- In Q1, Tesla produced 24,728 Model S and Model X combined. For Model 3, Tesla managed to produce 9,766 vehicles. In terms of deliveries in Q1, Tesla has delivered 21,815 Model S and Model X combined. For Model 3, the delivery number is 8,182 vehicles. Total number of vehicles delivered in Q1 was 29,997.
- In mid of April, Tesla had produced more than 2000 Model 3 vehicles for three straight weeks and managed to achieve a new record of 2270 vehicles at the end of April.
- Deliveries of Model 3 continues to increase, and Model 3 is marching forward to become the best-selling mid-sized premium sedan in the US when selling price is on par with internal combustion engine vehicles.
- Tesla is targeting to achieve positive net income in Q3 and Q4 when excluding non-cash items such as stock-based compensation.
- Tesla is also expecting to achieve full GAAP profitability in Q3 and Q4, provided that it’s able to achieve Model 3 production volume of 5000 vehicles per week.
- The next milestone would be achieving 5000 vehicles per week for Model 3 with basic options, after which Tesla will be offering new options such as all-wheel-drive and base model with standard sized battery pack.
- Tesla ultimate goal is to produce 10,000 vehicles per week and plans to use full automation in its assembly lines to produce the world’s highest quality cars as quickly and as cost-effectively as possible, and with as close to zero injuries as it can possibly get for its workers.
- In March 15, the company has updated its Autopilot software and mapping architecture for safer driving and is on track towards launching full self-driving.
- In Q1, Tesla opened 9 new store & service locations, resulting in 339 locations worldwide.
- At the end of Q1, Tesla has about 300 mobile service vehicles in operation, the equivalent of 60 service locations.
- 25% of all services carried out in North America was done without customers having to visit a physical service center.
- 77 new Supercharger locations were opened in Q1 which brings the total number of Supercharger stations to 1,205 worldwide. This number is inclusive of the 400 Supercharger stations in Europe.
- In Q1, energy storage products (Powerpack and Powerwall combined) deployments grew 161% from Q4 2017 to 373 MWh. This number is including the 129 MWh South Australia project which started in 2017 and with final commercial transfer occurring in Q1 2018.
- Total number of solar energy generations systems deployment was 76 MW in Q1. This number has been decreasing for several quarters due to the closure of certain sales channels and market segments in order to save cash.
- Tesla continues to prioritize Powerwall (an energy storage product) deliveries which in most cases, are delivered together with solar panels.
- Solar Roof facility in Buffalo continued to ramp in Q1. Tesla expected production of Solar Roof to accelerate in second half of 2018.
- Tesla continues to expand the offering of energy storage products and solar generation system in Tesla stores. These products are now offered in over 90 Tesla stores and sales are picking up as a result of these offerings.
Disclosure: The authors have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
The authors wrote this article themselves, and it expresses their own opinions. The authors are not receiving compensation for writing the article. The authors have no business relationship with any company whose stocks are mentioned in this article.
1. Financial figures were obtained from Tesla Quarterly and Annual Reports.