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.
Elon Musk
Tesla confirmed HW3 can’t do Unsupervised FSD but there’s more to the story
Tesla confirmed HW3 vehicles cannot run unsupervised FSD, replacing its free upgrade promise with a discounted trade-in.
Tesla has officially confirmed that early vehicles with its Autopilot Hardware 3 (HW3) will not be capable of unsupervised Full Self-Driving, while extending a path forward for legacy owners through a discounted trade-in program. The announcement came by way of Elon Musk in today’s Tesla Q1 2026 earnings call.
🚨 Our LIVE updates on the Tesla Earnings Call will take place here in a thread 🧵
Follow along below: pic.twitter.com/hzJeBitzJU
— TESLARATI (@Teslarati) April 22, 2026
The history here matters. HW3 launched in April 2019, and Tesla sold Full Self-Driving packages to owners on the understanding that the hardware was sufficient for full autonomy. Some owners paid between $8,000 and $15,000 for FSD during that period. For years, as FSD’s AI models grew more demanding, HW3 vehicles fell progressively further behind, eventually landing on FSD v12.6 in January 2025 while AI4 vehicles moved to v13 and then v14. When Musk acknowledged in January 2025 that HW3 simply could not reach unsupervised operation, and alluded to a difficult hardware retrofit.
The near-term offering is more concrete. Tesla’s head of Autopilot Ashok Elluswamy confirmed on today’s call that a V14-lite will be coming to HW3 vehicles in late June, bringing all the V14 features currently running on AI4 hardware. That is a meaningful software update for owners who have been frozen at v12.6 for over a year, and it represents genuine effort to keep older hardware relevant. Unsupervised FSD for vehicles is now targeted for Q4 2026 at the earliest, with Musk describing it as a gradual, geography-limited rollout.
For HW3 owners, the over-the-air V14-lite update is welcomed, and the discounted trade-in path at least acknowledges an old obligation. What happens next with the trade-in pricing will define how this chapter ultimately gets written. If Tesla prices the hardware path fairly, acknowledges what early adopters are owed, and delivers V14-lite on the June timeline it committed to today, it has a real opportunity to convert one of the longest-running sore subjects among early adopters into a loyalty story.
Tesla (NASDAQ: TSLA) reported its earnings for the first quarter of 2026 on Wednesday afternoon. Here’s what the company reported compared to what Wall Street analysts expected.
The earnings results come after Tesla reported a miss on vehicle deliveries for the first quarter, delivering 358,023 vehicles and building 408,386 cars during the three-month span.
As Tesla transitions more toward AI and sees itself as less of a car company, expectations for deliveries will begin to become less of a central point in the consensus of how the quarter is perceived.
Nevertheless, Tesla is leaning on its strong foundation as a car company to carry forward its AI ambitions. The first quarter is a good ground layer for the rest of the year.
Tesla Q1 2026 Earnings Results
Tesla’s Earnings Results are as follows:
- Non-GAAP EPS – $0.41 Reported vs. $0.36 Expected
- Revenues – $22.387 billion vs. $22.35 billion Expected
- Free Cash Flow – $1.444 billion
- Profit – $4.72 billion
Tesla beat analyst expectations, so it will be interesting to see how the stock responds. IN the past, we’ve seen Tesla beat analyst expectations considerably, followed by a sharp drop in stock price.
On the same token, we’ve seen Tesla miss and the stock price go up the following trading session.
Tesla will hold its Q1 2026 Earnings Call in about 90 minutes at 5:30 p.m. on the East Coast. Remarks will be made by CEO Elon Musk and other executives, who will shed some light on the investor questions that we covered earlier this week.
You can stream it below. Additionally, we will be doing our Live Blog on X and Facebook.
Q1 2026 Earnings Call at 4:30pm CT https://t.co/pkYIaGJ32y
— Tesla (@Tesla) April 22, 2026
Elon Musk
Tesla Earnings: financial expectations and what we should to hear about
In terms of discussions, Tesla earnings calls are usually a great time to get some clarification on the company’s outlook for its current and future projects.
Tesla (NASDAQ: TSLA) will report its earnings for the first quarter of 2026 this evening after the market closes, and analysts have already put out their expectations from a financial standpoint for the company’s first three months of the year.
Additionally, there will be plenty of things that will be discussed, including the recent expansion of the Robotaxi program, the Roadster unveiling, and Full Self-Driving (Supervised) approvals across the globe.
Financial Expectations
Wall Street consensus expectations put Tesla’s Earnings Per Share (EPS) at $0.36, while revenues are expected to come in around $22.35 billion.
This would compare to an EPS of $0.27 and $19.34 billion compared to Tesla’s Q1 2025. Last quarter, EPS came in at $0.50 on $29.4 billion of revenue.
Tesla beat analyst expectations last quarter, but the next trading day, the stock fell nearly 3.5 percent. We never quite can gauge how the market will respond to Tesla’s earnings; we’ve seen shares rise on a miss and fall on a beat.
It really goes on the news, and investor consensus, it seems.
What to Expect
In terms of discussions, Tesla earnings calls are usually a great time to get some clarification on the company’s outlook for its current and future projects. Right now, the big focus of investors is the Robotaxi program, the Roadster unveiling, and what the outlook for Full Self-Driving’s expansion throughout Europe and the rest of the world looks like.
Robotaxi
Tesla just recently expanded its unsupervised Robotaxi program to Dallas and Houston, joining Austin as the first cities in the U.S. to have access to the company’s ride-hailing suite.
Tesla expands Unsupervised Robotaxi service to two new cities
Some saw this move as a quick effort to turn attention away from a delivery miss and an anticipated miss on earnings. However, we’ve seen Tesla be more than deliberate with its expansion of the Robotaxi suite, so it’s hard to believe the company would make this move if it were not truly ready to do so.
The company is also working to expand its U.S. ride-hailing service outside of Texas and California, and recently filed paperwork to build a Robotaxi-exclusive Supercharger stall.
Expansion is planned for Florida, Nevada, and Arizona at some point this year, with more states to follow.
Roadster Unveiling
The Roadster unveiling was slated for April 1, and then pushed back (once again) to “probably late April,” according to Elon Musk.
It does not appear that the Roadster unveiling will happen within that time frame, at least not to our knowledge. Nobody has received media or press invites for a Roadster unveiling, and given the lofty expectations set for the vehicle by Musk and Co., it seems like something they’d want to show off to the public.
The Roadster has become a truly frustrating project for Tesla and its fans; evidently, there is something that is not up to the expectations Musk and others have. Meanwhile, fans are essentially waiting for something that is six years late.
At this point, also given the company’s focus on autonomy, it almost seems more worth it to just cancel it, remove any and all timelines and expectations, and surprise people with something crazy down the line, maybe in two or three years. There should be no talk of it.
Full Self-Driving Global Expansion
We expect Musk and Co. to shed some details on where it stands with other European government bodies, as it recently was able to roll out FSD (Supervised) to customers in the Netherlands.
Spain is also working with Tesla to assess FSD’s viability as a publicly available option for owners.
With that being said, there should be some additional information for investors as they listen to the call; no talk of it would be a pretty big letdown.
Optimus
There will likely be a date set for the Gen 3 Optimus unveiling, and we’re hopeful Tesla can keep that date set in stone and meet it. Not reaching timelines is a relatively minor issue, but a company can only do this for so long before its fans and investors start to lose trust and disregard any talk about dates.
It seems this is happening already.
Optimus has been pegged as Tesla’s big money maker for the future. The goals and expectations are high, but it is a privilege to have that sort of pressure when investors know the company’s capability.
Tesla confirmed HW3 can’t do Unsupervised FSD but there’s more to the story
Tesla isn’t joking about building Optimus at an industrial scale: Here we go
