The Q1 financials were "as expected" and "slightly better" in places, and yet Tesla took a massive hit on stock price. I have no idea why. Maybe Musk telling investors that there was a lot of value in shipping FSD as the existing fleet would all become money-earning RoboTaxis. The investors know that they just don't believe that's "any time soon" (same as 99.9% of folk here
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But their Q1 margin, given the recent price cuts, was stronger than expected, so either their "reduce component count" is working - or components price is returning to pre-pandemic levels (as we hear for other industry sectors).
Also, "lots of inventory" at each quarter end needs to be considered in terms of overall numbers. If Tesla are making 2x as many cars as last year, then having 2x as much inventory at each quarter-end seems reasonable (actually, for me, I'd be happy with a higher number). Tesla are making "for stock", and then matching to customers orders, so if they choose to make "Lots of black ones" then that will be excess inventory at end of quarter, and if anyone wants a car in a hurry they have to compromise on "Any colour you want as long as it is black". If the inventory is shifted in Month 1 of the quarter that covers the period when no boats are arriving from China.