On April 24th, Tesla released its Q1 2024 financial report, which showed that in the first quarter, Tesla achieved a revenue of $21.301 billion, a year-on-year decrease of 9%; The net profit was 1.129 billion US dollars, a year-on-year decrease of 55%. After the financial report was released, Tesla's stock price surged after hours, rising by over 13% at one point.
At the earnings conference call, Tesla CEO Elon Musk released multiple positive news. He revealed that Tesla will continue to update its vehicle lineup and accelerate the launch of new models. Some production plans originally scheduled for the second half of 2025 may be advanced to early 2025 or even the end of 2024, including cheaper models, which will form a strong combination with existing models. The new model will utilize the next generation platform and current platform technology, and be able to use the production line of the current model. Overall, the delivery volume of electric vehicles in 2024 will be higher than last year, and the growth rate of energy storage business will be higher than that of electric vehicle business.
Musk confirmed that Tesla will release the Robotaxi on August 8, 2024. The management has announced the latest progress in unmanned taxis, which will adopt an unboxed manufacturing method. At the beginning of this month, Musk announced his plan to release autonomous taxis on social media, which was seen by the industry as a strategic move by Tesla's All in autonomous driving and Robotaxi.
Tesla is clear that the next wave of growth will be brought about by autonomous driving and new products, including electric vehicle products produced on the next generation electric vehicle platform. Meanwhile, the Shanghai super factory will provide some production capacity for new markets such as Chile. Tesla continues to invest in future growth areas, including artificial intelligence infrastructure, production capacity, supercharging stations, service networks, and new product infrastructure, with a capital expenditure of $2.8 billion in the first quarter.
In addition, Tesla is and will continue to expand its vehicle and data scale. The company firmly believes that the future is not only the era of electric vehicles, but also the era of autonomous driving. Only by relying on hundreds or millions of vehicles and massive artificial intelligence training clusters can large-scale autonomous driving be achieved.