Another strong quarter for Tesla with continued sales growth of cars with total production of 440,808 units giving 44% YoY growth. With price reductions this impacted the profitability that reduced to 11.4%, a margin that most other car makers can only dream off.
Energy products grew at 148% YoY to $1.5B and deployed 3,889 MWh of batteries.
Highlights
US: California, Nevada and Texas
The Model Y was the best-selling non-pickup vehicle in the US in Q1.
China: Shanghai
Since our Shanghai factory has been successfully running near full capacity for several months, we do not expect meaningful increase of weekly production run rate.
Europe: Berlin-Brandenburg
The Model Y production line in Germany produced over 5,000 vehicles in a week towards the end of Q1. In Q1-2023, Tesla Model Y became the best-selling vehicle, of any kind, in Europe (EU + EFTA + UK).
Energy Storage
Energy storage deployments increased by 360% YoY in Q1 to 3.9 GWh, the highest level of deployments we have achieved due to ongoing Megafactory ramp. The ramp of our 40 GWh Megapack factory in Lathrop, California has been successful with still more room to reach full capacity.
