On January 27, Beijing time (January 26, EST), Tesla released its financial report for the fourth quarter and full year of 2021. Among them, the total annual production of Tesla vehicles in 2021 was 930,422 units, and the total delivery volume was 936,172 vehicles, an increase of 87% compared with 499,647 units in 2020.
Excluding $6.5 billion spent on new plant construction and other capital expenditures, Tesla generated $5.5 billion in GAAP (GAAP-based) net profit and $5 billion in free cash flow in 2021.
Specific 2021 full-year car delivery -
In the fourth quarter of 2021, Tesla produced a total of 305,840 units, of which 13,109 Model S/X produced 13,109 units, Model 3/Y produced 292,731 units, and the annualized production capacity under the fourth quarter efficiency has exceeded 1.22 million units. Total deliveries of 308,600 units were delivered in 2021Q4, including 11,750 Model S/X and 296,850 Model 3/Y.
In terms of full-year production and sales, Tesla's total annual production in 2021 is 930,422 units, of which Model S/X produces 24,390 units and Model 3/Y produces 906,032 units. Total deliveries for the full year 2021 were 936,172 units, including 24,964 Model S/X and 911,208 Model 3/Y.
Tesla said it will increase production capacity as soon as possible, not only from new factories such as Austin in the United States and Berlin in Germany, but also in existing factories such as Fremont in the United States and Shanghai in China. Tesla believes that the market competitiveness of electric vehicles will be determined by the overall supply chain and production ramping ability.
Tesla is moving forward with the industrialization of CyberTruck, which is currently scheduled to be produced at the Austin plant after the Model Y.
In addition, Tesla further reduced the inventory cycle in 2021, with the average inventory cycle in the global market last year being 4 days, 6 days in the fourth quarter of 2021, and 11 days in the same period in 2020.
In terms of financial data -
Tesla achieved revenue of $17.719 billion in the fourth quarter of 2021, up 28.8% sequentially and 65% year-over-year, thanks to increased deliveries and other business areas. Automotive revenue was $15,967 million (of which $314 million was revenue from the sale of carbon credits), up 32.4% sequentially and 71% year-over-year (but revenue from carbon credits decreased 22% year-over-year).
Among them, the gross profit of the automotive business in Q4 2021 was US$4.882 billion, an increase of 32.9% month-on-month and an increase of 118% year-on-year. Total gross profit was US$4.847 billion, with an overall gross margin of 27.4% and a single-vehicle gross margin of 30.6%, which was basically the same as 30.5% in Q3. Cash and cash equivalents amounted to $17.576 billion, and Q4 repaid $1.5 billion in loans.
Tesla GAAP (GAAP)-based net profit for Q4 2021 was $2.32 billion, up 760% from $270 million in the year-ago quarter. Operating cash flow less capital expenditure (free cash flow) of $2,775 million. Under the GAAP rules, it achieved operating income of $2.6 billion and an operating margin of 14.7%.
At the level of new car production and plant capacity release——
Tesla said that in the fourth quarter, the company still faced challenges from global supply chains, logistics and transportation, labor and other manufacturing aspects, which limited the full production level of Tesla factories.
California/Texas, USA: At the end of 2021, the Texas Gigafactory began production of the Model Y. After the Model Y, manufactured at its Austin facility in the United States, completed all certification procedures, it was scheduled to begin delivery to customers.
Shanghai, China: In 2021, the production of model 3 and Model Y continues to climb. Local production is essential to reduce the cost of bicycles and improve the stability of global supply chains. The Shanghai Gigafactory remains Tesla's main export center.
Berlin, Germany: The Berlin Gigafactory has started testing of equipment in the vehicle production process at the end of 2021. After obtaining manufacturing permits from local authorities, Tesla will begin delivering German-made vehicles in Europe. The first cars will use 2170 batteries.
Tesla said in a statement: "With the supply chain becoming a major limiting factor, our factories have been operating below capacity for several consecutive quarters, which is likely to continue into 2022." ”
Last November, Tesla CEO Musk tweeted about supply chain issues. "Gosh, this year's supply chain is a nightmare, and it's not over yet," he wrote.
At Tesla's results meeting later, Musk and other company executives are expected to announce the latest progress on the company's Cyberruck, driverless car system plans and a $25,000 compact electric vehicle.