Shulou(Shulou.com)11/24 Report--

CTOnews.com, May 17, at the shareholders' meeting of Tesla, CEO Musk stressed that Tesla is the world's largest electric vehicle manufacturer, while Tesla has the highest profit margin of all automakers in the world.

Mr Musk admits that Tesla's competitors are in a difficult situation, many of which are making electric cars at a loss.

"it's hard to make a profit by making electric cars, there are a lot of competitors who are taking huge losses, we are not, we are profitable, and almost no one can be like us. It's really hard."

In the chart he shows, Musk compares Tesla with the profitability of three Chinese car companies, namely, BYD, Lailai and Xiaopeng, Ford Electric cars and Polar Star, which were born out of traditional giants, and Rivian and Lucid, two new forces in American carmaking. Only Tesla has a positive operating profit.

Musk also warned shareholders of the potential impact of rising interest rates on car buying ability, which is a key factor in many consumers' purchase decisions based on "monthly payments". As many banks are currently tightening credit, Tesla expects the coming year to be challenging.

"it is important to understand that no company is immune from the macroeconomic environment," Mr Musk stressed, predicting that the global economy would be in trouble for at least the next 12 months. He believes that Tesla cannot be isolated, but is also optimistic about the company's resilience.

While acknowledging the potential gloom, Mr Musk also instilled confidence in investors that "it will not always be dark." He expects the global economy to improve in about a year and believes Tesla will be in a favorable position under such circumstances.

Tesla announced his Q1 results last month. According to reports, Tesla delivered 422875 cars in the first three months of 2023, an increase of 4 per cent over the previous quarter. Tesla also produced a record 441000 cars during that period, the company announced on Sunday.

Compared with the first quarter of 2022, Tesla's car production increased by 44 per cent and delivery increased by 36 per cent. But even so, it is below Tesla's long-term annual growth target of 50 per cent.

In the first quarter of this year, Tesla's revenue in the Chinese market reached US $4.891 billion (currently about 33.748 billion yuan), up 5.18% from a year earlier.

In addition, Tesla's sales revenue in the United States in the first quarter reached $11.247 billion (CTOnews.com Note: currently about 77.604 billion yuan), an increase of 28.77 percent over the same period last year, while other markets such as Germany and Asia Pacific contributed $7.191 billion, up 33.86 percent from the same period last year.

Tesla's quarterly report showed that the company's total revenue in the first quarter was $23.329 billion, up 24% from a year earlier, but its net profit was $2.513 billion, down 24% from a year earlier.

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