We’re back with a fresh batch of Tesla news, in Teslaverse #8. It’s important to keep up with what Tesla does to truly understand the industry. If you didn’t catch previous episodes, no worries, you can find them here(episode 1), here(episode 2), here(episode 3), here(episode 4), here (episode 5) here (episode 6), and here (episode 7). As always, Beast would love to take all the credit, but the real hero behind this project is Jaan from The EV Universe. Jaan’s on a mission to connect the whole EV ecosystem and make it accessible to everyone.
A quick reminder before jumping into Teslaverse episode 8
This blog post is a quick overview of Teslaverse #8. You might call it a trailer, or the episode highlights. If you want a more in-depth look, you should head over to Musk loses $55B comp lawsuit – — Next-gen Tesla “Redwood” — 2023 Tesla overview.
Deep Dive: 2023 (l)earnings
Tesla recently concluded its Q4 and Full Year 2023 Earnings call, providing stakeholders with a comprehensive look at the company’s financial health and future trajectory.
Revenue and Profitability
In 2023, the company reported a GAAP net income of $15.0 billion, with $7.9 billion in Q4 alone. Non-GAAP net income stood at $10.9 billion for the full year, with $2.5 billion in Q4. Revenue for 2023 reached $96.77 billion, a 19% YoY increase. Auto revenue accounted for $78.5 billion. GAAP gross margin was 18.2%, with Q4 showing 17.6%. Operating margin stood at 9.2%, dropping slightly to 8.2% in Q4. Regulatory credit sales amounted to $443 million in Q4, contributing to a total of $1.79 billion for 2023. Liquidity remained robust at $29.1 billion in cash, cash equivalents, and investments by the end of Q4.
Expansion
Tesla’s global employee count grew by 9.9%, reaching 140,473 by December 31, 2023. In 2023, the company produced 1,845,985 vehicles, a 35% YoY increase, and deliveries totaled 1,808,581, up 38% YoY. The Model Y emerged as the top-selling car globally in 2023, comprising approximately 66% of total sales.
Market Share and Global Presence
Tesla continued to expand its footprint with 245 new service/store locations, 1,274 Supercharger locations, and 12,473 Supercharger connectors added in 2023. Notably, around 90% of buyers in 2023 were first-time Tesla owners, indicating sustained market growth. Tesla’s energy-related ventures recorded 223MW of solar deployed, a 36% YoY decrease, and 14.72GWh of energy storage, a remarkable 125% YoY increase.
FSD and AI Advancements
FSD Beta reached approximately 775 million cumulative miles driven by the end of 2023. Tesla emphasized the doubling of its AI training compute to accommodate a growing dataset and the Optimus Robot project.
Future Growth Projections
Elon Musk hinted at a lower vehicle volume growth rate in 2024 compared to 2023, citing a focus on the launch of the next-generation vehicle at Gigafactory Texas. Musk’s statement from the previous year about working on two new products with a combined annual sales potential of 5 million vehicles was reiterated.
Tesla Vehicles
Tesla enthusiasts received exciting news about the upcoming “Redwood,” the next-gen mass-market electric vehicle. Set to debut in mid-2025, Redwood is poised to make a significant impact in the automotive landscape.
NV9X Architecture
Internally known as NV9X, Tesla’s next-gen architecture is anticipated to encompass at least two different models, showcasing the company’s commitment to innovation. Reuters reported that Tesla engineers conducted a teardown of a Honda Civic, priced at $23,950, to explore methods for producing more affordable cars.
Global Production Strategy
Redwood production is expected to commence in Gigafactory Texas, with Gigafactory Mexico set to follow suit after success is demonstrated. Suppliers have been informed of an ambitious production volume target of 10,000 units per week.
Cybertruck image from Tesla Asia on X.
Tesla (Super)Charging
Global Supercharger Location Competition
The Fall 2023 Supercharger location competition concluded with Brașov, Romania, securing the top spot with an impressive 20,012 votes. The competition allows users to vote for new locations, shaping the expansion of Tesla’s Supercharger network. Winter 2024 voting is underway, with Keszthely, Hungary, currently leading.
For real-time updates on Supercharger installations, follow @Teslacharging on the X platform.
Supercharger Technology Updates
Addressing user feedback, TeslaCharging confirmed upcoming improvements in V4 Supercharger cables. Concerns about weight, flexibility, and holster grip causing plug falls will be addressed. Xcharge is testing Cybertruck compatibility on their DC charger with NACS, aiming to overcome initial challenges.
“Help Me Charge” Website
Tesla launched the “Help Me Charge” website, offering users guidance on optimal charging solutions based on their needs. This initiative reflects Tesla’s commitment to enhancing user experience in the evolving electric vehicle charging landscape. Stay tuned for more Supercharger updates and innovations.
We hope you enjoyed the 8th Teslaverse!
Episode 9 will be out in about a month, so we do recommend keeping an eye on our blog section or subscribing to The EV Universe newsletter.
A massive thanks to Jaan for producing our Teslaverse #8.
