Was there any good news for Tesla? Tesla’s energy unit saw revenues skyrocket by almost 150% YoY, reaching $1.51bn. Tesla also logged a drop in its revenue generated from environmental credits compared to last year. Musk also reiterated that uncertainty surrounding macroeconomic factors are also putting strain on the company’s operations – referring to the year ahead as “stormy weather”. The company’s sales are also still looking fairly strong, even if rising production costs are putting strain on profitability. Having already implemented price cuts in the US last year, this week Tesla implemented its 6th price cut this year – meaning the base model Y has had prices slashed by 20% since the year began. What’s Tesla doing to turn it around? So far, Tesla’s main strategy to improve its profitability is enacting price reductions on the cost of its vehicles. The company stated that the cause of the drop was the fact that its new factories are not being fully utilized, in addition to the rising cost of the materials involved in production. Tesla reported it to be $2.51bn – marking a decline of 24% from the year prior. The bad news however, was the company’s net income. The news caused TSLA to drop by over 7% today. Its revenue for the quarter even managed to beat analyst expectations with $23.33bn against estimates of $23.21bn. The company reported earnings per share which matched expectations at $0.85 per share. Tesla has announced its Q1 2023 report, which had investors thinking that this year might not be as smooth a ride for the EV maker as expected. Tesla Energy unit also saw its revenues soar by almost 150% compared to last year.Its revenue, however, managed to beat analysts expectations at $23.33bn against estimates of $23.21bn.Tesla’s Q1 report showed its net income to have fallen by 24% from the year prior.TSLA: Tesla’s Q1 Report Fails to Impress, Shares Drop by 7%
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