I'm still digesting the earnings transcript. Overall positive, but I think does not change earnings estimates for 2024 and 2025 too much in my first guess.
First question though, I keep seeing people making excuses that Q1 was down due to supply constraints.
The CFO literally said:
"Uncertain macroeconomic environment" is, IMO, a code word that consumers were skittish. Aka they weren't willing to spend a lot of money on EVs.
Not sure we've seen data that it is changing in Q2. Seasonality changes should improve demand so certainly deliveries will be higher than Q1, but not sure how much inventory drawdown they can do?
Certainly, if there is both high production / deliveries and inventory drawdown in Q2, then we can state Q1 truly had a lot of supply issues.