Gate News message, April 22 — Tesla reported first-quarter revenue of $22.4 billion, up 16% year-over-year, with net income of $477 million, up 17%. However, operating expenses surged 37% to $3.78 billion, driven by heavy investments in humanoid robots, self-driving vehicles, and AI chip development under CEO Elon Musk’s direction.
The company’s operating margin compressed to 4.2%, marking the second consecutive quarter of sequential decline. Q1 EV deliveries totaled 358,023 units, up 6% from a year earlier but falling short of consensus expectations of 370,000 units, which Wedbush Securities analyst Dan Ives described as an “underwhelming start” to the year.
Tesla discontinued the Model S sedan and Model X crossover to allocate production capacity to its Optimus humanoid robot at its Fremont, California facility. The company indicated that the Cybercab could similarly replace the Model Y crossover, which it called “the largest volume vehicle in the fleet over time” once production begins.
Looking ahead, Tesla expects to reach volume production of the Cybercab and electric Semi in 2026. The company is also partnering with SpaceX, which is approaching an IPO, to construct what Tesla described as “the largest chip fab ever,” citing anticipated chip demand that will exceed existing and planned industry capacity.
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