fintech / news / / Fortune
Tesla posted GAAP profits of $491 million in Q1.
Tesla's core business generated only $21 million in profits in Q1 2024.
KEY POINTS
- Almost all Q1 2024 profits came from carbon credits and Bitcoin sales, not core operations.
- Tesla plans to spend over $25 billion in CapEx in 2026, triple Q1's run rate.
- Tesla anticipates negative free cash flow for the rest of 2024 due to higher CapEx.
- The 'Musk Magic Premium' now accounts for 98% of Tesla's $1.4 trillion market cap.
COMPANIES
Summarized by Newsio from Fortune. How we summarize →