Tesla's net income is down 22.6% YoY, down 31.5% QoQ

Yesterday, after the closing bell, Tesla announced its earnings for the first quarter of 2023. The company reported a net income of 2.539$ billion and total revenue of 23.329$ billion. Net income saw a double-digit decline on a yearly and quarterly basis, while revenue declined only on a quarterly basis. In 1Q23, Tesla produced 440 808 vehicles and delivered 422 875 of them. During the same period, the company rapidly grew its energy storage production capacity at a mega-factory in Lathrop and announced a new mega-factory in Shanghai. In addition to that, Tesla cut its vehicle prices multiple times, intending to attract more buyers and get a competitive edge against its rivals. That proved a good strategy, with Model Y becoming the best-selling vehicle of any kind in Europe during 1Q23. The report also states that energy deployments increased by 360% YoY, and solar deployments rose by 40% YoY. In regard to the future outlook, Tesla plans to grow production as quickly as possible. In line with that, it plans to launch the production of Cybertrack at Gigafactory in Texas and reach a total production of vehicles of 1.8 million by the end of the year.

Net income = 2.539$ billion (-22.6% YoY, -31.5% QoQ)
Total revenue = 23.329$ billion (+24% YoY, -4% QoQ)
Total production = 440 808 (+44.3% YoY, +0.2% QoQ)
Total deliveries = 422 875 (+36.4% YoY, +4.3% QoQ)

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