Numbers:<p>- Q1 EPS $0.27, Est $0.43, wow, hard to remember a fumble this large for such a big company.
This is a big canary in the coal mine for US markets earning season, things are going to get really ugly.<p>- Q1 Revenue $19.3B, Est $21.7B<p>- Model 3 deliveries down 12%,<p>- Model Y deliveries down 12%<p>- CyberTruck deliveries down 24%<p>- production of Model 3 down 16%<p>- production of Model Y down 18%<p>- regulatory credits $600M for Q1<p>- powerwall passed 1GW in deliveries for the first time, that's positive<p>- Q1 gross automotive margins are at 12.5%<p>Notes:<p>- could Elon announcing he's leaving TSLA be the biggest single personal catalyst for a companies stock price, since Balmer announced he was leaving MSFT?<p>- They are providing guidance that tariffs will affect the power business more than the automotive business, which makes sense as North America makes up 5% of global Lithium-ion battery production and China makes up 84% of it<p>- Cybercab status is now "in construction"<p>- dropped their old sales guidance<p>- dropped their prediction that sales would grow on the year<p>- nothing in the deck about Elon staying on, but they did add a new risk about the changing political climate may affect their sales<p>- New Texas Lithium refining and cathode production plants are on track to start production next year
Watch For:<p>- Does Elon provide a hard target for when he starts working again?<p>- Energy storage has been growing, but batteries will be hit hard by tariffs, rare earths, does that hit energy storage yet?
or do we see a pump from pulling forward demand to beat tariffs?<p>- Any tie ins with xAI? Elon seems to be throwing everything he can to pump up xAI's valuation, he clearly has some loans now tied to its price<p>- Tone of earnings call, Typically earnings calls have been essentially blowing smoke up Elon's ass with no tough questions asked/answered at all.<p>Even one hard question would indicate that wall street has shifted from the Elon can do no wrong mindset<p>- Will TSLA blame tariffs for bad sales like other companies have?<p>- What will they say about a new Tesla models?<p>- China sales will dominate what the market thinks, Therefor Tesla will almost certainly not break them out,