Tesla Inc (TSLA) Q1 2024 Earnings Report

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Tesla Inc

TSLA

$455.00 0.10%

Exchange: NASDAQ | Sector: Consumer Cyclical | Industry: Auto Manufacturers

Q1 2024

Published: Apr 24, 2024

Earnings Highlights

Revenue of $21.30B down 8.7% year-over-year
EPS of $0.34 decreased by 53.8% from previous year
Gross margin of 17.4%
Net income of 1.13B
""Despite these challenges, the Tesla team did a great job executing in a tough environment... energy storage deployments... reached an all-time high in Q1, leading to record profitability for the energy business," - Elon Musk." - Elon Musk

TSLA

Tesla Inc

Period Q1 2024

Currency USD

Report Type Quarterly Earnings

Generated Dec 8, 2025

Executive Summary

In the first quarter of 2024, Tesla Inc (TSLA) reported revenues of $21.3 billion, reflecting a year-over-year decline of 8.7% and a quarter-over-quarter drop of 15.4%. This decline is primarily attributed to seasonal challenges and ongoing macroeconomic pressures, as stated by management during the earnings call. Despite the revenue decline, Tesla demonstrated resilience with operating income of $1.17 billion and net income of $1.13 billion, amounting to diluted EPS of $0.34. Elon Musk emphasized Tesla's commitment to electric vehicle (EV) dominance despite competitors' pullbacks, showcasing strategic investments in AI and energy sectors that are anticipated to drive future growth. Furthermore, the capital-efficient production of new models is expected to bolster overall vehicle capacity and profitability.

Key Performance Indicators

Revenue

Decreasing

21.30B

QoQ: -15.36% | YoY: -8.69%

Gross Profit

Decreasing

3.70B

17.35% margin

QoQ: -16.72% | YoY: -18.07%

Operating Income

Decreasing

1.17B

QoQ: -43.27% | YoY: -56.04%

Net Income

Decreasing

1.13B

QoQ: -85.76% | YoY: -55.07%

EPS

Decreasing

0.37

QoQ: -85.14% | YoY: -53.75%

Revenue Trend

Margin Analysis

Financial Highlights

Revenue: $21.3 billion, -8.7% YoY, -15.4% QoQ
Gross Profit: $3.70 billion, with a gross profit margin of 17.4%
Operating Income: $1.17 billion, equating to a 5.5% operating margin
Net Income: $1.13 billion; net income margin at 5.3%
Diluted EPS: $0.34, reflecting a 53.75% drop YoY
Cash Position: Cash and cash equivalents stood at $12 billion, down from $17 billion in the previous quarter.
The quarterly financials indicate a compression in margins and profit metrics, raising concern amidst increasing operational expenses, specifically due to AI initiatives and capital expenditures for new production lines. Management is optimistic about margins improving, excluding Cybertruck rollout costs.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	21.30B	-8.69%	-15.36%
Gross Profit	3.70B	-18.07%	-16.72%
Operating Income	1.17B	-56.04%	-43.27%
Net Income	1.13B	-55.07%	-85.76%
EPS	0.37	-53.75%	-85.14%

Key Financial Ratios

Gross Profit Margin

Weak

17.40%

Gross profit margin is below industry norms, profitability concerns

Operating Profit Margin

Fair

5.50%

Operating margin is moderate, room for improvement in cost management

Net Profit Margin

Fair

5.30%

Net profit margin is moderate, room for improvement in cost management

Return on Assets

Weak

1.03%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

1.75%

Return on equity suggests inefficient capital allocation

Current Ratio

Healthy

1.72

Current ratio shows adequate liquidity to meet short-term obligations

Debt to Equity

Conservative

0.15

Debt-to-equity shows conservative leverage and low financial risk

P/E Ratio

High Growth

123.62x

Very high P/E indicates aggressive growth expectations, higher risk

Price to Book

High Premium

8.67x

Very high premium suggests asset-light business model or lofty expectations

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q1 2025	19,335.00	0.12	-9.2%	View
Q4 2024	25,707.00	0.66	+2.2%	View
Q3 2024	25,182.00	0.62	+7.9%	View
Q2 2024	25,500.00	0.42	+2.3%	View
Q1 2024	21,301.00	0.34	-8.7%	View

Tesla Inc (TSLA) Q1 2024 Earnings Report

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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