Profitability analysis
Tesla’s total revenues were $21.3 billion and $23.3 billion in the three months ended march 31, 2024 and in the three months ended march 31, 2022, respectively.
The total revenues in the three months ended march 31, 2024 were down 8.6% year-on-year as average selling price of cars fell.
Automotive sales were $16.5 billion and $18.9 billion in Q1 2024 and Q1 2023.
The automotive sales in Q1 2024 were down 12.7% year-on-year.
Cost of automotive sales were $13.9 billion and $15.4 billion in Q1 2024 and Q1 2023, respectively.
Gross margin was 15.76% and 18.5% in Q1 2024 and Q1 2023, respectively.
Gross margin for Q1 2024 declined which indicate that competition is very force.
Total operating expenses were $2.5 billion and $1.85 billion in Q1 2024 and Q1 2023, respectively.
The total operating expenses for Q1 2024 were up 35.1% year-on-year.
Net income was $1.14 billion and $2.5 billion in Q1, 2024 and Q1 2023, respectively.
Net income provided by operating activities was $242 million and $2.5 billion in Q1 2024 and Q1 2023, respectively.
Conclusion
Competition is very force.
Capital expenditure is a cash outflow of account.
Gross margin was very low.
We think tesla’ s stock price is overvalued.
Disclaimer: The content is for reference only and does not constitute investment advice.
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