Tesla, Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Record Performance: Tesla reported a record-breaking Q1 2021. The company surpassed $1 billion in non-GAAP net income for the first time and achieved record levels in production and deliveries, despite seasonal demand challenges and ongoing global supply chain issues.
  • Vehicle Highlights:
    • Model 3: Became the world’s best-selling premium sedan, surpassing the BMW 3 Series. Current quarterly delivery rates translate into an annualized run rate of 500,000 units.
    • Model Y: Expected to become the best-selling vehicle globally (across all categories) by 2022.
    • Model S/X: Production of the updated "Plaid" versions faced unexpected delays. Tesla anticipates beginning deliveries in Q2 2021 with production ramping into Q3, targeting 2,000–2,500 units per week.
  • Financials:
    • Automotive gross margin (excl. credits): Improved sequentially and YoY thanks to reduced costs despite pricing and expedite cost pressures.
    • Energy business: Gross margins remained negative due to Solar Roof ramp-up and seasonal effects on leased solar. Megapack’s profitability is improving; Powerwall margins are strong.

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Operator: Good day, ladies and gentlemen, and thank you for standing by, and welcome to the Tesla First Quarter 2021 Results and Q&A Webcast. At this time, all participants are in a listen-only mode. After the presentation, there will be a question-and-answer session. Please be advised that today’s conference is being recorded. [Operator Instructions] I will now hand the conference over to your speaker today, Martin Viecha, Senior Director of Investor Relations. Martin Viecha: Thank you, Carmen, and good afternoon, everyone, and welcome to Tesla’s first quarter 2021 Q&A webcast. I am joined today by Elon Musk; Zachary Kirkhorn, and a number of other executives. Our Q1 results were announced at about 1 p.m. Pacific Time in the update deck we published at the same link as this webcast. During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC. During the question-and-answer portion of today’s call, please limit yourself to one question and one follow-up. [Operator Instructions] But before we jump into Q&A, Elon has some opening remarks. Elon? Elon Musk: Great. Thank you. So Q1 2021 was a record quarter on many levels. Tesla achieved record production, deliveries and surpassed $1 billion in non-GAAP net income for th

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