Tesla's First Quarterly Report for 2021 Due Soon

Tesla's First Quarterly Report for 2021 Due Soon

by Gill D on March 29, 2021

Tesla stock got knocked on Friday after a spate of activity around Elon Musk’s tweets. The Tesla boss is known for his controversial comments but last week, he used the social media platform to comment that his EV company could be "the biggest" in a few months.

Musk responded to a Twitter user who stated that the electric car manufacturer could be bigger than Apple and mentioned @elonmusk.

"I think there is a >0% chance Tesla could become the biggest company."

That tweet has since been deleted, but Twitter users were quick to do screenshot grabs of the tweet and kept sharing them. However, Tesla fans reacted and urged people to remove the screenshots in a bid to protect Musk and Tesla from any backlash from SEC.

Dan Ives, a Wedbush Securities analyst who frequently comments about Tesla investments said that:

“Elon is Elon, and that's part of his interaction with his followers and commenting on a range of issues. But when it comes to some of these tweets, it's like a kid that keeps playing with firecrackers. Right now, investors don't want to see any noise or sideshows from Tesla and Musk. They just want to see results, deliveries, and ultimately something that would drive the stock higher."

In the past, Musk's tweets have been the subject of amusement, investor lawsuits and a securities fraud charge by the SEC. Regulators allege that false and misleading tweets can significantly disrupt the market.

Ives also pointed out that with rising competition in the electric vehicle market, particularly with General Motors, Ford, and Volkswagen now starting up production, is even more reason for Tesla to focus on its products and deliveries instead of “boasting” about expectations for growth.

Within the next few weeks or so, Tesla is expected to release its quarterly earnings. The industry is waiting to see how Tesla faired in the face of construction obstacles at Giga Berlin and the global chip shortage that forced auto manufacturers to trim production.

Although Tesla didn’t publish guidance for its 2021 deliveries, the ongoing sales momentum is likely to continue. The company is coming off a year in which it delivered a record 499,550 vehicles.

First-quarter deliveries are expected at 170,000 units with an estimated breakdown being 164,800 Model 3/Y deliveries and 5,300 Model S/X deliveries. It is probable that the US carmaker produced around 96,000 in the Fremont factory and 74,000 from Giga Shanghai.

At the start of the year, Tesla started selling made-in-China Model Y vehicles but it was not immune from Asian rivals such as NIO Limited, XPeng, and Li Auto all of which offer competitive pricing.

We’ve also seen Tesla go through price cuts on some of its model but the company recently increased some vehicle prices, indicating there is a strong demand.

So, the highlights to look out for in Tesla's Q1 report will be gross margins, cash flow, technology, and future development update and how the chip shortage is impacted Tesla’s production.

But Elon Musk and Tesla have grand plans to expand its offerings in the near future. Fans are still eagerly awaiting the Semi, Roadster, Cybertruck, and Musk still wants to bring an electric Cyberquad, a $US25,000 car, and a van to the market as well.

Musk has said Tesla is aiming to roll out the two-person electric ATV at the same time as the Cybertruck, and that the quad will at first be available as an option for the pickup. Regarding the van, Tesla’s Technoking mentioned in during the Joe Rogan podcast in February and he also hinted at having a large EV with an array of solar panels on it.

However, until now we haven’t got specs, pricing, or production dates for these fleet additions but as the year rolls on, the quarterly reports from Tesla always give good insight on what the company has its eye on for the coming year.

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