Tesla Smashes Q1 Delivery Record Thanks To Price Cuts | OilPrice.com

event held at the end of February, wherein Elon Musk stated that price cuts had sparked demand for more affordable models.

Musk claimed that the demand for Teslas was nearly unlimited and would increase significantly as the company made its vehicles more affordable. The recent price reductions for the S and X models implied at the time that these vehicles may not have experienced the same boost in demand as the rest of the lineup when the company reduced prices earlier this year. The Q1 figures seem to tell that same story.

He said days ago that consensus for the quarter currently sat at 418,756, suggesting a"beat" is on tap. He was accurate about beating figure, but says that the 1.8 million target for the year may not be the incredible news the street is looking for. "With our model pointing to an avg. 1Q23 price cut across all of TSLA’s cars of -$6.0K/car, or -11.7% QoQ, vs. sales growth of just +5.2% QoQ," he said such a figure would be"nothing short of a disaster". "Even if TSLA gets to 1.8mn cars sold in 2023 , things still look bad from an earnings perspective," he wrote. Johnson's estimate was for $2.67/share in EPS versus consensus of $3.

So, taking an assumed 2023 profit per car of $9,196, then subtracting $4,500, one arrives at a new profit per car of $4,969. Then, applying the low-end of TSLA’s guidance for 1.8mn cars sold in 2023, or $4,969 * 1.8mn, one arrives at a 2023 net profit of $8.452bn. Finally, dividing this number by TSLA’s shares outstanding of 3.164mn, , or 71.8x earnings, and a -27.0% fall in EPS YoY.

Source: Car News Wire (carnewswire.net)

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