Tesla, Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Record Performance: Tesla reported a record quarterly revenue of ~$25 billion, vehicle production and deliveries at all-time highs. Model Y became the bestselling vehicle globally in Q1.
  • Margins & Production: Achieved ~10% operating margin despite high interest rates and macroeconomic uncertainty. Q3 production expected to dip slightly due to summer factory upgrades.
  • Vehicle Delivery Target: Tesla reaffirmed its full-year delivery target of 1.8 million vehicles.
  • Autonomy & AI:
    • Over 300 million miles driven using FSD beta to date; expected to grow rapidly.
    • Dojo training capacity targeted to reach 100 exaflops by end of 2024.
    • Tesla is investing over $1 billion in Dojo through the next year.
    • FSD transferability allowed one-time in Q3, boosting upgrade potential.
  • 4680 Battery Cells: Production in Texas rose 80% QoQ; 25% reduction in COGS and 40% scrap cost reduction. Higher energy density cells for Cybertruck in late 2023 onward.
  • Cybertruck Update: Production ramping with delivery expected later this year. Elon Musk notes the model features extensive new tech and high demand.

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Martin Viecha: Good afternoon, everyone, and welcome to Tesla’s Second Quarter 2023 Q&A Webcast. My name is Martin Viecha, VP of Investor Relations. And I’m joined today by Elon Musk, Zachary Kirkhorn, and a number of other executives. Our Q2 results were announced at about 3:00 pm Central 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. Please use the raise hand button to join the question queue. But before we jump into Q&A, Elon has some opening remarks. Elon? Elon Musk: Thank you, Martin. So, just a Q2 recap. In Q2 we achieved record vehicle production and deliveries, and record revenue of about $25 billion in a single quarter. And Model Y became the bestselling vehicle of any kind globally in Q1, surpassing the likes of Corolla and Golf. So, it was the number one vehicle of any kind, including vehicles that are sold at a far lower price. This is, I think, an incredible achievement by the Tesla team, and just a huge thank you to our customers for their support. And this came in spite of high interest rates and a lot of m

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