Currently, the automaker owns $321 million worth of bitcoins – and according to Tesla’s financial report for the first quarter of 2023, the company did not use digital currency reserves (as in the previous two quarters).

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In 2021, Tesla purchased the flagship cryptocurrency for $1.5 billion and launched an experiment with accepting digital currency as payment for goods (however, it only lasted about three months). According to the results of 2022, the company lost $204 million of the value of its assets in bitcoins – this was partially compensated by the conversion of cryptocurrency to fiat in the amount of $64 million.

However, for the past three quarters, Tesla’s bitcoin holdings have remained untouched. The cryptocurrency itself rose to around $28,500 at the end of the first quarter from $16,500 recorded three months earlier.

The company’s CEO, Elon Musk, continues to support other cryptocurrencies, most notably the meme digital coin dogecoin (referring to it in recent interviews and temporarily placing its mascot in place of the Twitter logo) – instead, the billionaire faced a lawsuit in which investors accused him of manipulation the value of the coin.

As for the figures of the report, Tesla earned $23.33 billion in the first quarter, where the net profit was $2.5 billion – 24% less than the corresponding period last year.

According to 14 analysts surveyed by Refinitiv, the company’s overall gross margin was 19.3%, missing market expectations of 22.4%. Reuters writes that this was facilitated by a series of price cuts aimed at stimulating demand and combating growing competition. The company itself cited “underutilization of new plants,” high costs for raw materials, merchandise, logistics and warranties, as well as lower returns on environmental credits.

The automotive industry, Tesla’s main segment, brought in $19.96 billion for the quarter (up 18% from last year). Revenue from regulatory auto loans for the first three months of 2023 was $521 million (compared to $679 million in the first quarter of last year).

The company’s CEO Elon Musk referred to an “uncertain” macroeconomic environment during the report that could affect people’s car-buying plans and added that he expected 12 months of “stormy weather” in the economy. The entrepreneur also noted that “every time the Fed raises interest rates, it is equivalent to an increase in the price of a car.”

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Tesla Energy’s revenue rose to $1.53 billion, which is 148% more than in the same period last year. The deployment of energy storage systems increased to 3.9 GWh or 360%. These systems, based on lithium-ion batteries, include a home backup battery called the Powerwall and the Megapack system, which allows utilities to store and use more solar and wind energy.

Tesla expects to produce about 1.8 million cars this year (in 2022, the company produced 1,369,611 cars and delivered 1,313,851 cars). The company currently sells four models of electric vehicles, which it builds at two auto assembly plants in the United States, one in Shanghai and another outside of Berlin. CNBC writes that shareholders who submitted their questions ahead of the earnings report were waiting for an update on the Cybertruck — Musk noted that Tesla is currently building an “alpha version of the Cybertruck” on the pilot line and intends to produce the model at its plant in Austin, Texas. Texas. Deliveries are planned for the third quarter of 2023.

In early April, Tesla reported that it produced 440,808 vehicles and shipped 422,875 vehicles in the first quarter (results were once again a record, although they were below analysts’ expectations). A month earlier, Musk announced plans to build a gigafactory in Monterrey, Mexico (a day’s drive from a relatively new factory in Austin, Texas), and later there was information about plans to create a Megapack factory in Shanghai.

Tesla shares have so far recovered from a rough 2022, when they lost about two-thirds of their value, with shares up 48% in 2023.