• Tag Archives tesla news
  • Tesla Sets New Records with Q1 Results

    Tesla set another quarterly record for deliveries during the first quarter of 2021.

    As predicted by many, Tesla Inc. set another quarterly record for production and deliveries during the first quarter of 2021 while rolling out another profitable quarter.

    The delivery numbers eclipsed the previous record by more than 4,000 units, coming in at 184,877 vehicles during the quarter. The overwhelming majority of the deliveries were Model 3 and Model Y at 182,847 vehicles – at 140% increase compared to the year-ago number. It’s also a 21,000-plus unit jump compared with the previous quarter.

    The company’s automotive revenue came in at $9 billion, an increase of 75% compared with Q1 2020. Overall, the company’s total revenue came in at $10.4 billion with a net income of $438 million or 39 cents per share. It also reported an adjusted EBITDA of $1.8 billion for the quarter with operating income reported at $594 million with a 5.7% operating margin.

    Big results — again

    Tesla’s Elon Musk is taking on a new role: host of Saturday Night Live.

    Quarter-end and cash equivalents to $17.1 billion in Q1, driven mainly by a net cash outflow of $1.2 billion in cryptocurrency (Bitcoin) purchases, net debt and finance lease repaymenbts of $1.2 billion, partially offset by free cash flow of $293 million.

    “There’s no guarantee that Elon Musk’s appearance on SNL will garner big laughs, but it’s certain that he’s laughing all the way to the bank,” said Jessic Caldwell, Edmunds’ executive director of insights.

    “Tesla had a record-breaking first quarter, and seems to be doing particularly well compared to its more traditional OEM competitors who are starting to flounder in light of the unique market conditions squeezing the industry right now. It’s pretty ironic that as an automaker known for producing computers on wheels, Tesla’s deliveries in a quarter marred by a global chip shortage have proven to be so strong.

    The big numbers came despite the fact the average selling price for one of its vehicles fell during the quarter. However, officials seem almost pleased by that, noting that lowering “the average cost of the vehicles we produce is essential to our mission.”

    The exterior of the new Model S is a little more angular than its predecessor.

    Big sales — again

    The company was quick to note that with production of its Model 3 basically coming from one plant (Shanghai), it is the best-selling premium sedan “in the world.” It outsold its top competitors, the BMW 3 Series and Mercedes E-Class.

    “This demonstrates that an electric vehicle can be a category leader and outsell its gas-powered counterparts. We believe Model Y can become not just a category leader, but also the best-selling vehicle of any kind globally,” the company told investors.

    With the strong performance of those two, production of the 2021 Model S — the vehicle that really started it all — “should start very shortly.” Officials noted that production of the Model Y production rate in Shanghai continues to improve and “two new factories — Berlin and Texas — are making progress. There is a lot to be excited about in 2021.”

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  • Tesla’s Pubic Relations Team Gets the Ziggy

    Tesla CEO Elon Musk was reportedly unhappy with the media coverage of Battery Day last month.

    If Elon Musk cuts Tesla’s public relations department who don’t respond to automotive reporters will anyone notice anything different?

    Musk’s disdain for big corporate media has been well chronicled for several years now – mostly courtesy of the man himself and in 140 characters or less. Fortunately for those of us in small, non-corporate media, we’ve been treated just like the big boys. To be clear, wanting equal access generally means MORE access, not less — or none at all in this case.

    Why are we – or specifically me – talking about Musk and Tesla’s apparently now-defunct PR department? Well, it seems he’s decided that along with no marketing efforts, he also doesn’t need any public relations tasks completed either. Several media reports, led by Electrek, are reporting demise of public relations at the EV maker.

    (Tesla accidentally produces open-air Model Y.)

    This is all came up yesterday when Jalopnik’s Jason Torchinsky humorously laid out his one-way relationship with Tesla’s PR team. In the piece, he talks about how he got in trouble with an editor for not trying to get a comment from the then-nascent EV maker for a story he’d written. Since then, he’s always made repeated attempts to reach out to them.

    Tesla CEO Musk emphasized his distaste for the SEC during an interview on “60 Minutes.” Apparently, there are some good reporters out there.

    Straight forward emails. Begging emails. Sarcastic emails. Funny emails. WTF emails … and all of them in vain.

    Questions … unanswered. Confirmation requests … unconfirmed. Sigh ….

    The automotive media chorus, comprised of mostly middle-aged men driving mostly brown station wagons manual transmission, was quick to join in support of Torchinsky. Many relived their own frustrating efforts to get some sort of cooperation from Tesla’s public relations people, who I now envision as the same cardboard cutouts of people you see in the stands at pro sporting events these days, but sitting in cubes instead.

    Being the good reporter that I am I sought to confirm the rumor about the end of public relations at Tesla. Particularly tricky if true, I might add. Undaunted I reached out today to the one Tesla person who has responded to me in the past few years. In fact, compared to Torchinsky and many others I’ve seen in top-secret auto reporter forums where we lament the slow death of the manual transmission and brown station wagons, this person and I are virtual besties because I’d heard from someone – gasp!– this year!

    My last response came from Tesla’s Kamran Mumtaz on Jan. 28, where his email could essentially be summed up as “no.” To be clear, it was nicer than that, but I have parents and I’ve been told “no” before and, well, it was basically the same experience. We’ve all been there.

    Joe Rogan, left, spoke with Tesla CEO Elon Musk for more than two hours on his podcast.

    (Tesla hits quarterly deliveries record but Wall Street is not impressed.)

    I’ve also reached out to Gina Antonini, who works in Communications and External Relations at Tesla, according to her LinkedIn page. We’ve never spoken, traded emails or texts before … and we still haven’t.

    The aforementioned Mumtaz may actually have been the last person to head up Tesla’s public relations team. A scan of his LinkedIn page shows he’s had some high-level public relations jobs, although Tesla was his first auto pr job. It also shows he’s still employed there, but he doesn’t have a title. Just says he works at Tesla. Could be working on the line now. Could be working security with the deletion of the pr team.

    I don’t know … because I still haven’t heard back.

    To be clear, automotive media types are a pretty lucky group. We drive nice vehicles occasionally (or often), we get fed well on a regular basis and the pr folks at every other automaker generally treat us pretty good. Many of them are former reporters and they understand that fair criticism is part of the deal. If they feel you’ve been unfair, they’ll call and you can hash it out, but petulant behavior by angry executives is rare because their pr folks generally let them know what’s coming in advance and remind them that, well, fair criticism is part of journalism — the good, helpful part of journalism. Suck it up buttercup.

    Tesla CEO Elon Musk, shown here with an early prototype of the Model S, used to talk with the media at auto shows.

    Musk has decided he doesn’t need to a pr team to help out reporters who are just gonna be unfair to him and his company anyway. If I had a few minutes with him, aside from asking him for the $1 million money clip I’m almost certain he carries in his pocket, I’d remind him that it’s hard to report the entire story without all the information and, believe it or not, we value automaker input — and that, well, fair criticism is part of journalism — the good, helpful part of journalism.

    (Tesla speaking truth about its power at Battery Day.)

    But, I have children and understand how they behave (kind like that last clause!) so I know what the response will be. So for now, I guess we’ll all have to suck it up, buttercup.