AUSTIN - Tesla (NASDAQ:TSLA) Inc. announced a significant milestone in its energy storage deployment, with a record 4,053 MWh of energy storage products deployed in the first quarter of 2024. This achievement marks the company's highest quarterly deployment to date.
During the same period, Tesla produced over 433,000 vehicles, with approximately 387,000 vehicles delivered to customers. The production figures included over 412,000 Model 3 and Model Y vehicles, which are the company's highest-volume models. Deliveries of these models accounted for 369,783 units, with only 2% subject to operating lease accounting. Other models saw a production of 20,995 units and deliveries of 17,027, with 1% under operating lease accounting.
The company noted that the decline in delivery volumes was partially due to the initial phase of the production ramp of the updated Model 3 at the Fremont factory, as well as interruptions at its factories. These disruptions were caused by shipping diversions stemming from the Red Sea conflict and an arson attack at Gigafactory Berlin.
Tesla plans to release its financial results for the first quarter of 2024 after the market closes on Tuesday, April 23, 2024. Following the release, the company will provide a link to the Q1 2024 update on its Investor Relations website. Additionally, Tesla management is set to host a live question and answer webcast at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) on the same day to discuss the financial and business outcomes and the company's outlook.
The webcast will be available live and for replay on the Tesla Investor Relations website, with an archived version to be made available approximately two hours after the Q&A session.
Tesla has emphasized that its vehicle delivery and energy storage deployment figures are only two metrics of the company's financial performance. They should not be taken as definitive indicators of the quarterly financial results, which are influenced by various factors such as average selling price, cost of sales, and foreign exchange movements. Comprehensive financial performance details will be provided in the 10-Q report for the quarter ending March 31, 2024.
This news is based on a press release statement from Tesla.
InvestingPro Insights
As Tesla Inc. celebrates its record energy storage deployment and vehicle production numbers for the first quarter of 2024, investors and analysts are closely monitoring the company's financial health and stock performance. According to the latest data from InvestingPro, Tesla's market capitalization stands at a robust 558.04 billion USD. Despite recent production achievements, Tesla's stock has experienced volatility, with a 1-month price total return of -13.53% and a 3-month price total return of -29.47%. These figures underscore the stock's sensitivity to production ramp-ups and external disruptions, as mentioned in the firm's update.
From a valuation standpoint, Tesla's Price/Earnings (P/E) ratio is currently at 36.77, which may indicate a high earnings multiple when considering the near-term earnings growth. This aligns with an InvestingPro Tip that Tesla is trading at a high P/E ratio relative to near-term earnings growth. Additionally, the company's revenue growth for the last twelve months as of Q1 2024 stands at 18.8%, a testament to its expanding market reach and sales performance.
InvestingPro Tips also highlight that Tesla holds more cash than debt on its balance sheet, providing the company with a solid liquidity position to navigate any short-term financial challenges. Moreover, Tesla's prominence as a key player in the Automobiles industry cannot be understated, further solidifying its competitive stance.
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