Tesla Accelerates: Expanding Vehicle Lineup and Advancing Autonomous Driving

Steady Global Sales Drive Strong Revenue Growth

In the first quarter of 2024, Tesla reported a total revenue of $21.3 billion. Alongside this impressive figure, the company posted a GAAP net profit of $1.1 billion and a non-GAAP net profit of $1.5 billion, highlighting its strong financial performance.

By March 29, Tesla had surpassed 6 million units in global production of all-electric vehicles. In the first quarter of 2024 alone, the company delivered 387,000 vehicles worldwide, with the Model 3 and Model Y accounting for a combined 370,000 of those deliveries. The Model Y not only maintained its position as the world’s best-selling passenger car but also extended its dominance, carrying over its success from 2023.

The standard Model 3 remained the top-selling luxury sedan in China. In April, Tesla achieved a major milestone, surpassing 1,000 units produced per week of the highly anticipated Cybertruck. Furthermore, on April 24, the high-performance variant of the Model 3 made its global debut. Looking ahead, Tesla is gearing up for the launch of its revolutionary Robotaxi autonomous ride-hailing service, set to roll out on August 8. (*Data based on January/February 2024 sales figures from the China Passenger Car Association.)

Tesla’s vehicle lineup is steadily growing, with new models set to offer more affordable options to a wider range of customers. These upcoming vehicles will integrate next-generation technologies with existing platform capabilities, all while leveraging Tesla’s current production infrastructure for efficiency and scalability.

In the future, accelerating towards autonomous driving and investing fully in future growth

In 2023, Tesla set a new record with its annual investment in research and development, totaling $3.969 billion (approximately ¥28.4 billion). As for 2024, Elon Musk announced on social media that Tesla plans to invest more than $10 billion (about ¥72.4 billion) in autonomous driving projects, signaling the company’s ongoing commitment to advancing self-driving technology.

Tesla continues to prioritize investments aimed at future growth, targeting key areas such as artificial intelligence infrastructure, increased production capacity, expansion of the supercharging network, and bolstering service networks, all while laying the groundwork for new product infrastructures. In the first quarter, the company committed $2.8 billion (approximately ¥20.3 billion) in capital expenditures, underscoring its dedication to scaling up its operations.

We believe that the realization of large-scale autonomous driving can only be achieved by tapping into the vast data from millions of vehicles combined with extensive AI training datasets. Tesla already possesses both, and we are fully committed to expanding these resources even further.

The future is not only the era of electric vehicles but also the era of autonomous driving

More than just cars: Tesla product landscape

FSD (Full Self-Driving Capability) Evolving at Full Speed

As of the first quarter of 2024, Tesla’s Full Self-Driving (FSD) system has accumulated an impressive 1.25 billion miles (roughly 2 billion kilometers) in real-world driving. The system is evolving at a rapid pace, becoming increasingly human-like and intelligent. In a major step forward, Tesla has removed the “beta” label from FSD, rebranding it as “FSD Full Self-Driving Capability (Supervised Version).” This updated version integrates Tesla’s end-to-end neural network, leveraging deep learning from the driving data of over a million Tesla vehicles. By tapping into this vast dataset, artificial intelligence is now able to take full control of the vehicle, marking a critical milestone in what is poised to become a game-changing technology for the industry.

In the first quarter, we successfully transitioned to our latest onboard computer, Automatic Driving Assistance Hardware HW4.0. This cutting-edge system offers significantly enhanced processing power for reasoning, coupled with clearer cameras that improve the vehicle’s perception. To further boost our end-to-end training capabilities, we’re committed to ongoing upgrades to our core artificial intelligence infrastructure in the coming months.

Accumulated mileage using FSD Beta (as of April 21, 2024)

Robotaxi: Driving Towards the Future

Tesla’s highly anticipated autonomous taxi service, Robotaxi, is scheduled for its official launch on August 8th, accompanied by a revolutionary “unboxed” vehicle manufacturing strategy. This new approach promises to redefine how vehicles are produced and utilized. Moreover, Tesla plans to seamlessly integrate future ride-hailing features directly into the Tesla app, enhancing the overall user experience and broadening its transportation ecosystem in the process. With these innovations, Tesla is poised to reshape the future of mobility.

Elon Musk believes that, “Once full self-driving is achieved, vehicles can be shared among many users, increasing their utilization value by five times.” This shift has the potential to revolutionize how we think about car ownership and efficiency.

Optimus: Advancing Intelligence

In the first quarter, Tesla saw a remarkable 130% surge in its artificial intelligence training computation. Meanwhile, the second-generation Tesla humanoid robot, Optimus, is pushing the boundaries of AI. It leverages cutting-edge visual perception and neural network technologies, similar to those behind the Full Self-Driving (FSD) Capability. With this advanced technology, Optimus can execute crucial tasks like path planning and object recognition with impressive accuracy, marking a significant leap forward in robotic intelligence.

As FSD technology evolves at an accelerated pace, Optimus is also making impressive strides in its own advancements in intelligence. Elon Musk has confidently stated, “Tesla will be the strongest company among all humanoid robot manufacturers,” highlighting the company’s ambitious vision to lead the field and transform the future of robotics.

Energy Storage Products Set New Records

This quarter, Tesla’s global energy storage capacity reached an impressive 4.1 gigawatt-hours (410 million kilowatt-hours), setting a new record for the highest quarterly installation volume to date. In February, Tesla’s residential energy storage system, Powerwall, surpassed 600,000 units installed worldwide. Furthermore, the highly anticipated new-generation Powerwall 3 was officially launched in the United States, marking another significant milestone in Tesla’s energy storage expansion.

Tesla’s energy storage products are now deployed in over 65 countries and regions around the world, with a total deployment capacity exceeding 10 gigawatt-hours (10 million kilowatt-hours). This widespread adoption highlights the growing global demand for sustainable energy solutions.

The Tesla Shanghai Energy Super Factory is set to begin operations in May this year, with mass production slated for completion by the first quarter of 2025. This state-of-the-art facility will focus on manufacturing the Megapack, an ultra-large-scale commercial energy storage battery. It also marks Tesla’s first energy storage super factory outside of the United States, signaling a major step in the company’s global expansion of sustainable energy solutions.

In 2024, Tesla’s energy production and storage division is expected to outpace the growth of its electric vehicle business, highlighting the increasing demand for sustainable energy solutions and the company’s expanding role in the global energy market.

Driving Forward Together: Expanding the Open Charging Network

In March 2024, Tesla China significantly expanded its all-scenario charging network, now boasting over 800 charging stations and 4,600 charging piles. This ambitious expansion is designed not only to accommodate Tesla owners but also to support a growing number of non-Tesla vehicle owners, further solidifying Tesla’s role in the broader electric vehicle ecosystem.

In 2023, Elon Musk announced, “We plan to license FSD (Full Self-Driving Capability) to other car manufacturers.” This bold move underscores Tesla’s unwavering commitment to advancing FSD technology, positioning the company to play a pivotal role in accelerating the global evolution of fully autonomous driving solutions.

Since 2023, Tesla has opened up the original design and engineering files of its first-generation Roadster, making its 48V low-voltage electrical architecture technology available to the entire industry. This move reflects Tesla’s commitment to fostering innovation and collaboration within the automotive sector.

We believe that every technological breakthrough takes us one step closer to accelerating the world’s transition to sustainable energy. With each decisive advancement, we move nearer to realizing humanity’s vision of a brighter, more sustainable future. Despite the uncertainties and challenges that lie ahead, Tesla remains resolute—unyielding in its commitment to push forward, fearlessly shaping the future of energy and transportation.

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