Tesla becomes world's largest electric car maker, Musk emphasizes highest profit margins

News on May 17: At Tesla’s shareholder meeting today, Tesla CEO Musk emphasized the company’s position as the world’s largest electric vehicle manufacturer and the automaker with the highest profit margins.

Musk acknowledged the struggles faced by Tesla’s rivals, many of which are losing money making electric vehicles.

According to ITBEAR Technology Information, Musk said: "Manufacturing electric vehicles is very challenging. Many competitors are producing at a loss, but we at Tesla are different. Our car manufacturing business is profitable. "There are almost no other companies that can do it like we do. It's really a difficult task."

In his presentation chart, Musk compared Tesla to China's BYD, Wei A comparison of the profitability of three car companies, Lai and Xpeng, two electric car companies, Ford and Polestar, and two emerging car companies in the United States, Rivian and Lucid, showed that only Tesla achieved positive profits.

Musk warned shareholders to be aware of the potential impact that rising interest rates may have on the ability to purchase cars. Many consumers use "monthly payment" as a key factor in their purchasing decisions. Tesla expects to face challenges in the coming year as many banks tighten credit policies.

It is important to realize that no company is completely immune to the impact of the macroeconomic environment. "Musk emphasized and predicted that the global economy may be in trouble in the next 12 months. He believes that Tesla will not be immune, but is optimistic about the company's resilience.

Musk conveyed to investors Gaining confidence, while acknowledging that difficulties may be encountered, he emphasized that "the dark times will not last." He predicted that the global economy will recover in about a year and believes that Tesla will be well-positioned in this situation.

Tesla announced its first quarter results last month. According to ITBEAR technology information, Tesla delivered 422,875 vehicles in the first three months of 2023, an increase of 4% from the previous quarter. At the same time, Tesla also set a production record of 441,000 vehicles.

Tesla’s vehicle production increased by 44% in the first quarter of 2022 compared with the same period last year, and deliveries also increased by 36% accordingly. However, this result is still lower than Tesla’s long-term annual growth target of 50%.

In the first quarter of this year, Tesla’s revenue in the Chinese market reached US$4.891 billion (approximately RMB 337.48 billion), a year-on-year increase of 5.18%.

In addition, Tesla’s sales revenue in the United States reached US$11.247 billion (approximately RMB 77.604 billion), a year-on-year increase of 28.77%; while in Germany, Asia-Pacific and other market, Tesla contributed US$7.191 billion in revenue, a year-on-year increase of 33.86%.

Tesla’s quarterly report showed that the company achieved total revenue of US$23.329 billion in the first quarter, a year-on-year increase of 24%, but Net profit fell 24% to $2.513 billion.

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