1065: Reaction To Tesla’s Q1 2021 Earnings Call | 27 Apr 2021 - a podcast by EV News Daily
from 2021-04-27T17:00
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On today’s podcast:
- Tesla Q1 Earnings: What You Need to Know
- Tesla turns a record profit despite new Model S/X Delay
- Deliveries Of The New Model S Should Start Very Shortly
- Tesla Stays Quiet on Semi progress
- Tesla Sold Bitcoin in Q1 for Proceeds of $272M
- Tesla's Full Self-Driving subscription is coming soon
- Elon Musk Says: "Insane difficulties" for Tesla
- Elon Musk's Best Quotes
Show #1065
Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily for Tuesday 27th April. It’s Martyn Lee here and I go through every EV story so you don't have to.
Thank you to MYEV.com for helping make this show, they’ve built the first marketplace specifically for Electric Vehicles. It’s a totally free marketplace that simplifies the buying and selling process, and help you learn about EVs along the way too.
TESLA Q1 EARNINGS: WHAT YOU NEED TO KNOW
"A look at Tesla's operating metrics and financials shows a growth stock in its purest form. In addition to its skyrocketing vehicle deliveries and revenue, vehicle production, megawatts of solar deployments, and megawatt-hours of energy storage installations all soared 76%, 163%, and 71% year over year, respectively, in Q1. " says Fool.com: "However, if you were to exclude the $299 million stock-based compensation awarded to CEO Elon Musk during the quarter for the achievement of a market capitalization and operational milestone, Tesla would have been profitable even without regulatory credits. Tesla also noted that its Model Y production rate at its factories in Shanghai and California is improving. On a similar note, management said construction of its factories in Berlin and Texas is on track for vehicle production and deliveries from the factories to start late this year."
https://www.fool.com/investing/2021/04/27/tesla-q1-earnings-what-you-need-to-know/
TESLA TURNS A RECORD PROFIT DESPITE NEW MODEL S/X DELAY
"Tesla generated $10.4 billion in sales the first quarter, and recorded a $438 million profit. That’s basically double the revenue it generated in the first quarter of 2020, when Tesla had to temporarily shut down its factory in China due to the earliest outbreaks of the coronavirus. It’s also the most profit Tesla’s ever made in a quarter." says The Verge: "This is the seventh quarter in a row that Tesla has turned a profit, though the company was once again buoyed by selling emissions credits to other automakers. Tesla said Monday that it sold a record $518 million worth of regulatory credits, meaning that it would’ve finished the quarter in the red without them."
DELIVERIES OF THE NEW MODEL S SHOULD START VERY SHORTLY
" Tesla wrote in its Q1 2021 report that the new Model S is coming "very shortly." Production of both the Model S and Model X was stopped for a couple of months (none were made in Q1) due to a major refresh. The company was expected to already produce and deliver the new Model S, but some undisclosed challenges affected the launch. From the brief info we can expect that we are now perhaps just weeks from the first customer deliveries" reports InsideEVs: "The Model S/X launch delay was not explained in details, but it seems that the upgrade was more challenging than expected, at least partially related to the "the ongoing global supply shortage. One of the most interesting notes was that the new Model S and Model X - according to Musk (via Teslarati), "are actually cheaper to produce." That's would be a major boost to margins as the prices of the top Model S/X Plaid are much higher than before."
https://insideevs.com/news/503704/tesla-models-deliveries-start-shortly/
TESLA STAYS QUIET ON SEMI PROGRESS
"The company provided no updates on the long-delayed Semi tractor, saying only it is “in the background.” It is also looking for help from suppliers that make battery cells as it works on its own advanced 4680 cell whose energy density is expected to increase driving range between charging. Full production of the advanced cells are 12-18 months away, CEO Elon Musk said" says Freight Waves: "The Austin Gigafactory is expected to eventually produce the Semi. Tesla has hundreds of orders for the truck, first shown as a prototype in 2017. It was originally slated for production in 2019, but that date has slipped several times. Media reports suggest the company could build a small number of Semi models at the Tesla gigafactory in Sparks, Nevada, to fulfill an order for Pepsi Co.’s Frito-Lay distribution center in Northern California. Frito-Lay said as much in a recent sustainability report touting its environmental gains.|"
Elon: “This is not being done to the exclusion of suppliers. It is done in conjunction with suppliers. We have good relationships with CATL, Panasonic and LG,” he said on an earnings call Monday evening. “Supply us with as much as you possibly can. Provided the price is affordable, we will buy everything you can make.”
https://www.freightwaves.com/news/tesla-mum-on-semi-progress-as-it-posts-record-income
TESLA SOLD BITCOIN IN Q1 FOR PROCEEDS OF $272M
"Tesla sold some of its bitcoin stash in the first quarter for $272 million in proceeds. The sale trimmed Tesla’s position by 10%, Tesla CFO Zach Kirkhorn said on an earnings call Monday." says Yahoo! Finance: "Elon Musk’s electric vehicle company purchased $1.5 billion worth of bitcoin in February. Kirkhorn said on the call that Tesla invested in bitcoin to earn yield on its excess cash in a low-interest-rate environment. While the company continues to deal with global supply chain crunches like semiconductor shortages or ship port capacity, he said the bitcoin market is a liquid market with an optimistic future."
https://finance.yahoo.com/news/tesla-sold-bitcoin-q1-proceeds-202359810.html
Tesla Model 3 becomes best-selling premium sedan in the world - kinda
From the sharehlder letter: "About three and a half years into its production, and even without a European factory, Model 3 was the best-selling premium sedan in the world, outselling long-time industry leaders such as the 3 Series and E Class. This demonstrates that an electric vehicle can be a category leader and outsell its gas-powered counterparts. We believe Model Y can become not just a category leader, but also the best-selling vehicle of any kind globally."
Mercededs C Class? Audi A4?
From 180k cars, looks like 120k is 3 so that's 60k for Y.
TESLA'S FULL SELF-DRIVING SUBSCRIPTION IS COMING SOON
"Kirkhorn confirmed this during Tesla's Q1 2021 earnings call Monday, saying the company was waiting on just a couple of internal technical issues but that the feature should be launched very soon. Beyond that, he said that a subscription model for FSD would likely offer a great deal of recurring revenue potential, which seems likely." says CNET: "Of course, we don't know what Tesla would charge on a per month basis for the service, but we'd hazard a guess that it would likely represent a substantial chunk of an average buyer's monthly car payment"
https://www.cnet.com/roadshow/news/tesla-full-self-driving-subscription-service-coming-soon/
ELON MUSK SAYS: "INSANE DIFFICULTIES" FOR TESLA
"Elon Musk told investors during the Tesla's quarterly earnings call that the automaker has been forced to reckon with numerous supply chain issues in 2021. Musk said the company has had "insane difficulties" with its supply chain over the last quarter. "We've had some of the most difficult supply-chain challenges that we've ever experienced in the life of Tesla," he said on Monday." according to Business Insider: "In February, Tesla briefly halted production on its Model 3 at its car assembly plant in California, citing supply-chain issues caused by backlogs at ports and severe snowstorms slowing down ground deliveries. The global semiconductor shortage has wreaked havoc on tech and automotive companies. "
ELON MUSK'S BEST QUOTES
"More likely than not, Model Y will be the best-selling car or truck of any kind in the world in 2022."
"Long term, people will think of Tesla as much as an AI robotics company as we are a car company, or an energy company."
On solar & storage: ""Why don't we do it? The energy basis of the earth is gigantic, super-mega-insanely gigantic. So you can't just go and do 1 zillion terawatts overnight. You've got to build the production capacity for the battery cells, for the solar cells. You've got to put that into vehicles. You've got to put that into storage packs. You've got to put that into solar panels and Solarglass Roofs, and you've got to deploy all this stuff.""
""Prototypes are trivial, they're child's play. Production at large scale with higher liability and low cost - insanely difficult. Myself and many others at Tesla had to basically have several aneurysms to get this done.""
"We're talking millions of cars, a massive global supply chain, 50 countries, dozens of regulatory regimes. Solving those constraints and logistical problems makes World War II look trivial. I'm not kidding."
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