Tesla also released its Shareholder’s Letter on Wednesday, pointing to the accomplishment of maintaining such a high gross margin while reducing prices.
“Although we implemented price reductions on many vehicle models across regions in the first quarter, our operating margins reduced at a manageable rate,” Tesla wrote in the letter. “We expect ongoing cost reduction of our vehicles, including improved production efficiency at our newest factories and lower logistics costs, and remain focused on operating leverage as we scale.”
During the earnings call, Tesla also pointed out other accomplishments and hosted questions from shareholders. CEO’s opening remarks noted the Model Y becoming the best-selling vehicle of any kind in Europe, as well as the best-selling non-pickup vehicle in the U.S. Musk also said that Tesla’s Full Self-Driving beta has crossed the 150 million-mile mark.
The call was hosted by Tesla executives including VP of Investor Relations Martin Viecha, CFO Zachary Kirkhorn, Senior VP of Powertrain and Energy Andrew Baglino, and VPs of Supply Chain Karn Budhiraj and Roshan Thomas. Analysts from several investment firms also participated in the call including Piper Sandler’s Alex Potter, Goldman Sachs’ Mark Delaney, Morgan Stanley’s Adam Jonas and more.production next year.
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