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Closely following Monday's Autonomy push, Tesla is revealing the health of the company Wednesday with the Q1 earnings report conference call. We're monitoring the news and posting a live update here.
The Q1 sales report, released April 3, did not put the company in the best light. Deliveries were off by nearly a third and the company largely attributed that to a combined dilemma of front-loading Model 3 deliveries in Q4 2018 to take advantage of a U.S. tax credit, while European deliveries were hamstrung by various issues. At the same time, Model S and Model X deliveries made up a small fraction of the overall vehicles the automaker sent to customers at the end of 2018.
Here are the main points from the call:
- Musk: "All Tesla cars being built today" have self-driving ability and ability for Robotaxis
- Reiterates 1 million Robotaxis by 2020
- Musk says "massive" deliveries in Europe at end of Q1 as a good problem to have, with half of all deliveries happening in final 10 days of the time period.
- Musk is proud of the fact people are paying a premium to get a Model 3... not a lot of "mainstream EV" rhetoric used yet
- Chief Financial Officer Zach Kirkhorn calls this, "one of the most complicated" periods of the company's history, citing some one-time charges and the overseas deliveries that have skewed the report.
- Automotive revenue losses mostly connected to Model S and Model X declines, pricing changes
- Musk says Tesla will roll out an "insurance product" next month, but does not divulge details
- Tesla Semi: "prototypes are working amazingly well," Musk says, "we even use them to deliver some Model 3s"
- Location for production isn't set, but batteries come from Nevada
- Model Y production still unset, too, but there are unlikely to be delays whether it's set on Fremont or Nevada
- Musk alludes to finding space in Fremont to build Model Y, backtracking on the plant being, "packed to the gills"
- On "self-driving:" Musk says, "we're just going to continue reporting"
- "Tesla is a far more efficiently operating company than it was a year ago..."
- Tesla will continue to add stores in locations, "that are no-brainers," will close others that have low traffic. "It's common sense," Musk says.
- The $35,000 Model 3: "It's just slightly more inconvenient to order..."