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After Tesla announced their first quarter earnings yesterday, it appeared Wall Street approved. In after hours trading, the stock popped more than 50 points (over 5%). Why? Associated Press notes, “Tesla reported Wednesday that its first-quarter net earnings were over seven times greater than a year ago.”
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Above: The future looks bright for Tesla’s Model Y and its upcoming Robotaxi business (Source: EVANNEX; Photo by Casey Murphy)
“The electric vehicle and solar panel company made a record $3.32 billion from January through March… the Austin, Texas, company made $3.22 per share. That soundly beat Wall Street estimates of $2.26 per share according to data provider FactSet,” reports AP.
Tesla is hot right now. The wait list to take delivery of a Tesla, at this point, could take up to a year due to the ever-increasing popularity of electric vehicle industry leader. “We are obviously not demand limited, we are production limited,” explained Tesla CEO Elon Musk.
During the earnings conference call, Musk said, “Do you like minting money?” And… no, he wasn’t talking about being a Tesla investor. He joked, “Can some more people please get into the lithium business?”
no ads/marketing and ppl bought more @tesla vehicles day after superbowl… probably nothing. pic.twitter.com/5pYdJL27wg
— bill lee 🚽 (@westcoastbill) April 20, 2022
Top: A look at Tesla’s spike in sales after other automakers advertised during the Superbowl; Bottom: Tesla operating margin growth (Twitter: Bill Lee)
According to Protocol, “One major supply chain challenge the company is facing is lithium, though not because of there’s a shortage of it. Musk said the element is ‘almost everywhere,’ but the steps to refine it are expensive and arduous. Musk sees this as an issue for the entire EV industry. His solution? More people need to get into the lithium business, he said.”
And although Musk didn’t comment on his recent moves to try and buy Twitter, he did provide more clues about the upcoming Robotaxi project at Tesla. Elon explained, “Looking at some of our projections, it would appear that a RoboTaxi ride will cost less than a… subsidized bus ticket or a subsidized subway [ride].”
Musk also revealed more excitement surrounding the company’s forthcoming robot efforts.”I was surprised that people did not realize the magnitude of the Optimus robot program,” Musk said. “Those who are insightful or looking listen carefully will understand that Optimus ultimately will be worth more than the car business.”
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Source: Associated Press, Protocol
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