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. 

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