Tesla Q4’23 earnings call

Tesla held its Q4 2023 earnings call yesterday.

Here’s a summary of the call:

• Tesla ended the year with over $96 billion of revenue and generated $4.4 billion of free cash flow to end the year with over $29 billion of cash and investments on hand.
• Vehicle production rate reached nearly 2 million cars a year.
• Model Y became the best-selling vehicle globally, with over 1.2 million units delivered.
• The Energy Storage business delivered ~15 gigawatt hours of batteries in 2023 compared to 6.5 gigawatt hours the year before.
• Tesla is focused on executing the next growth wave involving next-gen vehicles, energy storage, and full self-driving.
• Production of next-gen vehicles will start towards the end of 2025. The first manufacturing location will be at Tesla’s Gigafactory and headquarters in Austin, Texas.
• In the weeks to come, full self-driving version 12 will be available to all US customers requesting full self-driving, totaling over 400,000 vehicles. This update includes a complete architectural rewrite using end-to-end artificial intelligence.
• New Model 3 is available globally, it is “significantly quieter, more refined, better equipped, has longer range and many other improvements…”
• Around 90% of vehicle buyers in 2023 never owned a Tesla before.
• 2024 focus: grow output, continue cost reduction of vehicles and increase investments in future growth initiatives. Anticipating capital expenditure exceeding $10 million for 2024.