TESLA Q1 EARNINGS PREVIEW

EV Channels Review

This video provides a detailed preview of Tesla's Q1 2023 earnings report, focusing on the anticipated impact of significant price cuts on the company's margins. The presenter, Rob Maurer, meticulously walks through his own forecasts and compares them with analyst consensus, highlighting key differences in energy storage projections and revenue expectations. A central theme is the average selling price (ASP) and its crucial role in determining automotive gross margins, with a particular focus on whether margins will remain above the 20% mark (excluding leases and credits) as previously indicated by the CFO. Maurer expresses some uncertainty regarding the CFO's comments, questioning if they referred to the current quarter or the full year. The analysis also touches upon declining costs due to factory ramps and material price decreases, though the timing of these benefits is noted as uncertain. The presenter anticipates a sequential drop in automotive gross margins but notes it's less severe when excluding a significant FSD revenue recognition from the prior quarter. Overall, the video emphasizes that the Q1 results will set a benchmark for future performance and market reaction, especially given subsequent price adjustments.