Q1 2024: Tesla’s Next Technological Revolution and Growth Surge.
▪️ Sustained Global Sales Keep Revenue High
In the first quarter of 2024, Tesla reported total revenue of $21.3 billion, with GAAP net profit of $1.1 billion and non-GAAP net profit of $1.5 billion.
By March 29, Tesla’s global production of pure electric vehicles surpassed 6 million units. In Q1 2024, Tesla delivered 387,000 vehicles globally, with the Model 3/Y accounting for 370,000 units. The Model Y maintained its position as the global best-selling passenger car, continuing its dominance from 2023.
The benchmark Model 3 remained the top-selling luxury sedan in China. In April, Tesla achieved a weekly production of over 1,000 Cybertrucks. The high-performance version of the Model 3 debuted globally on April 24. The Robotaxi autonomous taxi service is set to launch on August 8. (*Based on January/February 2024 sales data from the China Passenger Car Association.)
Tesla’s vehicle lineup continues to evolve, with new models at more affordable prices set to launch soon. These new models will leverage both next-generation and current platform technologies, utilizing existing production lines
In the future, accelerating towards autonomous driving and investing fully in future growth
In 2023, Tesla’s annual R&D investment reached a high of $3.969 billion (approximately ¥28.4 billion). In 2024, Elon Musk announced on social media that Tesla’s expected R&D investment in autonomous driving projects for this year will exceed $10 billion (approximately ¥72.4 billion).
We continue to invest in future growth, including artificial intelligence infrastructure, production capacity, supercharging stations, and service networks, as well as new product infrastructure. In the first quarter, Tesla’s capital expenditure was $2.8 billion (approximately ¥20.3 billion).
We believe that only by leveraging the data from millions of vehicles and massive AI training datasets can we achieve large-scale autonomous driving. We already possess both and will continue to scale them up.
The future is not only the era of electric vehicles but also the era of autonomous driving.
More than just cars: Tesla product landscape
FSD (Full Self-Driving Capability) Evolving at Full Speed
As of the first quarter of 2024, Tesla’s FSD (Full Self-Driving) system has accumulated a total real-world mileage of 1.25 billion miles (approximately 2 billion kilometers). Tesla’s FSD is evolving to be more human-like and intelligent. We have removed the “beta” label from FSD and officially renamed it FSD Full Self-Driving Capability (Supervised Version), introducing Tesla’s end-to-end neural network. This network leverages deep learning from the driving data of over a million Tesla vehicles, enabling artificial intelligence to control vehicles. This will be a “game-changing technology.”
In the first quarter, we completed the transition to Automatic Driving Assistance Hardware HW4.0, our latest onboard computer, which offers higher reasoning processing capabilities and clearer cameras. To further enhance our end-to-end training capabilities, we will continue to upgrade our core artificial intelligence infrastructure in the coming months.
Accumulated mileage using FSD Beta (as of April 21, 2024)
Robotaxi: Driving Towards the Future
Tesla’s self-driving taxi service, Robotaxi, is set to be officially launched on August 8th, adopting a revolutionary “unboxed” vehicle manufacturing strategy. Additionally, Tesla plans to seamlessly integrate future ride-hailing capabilities into the Tesla app.
Elon Musk believes, “If full self-driving is achieved, vehicles themselves can be shared among many users, increasing the utilization value of vehicles by 5 times.”
Optimus: Advancing Intelligence
In the first quarter, Tesla’s artificial intelligence training computation increased by over 130%. The second-generation Tesla humanoid robot, Optimus, utilizes visual perception and neural network technologies similar to FSD (Full Self-Driving Capability), enabling it to perform core functions such as path planning and object recognition.
While FSD is rapidly advancing, Optimus is also accelerating its intelligent breakthroughs in sync. As Elon Musk stated, “Tesla will be the strongest company among all humanoid robot manufacturers.”
Energy Storage Products Set New Records
This quarter, Tesla’s global energy storage capacity reached 4.1 gigawatt-hours (410 million kilowatt-hours), marking the highest quarterly installation volume to date. In February, global installations of Tesla’s residential energy storage system, Powerwall, surpassed 600,000 units, while the new generation Powerwall 3 was officially launched in the United States.
Currently, Tesla’s energy storage products are deployed in over 65 countries and regions worldwide, with a total deployment capacity exceeding 10 gigawatt-hours (10 million kilowatt-hours).
The Tesla Shanghai Energy Super Factory is scheduled to set sail in May of this year, with mass production expected to be completed by the first quarter of 2025. The facility will focus on the production of Megapack, an ultra-large-scale commercial energy storage battery, making it Tesla’s first energy storage super factory project outside the United States.
In 2024, the growth rate of Tesla’s energy production and storage business is expected to surpass that of its electric vehicle business.
Driving Forward Together: Expanding the Open Charging Network
In March 2024, Tesla China further expanded its all-scenario charging network, with over 800 charging stations and 4,600 charging piles now available to support more non-Tesla vehicle owners.
Regarding FSD (Full Self-Driving Capability), Elon Musk stated in 2023, “We plan to license FSD (Full Self-Driving Capability) to other car manufacturers.” Tesla is fully committed to advancing FSD technology, which will also drive the development of fully autonomous driving technology worldwide.
Since 2023, we have also opened up the original design and engineering files of the first-generation Roadster, sharing 48V low-voltage electrical architecture technology with the entire industry.
We believe that every technological breakthrough will accelerate the world’s transition to sustainable energy. With each firm step forward, we move closer to realizing humanity’s vision of a brighter future. In the face of every unknown and challenge on this journey, Tesla will continue to forge ahead fearlessly.
