Deliveries are less than expected, layoffs have been started around the world, and Tesla has been forced to cut prices since 2024.
As everyone knows, just yesterday, with the official announcement of the first quarter financial report of the American new energy vehicle company, there is no doubt that it once again ushered in a ruthless "black start".
Looking at several key figures, the total revenue was only $21.301 billion, a year-on-year decrease of 9%, a decrease of 15.4% quarter-on-quarter, and did not meet the expectations of $22.22 billion given by Wall Street.
To add insult to injury, the once-proud earning power is also declining rapidly.
In the first quarter, Tesla's operating profit was only $1.171 billion, an exaggerated 56% year-on-year decline, nearly halved, and a quarter-on-quarter decrease of 43.3%.
Gross profit fell below the $4 billion mark to only $3.696 billion, down 18.1% year-on-year and 16.7% month-on-month, reaching the worst level in history in the past two years.
At the same time, the gross profit margin continued to decline, only 17.4% in the first quarter, a decrease of 0.2 percentage points from the previous quarter. In the crucial net profit column, Tesla only had $1.129 billion in the first quarter, a year-on-year decline of 55%, a staggering 602% quarter-on-quarter decrease, and the worst performance since the second quarter of 2021.
On the other hand, the free cash flow situation in the first quarter was only negative 2.531 billion US dollars, a year-on-year decrease of 674% and a quarter-on-quarter decrease of 222.6%. In addition, as of the end of the first quarter, Tesla's cash and cash equivalents on the books were $26.863 billion, a decrease of 7.7% from the previous quarter.
To sum up, if you have to give the above report card a keyword, then it is definitely a "thunderstorm" or "big surprise". Whether you admit it or not, the protagonist of today's article is really experiencing another darkest moment.
However, what is unbelievable is that according to common sense, Tesla's crotch pulling will definitely trigger a plunge in stock prices and a shrinkage in market value. After all, looking at 2024, the capital market has already given it many heavy slaps in the face. But this time, the situation seems to be far from as bad as imagined, and there is even a slight recovery.
The fundamental reason is that on the earnings call, Musk, who is at the helm, finally remembered his identity as Tesla's CEO, and made people see the hope that the American new energy car company will bottom out.
For example, the opening sentence that sets the main tone: "We think the second quarter will be much better." ”
For example, in response to rumors that the low-cost electric vehicle project has been cancelled, he said: "We plan to start production of new models by the end of this year or early 2025, earlier than previously planned in the second half of 2025."
For example, once again, Tesla is increasing its investment in artificial intelligence across the board, "By the end of this year, we will have 85,000 NVIDIA H100 GPUs for training artificial intelligence because we are an artificial intelligence company." ”
For example, when it comes to autonomous driving, he is full of determination: "Even if aliens kidnap me tomorrow, we will solve the problem of autonomous driving." ”
For example, it confirmed that it is discussing FSD licensing with a car company, "We did have a conversation and plan to provide them with self-driving in-vehicle computers and cameras, and license them to use the software." ”
Another example is the speech near the end of the earnings call, "From 2019 to now, we have just experienced a long period of prosperity. Now it's time to restructure the company for the next phase of growth. ”
Combined with various information, you can feel Tesla's determination and ambition to get back on track.
Of course, as a bystander, I still want to mention that throughout the legendary growth process of this American new energy vehicle company, it can indeed be regarded as a very outstanding pioneer.
Almost single-handedly, it has torn a hole in the hinterland of traditional fuel vehicles, and let the wave of electrification transformation completely sweep the global auto market.
But as the saying goes, "It's easy to fight the country, but it's hard to defend the country." "In the new stage where it is necessary to stick to and expand the base, Tesla's shortcomings, shortcomings and even inferiority are slowly showing a backlash effect.
At the moment, its state is very much like a young man who is gradually growing up, the limbs and bones are basically developed, and if you want to become stronger, losing fat and gaining muscle has become the only way.
And fitness people must understand how terrifying it is to pay the price, the sweat that needs to be shed, and the difficulties that need to be overcome in the process.
In short, Tesla, which has encountered a "black start", is destined to be full of thorns and challenges in 2024. Homeopathy, to a point overview, looking at all the new energy car companies that only bet on the pure electric technology route, even the "leader" can be said to be in decline, how can everyone's life be better?
Anyway, it is foreseeable that the knockout round will become more and more brutal, and all everyone can do is grit their teeth and give everything they have to survive.
The days that followed were hellish for everyone involved.