After falling $1.31 (-0.63%) to $207.83 during the regular session the stock is down a further $12.37 (-5.95%) to $$195.46.
Check out the full TSLA Q4 2023 earnings report on the Tesla Investor Relations website.
Profitability
- $8.9B GAAP operating income in 2023; $2.1B in Q4
- $15.0B GAAP net income in 2023; $7.9B in Q4
- $10.9B non-GAAP net income1 in 2023; $2.5B in Q4
- One-time non-cash tax benefit of $5.9B recorded in Q4 for the release of valuation allowance on certain deferred tax assets
Cash
- Operating cash flow of $13.3B; free cash flow of $4.4B in 2023
- Operating cash flow of $4.4B; free cash flow of $2.1B in Q4
- $3.0B increase in our cash and investments in Q4 to $29.1B
Operations
- Operations Model Y became the best-selling vehicle in the world
- Energy storage deployment of 14.7 GWh in 2023, 125% growth
Summary
In 2023, we delivered over 1.2 million Model Ys, making it the best-selling vehicle, of any kind, globally. For a long time, many doubted the viability of EVs. Today, the best-selling vehicle on the planet is an EV.
Free cash flow remained strong in 2023 at $4.4B, even as we focused on future growth projects with our highest capital expenditures and R&D expenses in company history.
Energy storage deployments reached 14.7 GWh in 2023, more than double compared to the previous year, while Energy Generation and Storage business profits nearly quadrupled in 2023. Gross profit of our Services & Other business increased from a ~$500M loss in 2019 to a ~$500M profit in 2023.
Cost of goods sold per vehicle declined sequentially in Q4. Our team remains focused on growing our output, investing in our future growth and finding additional cost efficiencies in 2024.
In late December, we started rolling out V12 of FSD Beta. Trained on data from a fleet of over a million vehicles, this system uses AI to influence vehicle controls (steering wheel, pedals, indicators, etc.) instead of hard-coding every driving behavior. V12 marks a new era in the path to full autonomy.
We are focused on bringing the next generation platform to market as quickly as we can, with the plan to start production at Gigafactory Texas. This platform will revolutionize how vehicles are manufactured....
....MUCH MORE
And:
Tesla (TSLA) Q4 2023 conference call transcript
....MUCH MORETesla's earnings results conference call is set to kick off at 5:30 p.m. ET. Keep an eye on this article for a transcription of the earnings call right here.
- Call starts at 5:33 PM ET
- Elon is on the call, god help us all.
- Elon opening remarks
- Tesla as a team did an incredible job in 2023
- record deliveries
- Highest output for a North American auto plant at Fremont factory
- Fremont factory impact on the local economy championed by Elon
- It's really a gem
- I'm super proud of the people who work there
- Model Y is the best selling vehicle in the world
- Energy Generation service saw tremendous growth in 2023
- Continue to see very strong growth in storage business
- I said that the storage business would grow faster than the auto business, and it is
- lots to look forward to in 2024
- Tesla is in between two growth phases
- end to end AI development
- We will be rolling out v12 to all FSD-eligible vehicles
- Not just for object detection
- Replacing code with the neural net?
- As a side note, I think that Tesla is the most efficient company when it comes to AI inference
- Hardware 3 is several years old
- We are quite far ahead on the AI inference efficieny front
- New Model 3 is now available globally
- I recommend taking it for a test-drive
- Steady improvements
- Very far along on the next-generation low-cost vehicle
- This is going to be profound in its design and the design of the manufacturing system
- far more advanced than any other vehicle factory process
- The most important part of Tesla is manufacturing expertise
- Texas will be the first location for next-gen, followed by Mexico
