GM saw profits, Mercedes-Benz maintained its revenue, and Tesla saw a revenue decrease in Q1 2024, but all three reported lower raw materials costs, helping reduce production costs. 

Revenue for the first quarter was $43 million for GM, a 7% increase compared to $39 million for Q1 2023, according to a press release. 

The company says it has increased revenue by 8% year over year to $43 billion with consistent revenue growth over the last 24 months. 

GM also reports a 21% year-over-year increase in retail deliveries for the EV portfolios of its Chevrolet, GMC, and Cadillac brands in the U.S. 

“In our EV business, we’re seeing good early sales momentum for vehicles like the Cadillac LYRIQ,” a release says. “We also continue to see sequential and year-over-year improvements in profitability as we benefit from scale, material cost, and mix improvements. For example, the cost of battery cells came down significantly as our Ultium Cells joint venture plant in Ohio ramped up production. Lower raw material prices have also been a tailwind. The second Ultium Cells plant, which opened this year in Tennessee, is ramping even faster by applying lessons learned in Ohio.” ‘

The release also says battery module production has increased 300% over the last six months. 

Mercedes-Benz reported nearly stagnant year-over-year revenue during its first quarter with a 4% decrease in revenue. The company reported $35 million in Q1 2024 compared to $37 million in Q1 2023. 

“The economic situation and automotive markets continue to be characterized by a degree of uncertainty,” a company release says. “In addition to unexpected macroeconomic developments, uncertainties for the global economy and the business development of Mercedes-Benz Group may arise from geopolitical events and trade policy.” 

Tesla reported a larger dip in revenue at 9% with $21 million of revenue reported in the first quarter compared to $25 million reported in Q1 2023. 

“A sequential decline in volumes was partially caused by the early phase of the production ramp of the updated Model 3 at our Fremont factory and factory shutdowns at Gigafactory Berlin resulting from shipping diversions caused by the Red Sea conflict and from an arson attack,” Tesla said in a release. “Model 3 production in Fremont was down sequentially as we changed the production line to the updated model. Sequentially, Model Y production at Gigafactory Texas increased to an all-time high, while COGS per unit improved to an all-time low. 

“The Cybertruck ramp continued successfully at Gigafactory Texas, with a sequential cost improvement in Q1. We produced over 1,000 Cybertrucks in a single week in April.” 

Tesla also said low costs in raw materials helped lower the cost per vehicle during Q1.

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