The company expects that raw materials will continue to rise in price.
Tesla’s first-quarter profit margin on EV sales rises to record highs 32.9%, having exceeded the indicator of the same period of the previous year by six percentage points at once. This was clearly facilitated by the increase in prices for the brand’s products, which took place several times in March alone.
Image Source: Tesla
Tesla management at the quarterly conference tried to find an understanding of the audience on this issue, talking about the risks of a further multiple increase in raw material prices. She has long-term contracts with many suppliers that do not allow her to change the price, but as soon as the current contracts end, new supplies will have to be negotiated at higher prices. In planning its pricing policy, Tesla proceeded from the forecast that commodity prices will continue to rise in the next twelve months.
Elon Musk even joked about not having a crystal ball to predict the behavior of the commodity market, and asked the owners of such a “device” to share reliable data about the future so that the company could adjust its own prices. The head of Tesla added that if commodity prices stop rising, the company may consider reducing the cost of its electric vehicles.
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From the revelations of Tesla representatives today it also became known that raw material prices form no more than 10-15% of the cost of an electric car, and the same lithium per car requires no more than 5 kg, and it is not the most expensive and scarce material – nickel, for example, influences the situation much more. Tesla has already managed to transfer half of the electric vehicles shipped in the first quarter to LFP batteries with iron phosphate as part of the cathode.