of the company’s automotive business, its battery deployments will be substantially larger. He also affirmed growth in line with expectations.
Zachary Kirkhorn also noted that it would be a few more quarters until Tesla publishes guidance on its Energy business.
16:40 CDT – First investor question is up: “What is the process to make auto pricing adjustments? What variables do you consider? How frequently do you review pricing?”
“We do our best to review the production output and macro conditions,” Musk said.
16:39 CDT – Zachary Kirkorn congratulates the Tesla Energy team for a record quarter. “Our storage business is starting to take shape,” he said. He assures that automotive gross margins remain at healthy levels. He highlights the need to focus on cost efficiencies so that Tesla could achieve its goals.
16:36 CDT – Elon Musk’s opening remarks were a recap of Q1. He highlights that the Model Y was the best-selling vehicle in Europe and it also performed amazingly in the United States. He states that Tesla’s operating margins are still among the highest in the industry. Musk also notes that Tesla is looking to make a lot of margins as the company perfects autonomy.
“While we reduced the price significantly in Q1, our operating margins remain the best in the industry,” Musk said.
As for the Cybertruck, alpha versions are being built today. Volume production line is coming along nicely in Giga Texas. Delivery event for the Cybertruck will likely be set for Q3 2023. The demand for the Cybertruck is notable, Musk said, though it will take some time to get its manufacturing line down pat.
Megapack is making breakthroughs, with the battery posting its best quarter ever in Q1. Goal is set at 40 GWh a year for now. He also highlights Tesla’s ramp for the Megapack, such as the start of a new Megafactory in Shanghai.
As for FSD Beta, the program has reached 150 million miles. “This is a data advantage that really no one else has,” Musk said, adding that training data will be key in getting an advantage in the autonomous driving space. He notes that work on the Dojo supercomputer is still ongoing, and that the program would be advantageous in the future. “
“I really think DOJO potential is really significant,” Musk said.
Musk also thanks Tesla’s global team for their milestones this quarter.
16:31 CDT – The earnings call begins! Tesla Head of Investor Relations Martin Viecha opens the call. Elon and other Tesla executives are present.
16:28 CDT – If there’s something quite interesting about this earnings call, it’s the fact that everything seems to be on time. That Update Letter was posted really quickly after markets closed today. Tesla bulls probably appreciate this, as it’s far less stressful than the long wait times for Update Letters several years ago.
16:25 CDT – Looks like the livestream’s about to go live. To be fair, Tesla’s pretty cool for being so open with its earnings call livestreams. There’s one in YouTube and one on Twitter. Here’s the Twitter one.
16:15 CDT – Hi everyone, and welcome to yet another live blog! Tesla’s Q1 numbers are pretty much in line with what TSLA bulls expected. Gross margins took a hit, but that’s understandable because of the company’s aggressive pricing strategy. Tesla’s war chest remains impressive though, at $22.4 billion.
Here’s the YouTube livestream.
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
Two Tesla bulls share differing insights on Elon Musk, the Board, and politics
Two noted Tesla bulls have shared differing views on the recent activities of CEO Elon Musk and the company’s leadership.

Two noted Tesla (NASDAQ:TSLA) bulls have shared differing views on the recent activities of CEO Elon Musk and the company’s leadership.
While Wedbush analyst Dan Ives called on Tesla’s board to take concrete steps to ensure Musk remains focused on the EV maker, longtime Tesla supporter Cathie Wood of Ark Invest reaffirmed her confidence in the CEO and the company’s leadership.
Ives warns of distraction risk amid crucial growth phase
In a recent note, Ives stated that Tesla is at a critical point in its history, as the company is transitioning from an EV maker towards an entity that is more focused on autonomous driving and robotics. He then noted that the Board of Directors should “act now” and establish formal boundaries around Musk’s political activities, which could be a headwind on TSLA stock.
Ives laid out a three-point plan that he believes could ensure that the electric vehicle maker is led with proper leadership until the end of the decade. First off, the analyst noted that a new “incentive-driven pay package for Musk as CEO that increases his ownership of Tesla up to ~25% voting power” is necessary. He also stated that the Board should establish clear guidelines for how much time Musk must devote to Tesla operations in order to receive his compensation, and a dedicated oversight committee must be formed to monitor the CEO’s political activities.
Ives, however, highlighted that Tesla should move forward with Musk at its helm. “We urge the Board to act now and move the Tesla story forward with Musk as CEO,” he wrote, reiterating its Outperform rating on Tesla stock and $500 per share price target.
Tesla CEO Elon Musk has responded to Ives’ suggestions with a brief comment on X. “Shut up, Dan,” Musk wrote.
Cathie Wood reiterates trust in Musk and Tesla board
Meanwhile, Ark Investment Management founder Cathie Wood expressed little concern over Musk’s latest controversies. In an interview with Bloomberg Television, Wood said, “We do trust the board and the board’s instincts here and we stay out of politics.” She also noted that Ark has navigated Musk-related headlines since it first invested in Tesla.
Wood also pointed to Musk’s recent move to oversee Tesla’s sales operations in the U.S. and Europe as evidence of his renewed focus in the electric vehicle maker. “When he puts his mind on something, he usually gets the job done,” she said. “So I think he’s much less distracted now than he was, let’s say, in the White House 24/7,” she said.
TSLA stock is down roughly 25% year-to-date but has gained about 19% over the past 12 months, as noted in a StocksTwits report.
Investor's Corner
Cantor Fitzgerald maintains Tesla (TSLA) ‘Overweight’ rating amid Q2 2025 deliveries
Cantor Fitzgerald is holding firm on its bullish stance for the electric vehicle maker.

Cantor Fitzgerald is holding firm on its bullish stance for Tesla (NASDAQ: TSLA), reiterating its “Overweight” rating and $355 price target amidst the company’s release of its Q2 2025 vehicle delivery and production report.
Tesla delivered 384,122 vehicles in Q2 2025, falling below last year’s Q2 figure of 443,956 units. Despite softer demand in some countries in Europe and ongoing controversies surrounding CEO Elon Musk, the firm maintained its view that Tesla is a long-term growth story in the EV sector.
Tesla’s Q2 results
Among the 384,122 vehicles that Tesla delivered in the second quarter, 373,728 were Model 3 and Model Y. The remaining 10,394 units were attributed to the Model S, Model X, and Cybertruck. Production was largely flat year-over-year at 410,244 units.
In the energy division, Tesla deployed 9.6 GWh of energy storage in Q2, which was above last year’s 9.4 GWh. Overall, Tesla continues to hold a strong position with $95.7 billion in trailing twelve-month revenue and a 17.7% gross margin, as noted in a report from Investing.com.
Tesla’s stock is still volatile
Tesla’s market cap fell to $941 billion on Monday amid volatility that was likely caused in no small part by CEO Elon Musk’s political posts on X over the weekend. Musk has announced that he is forming the America Party to serve as a third option for voters in the United States, a decision that has earned the ire of U.S. President Donald Trump.
Despite Musk’s controversial nature, some analysts remain bullish on TSLA stock. Apart from Cantor Fitzgerald, Canaccord Genuity also reiterated its “Buy” rating on Tesla shares, with the firm highlighting the company’s positive Q2 vehicle deliveries, which exceeded its expectations by 24,000 units. Cannacord also noted that Tesla remains strong in several markets despite its year-over-year decline in deliveries.
Elon Musk
Tesla analyst issues stern warning to investors: forget Trump-Musk feud

A Tesla analyst today said that investors should not lose sight of what is truly important in the grand scheme of being a shareholder, and that any near-term drama between CEO Elon Musk and U.S. President Donald Trump should not outshine the progress made by the company.
Gene Munster of Deepwater Management said that Tesla’s progress in autonomy is a much larger influence and a significantly bigger part of the company’s story than any disagreement between political policies.
Munster appeared on CNBC‘s “Closing Bell” yesterday to reiterate this point:
“One thing that is critical for Tesla investors to remember is that what’s going on with the business, with autonomy, the progress that they’re making, albeit early, is much bigger than any feud that is going to happen week-to-week between the President and Elon. So, I understand the reaction, but ultimately, I think that cooler heads will prevail. If they don’t, autonomy is still coming, one way or the other.”
BREAKING: GENE MUNSTER SAYS — $TSLA AUTONOMY IS “MUCH BIGGER” THAN ANY FEUD 👀
He says robotaxis are coming regardless ! pic.twitter.com/ytpPcwUTFy
— TheSonOfWalkley (@TheSonOfWalkley) July 2, 2025
This is a point that other analysts like Dan Ives of Wedbush and Cathie Wood of ARK Invest also made yesterday.
On two occasions over the past month, Musk and President Trump have gotten involved in a very public disagreement over the “Big Beautiful Bill,” which officially passed through the Senate yesterday and is making its way to the House of Representatives.
Musk is upset with the spending in the bill, while President Trump continues to reiterate that the Tesla CEO is only frustrated with the removal of an “EV mandate,” which does not exist federally, nor is it something Musk has expressed any frustration with.
In fact, Musk has pushed back against keeping federal subsidies for EVs, as long as gas and oil subsidies are also removed.
Nevertheless, Ives and Wood both said yesterday that they believe the political hardship between Musk and President Trump will pass because both realize the world is a better place with them on the same team.
Munster’s perspective is that, even though Musk’s feud with President Trump could apply near-term pressure to the stock, the company’s progress in autonomy is an indication that, in the long term, Tesla is set up to succeed.
Tesla launched its Robotaxi platform in Austin on June 22 and is expanding access to more members of the public. Austin residents are now reporting that they have been invited to join the program.
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