Tesla's Elon Musk talks new robotaxi vehicle, higher prices and deliveries growth on conference call
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Tesla (NASDAQ:TSLA) knocked out record deliveries and operating margin in a quarter that execs called challenging but successful.
During the earnings call, execs said higher vehicle pricing and a beneficial product mix helped the company offset some inflation pressures. Production at Shanghai was described as limited and near-term margin headwinds in Austin and Berlin are anticipated as part of the initial ramp to scale up.
CEO Elon Musk said the company had a reasonable shot at 60% production growth this year. He also tipped that a new dedicated robotaxi vehicle will have an extremely low cost per mile. The vehicle will not have steering wheels or pedals, but will feature "exciting" innovations. The robotaxi vehicle is slated for production in 2024. On the truck scene, Cybertruck is scheduled to go into production in 2023. Musk clarified that the higher prices on vehicles are in reaction to the delay until ordered cars will be built and the expectation that raw materials costs will be higher when they are.
Weighing in quickly on the earnings report, Wedbush Securities analyst Dan Ives highlighted the "particularly impressive" margin beat in light of the dramatic headwinds Tesla (TSLA) is seeing in China along with increasing component costs across the board.
Elsewhere on Wall Street, Wells Fargo said higher pricing and the leverage of labor and overhead costs helped offset the underlying material cost inflation. If there was a dig, some analysts noted that Tesla (TSLA) sticking to its forecast for 50% average annual growth in deliveries could actually disappoint investors without specific targets set for Shanghai, Austin and Berlin individually.
Shares of Tesla (TSLA) rose 6.31% in after-hours trading to $1,038.00.
Dig into some of the details from the Tesla Q1 earnings report.