Tesla's Q1 2024 Round-Up: Focus on 4680 Cells, Affordable EVs, Performance Models, and Corporate Cha

Tesla has been at the center of numerous developments in the first quarter of 2024 The company achieved a significant milestone in ramping up production of its 4680 battery cells, hitting a rate of 1,000 units per week, amounting to 7GWh annually Despite the progress, Tesla's leadership acknowledged the ramp is directly tied to the Cybertruck production, and even alluded to an excess of cell capacity as demand from other automakers waned. Following its earnings call, Tesla shared news of financial performances that fell short of expectations with earnings reported at $0.45 per share and $21.3 billion in revenue Elon Musk announced upcoming more affordable EVs, expecting them to utilize existing production lines, while a cheaper model was curtailed, which contributed to an 8% aftermarket stock increase Furthermore, the company unveiled an updated Model 3 Performance with bolstered specifications, though at the cost of a slight decrease in range. Tesla's financial challenges continued with the planned layoffs at its Gigafactory in Texas, overall marketing team cuts, and concerns of slow EV sales growth However, GM reported growth in its EV and software platform sectors, with an 8% revenue increase In other news, Musk envisions the Optimus humanoid robot, destined for consumer sales by the end of 2025, would become a significant revenue generator, potentially priced around $25,000.

Skepticism about Optimus arises from past experiences of overpromising projects Amidst these challenges, Tesla remains committed to its ride-hailing aspirations, seen in both the teased ride-hailing app, possibly dubbed 'Cybercab', and its sustained investment in Full Self-Driving (FSD) technology On a broader scale, Tesla aims to continue its push towards electrification, AI automation in production, and further advancement of its FSD software which surpassed 1.3 billion miles.

Internationally, Tesla's more eco-friendly and economical EV options are increasingly pitting against new regional players including rising Chinese brands Meanwhile, in a different segment of the industry, Mercedes-Benz introduced its all-electric G 580 SUV, packed with EQ Technology, while Fisker declared bankruptcy amongst financial trials As for future outlooks, Tesla has accelerated plans to introduce new models and increase full-year production growth beyond 50%, while staying within the bounds of current production capacities, to navigate through economic difficulties and demand fluctuations..