Tesla Q1 Report 2024
We experienced numerous challenges in Q1, from the Red Sea conflict and the arson attack at Gigafactory Berlin to the gradual ramp of the updated Model 3 in Fremont. Excluding Cybertruck and unscheduled downtime, our COGS per unit declined sequentially, driven primarily by lower raw material costs.
While many are pulling back on their investments, we are investing in future growth – including our AI infrastructure, production capacity, our Supercharger and service networks, and new products infrastructure – with $2.8B of capital expenditures in Q1.
Highlights
Profitability
- $1.2B GAAP operating income in Q1 $1.1B GAAP net income in Q1 $1.5B non-GAAP net income in Q1
Cash
- Operating cash flow of $0.2B in Q1 Free cash flow of negative $2.5B in Q1 (AI infrastructure capex was $1.0B in Q1) $2.2B decrease in our cash and investments in Q1 to $26.9B
Operations
- Increased AI training compute by more than 130% in Q1 Record energy storage deployment of 4.1 GWh in Q1 Produced over 1,000 Cybertrucks in a single week in April