As it writes in its earnings report: "The viability and profitability of electric vehicles should no longer be questioned."
Author | Noname from the planet Magnesia
On January 26, 2021, Tesla released the fourth quarter and full year of 2021 financial report data as scheduled.
In the context of the epidemic still raging around the world, the chip shortage is still in short supply, and the price of raw materials has begun to soar, Tesla's ability to make money has not been affected in the slightest.
Summarize the annual results in one sentence: Earn crazy.
With annual deliveries approaching a million, Tesla sells like crazy
As a car company, Tesla first broke through in the "own work" of car manufacturing and selling cars, and its annual output and delivery volume broke through to new highs.
The data shows that Tesla's total deliveries for the whole year of 2021 are 936222 vehicles, which has exceeded the annual delivery target of 900,000 vehicles proposed at the shareholders' meeting. In contrast, Tesla's total deliveries in fiscal 2020 are about 490,000 units. A year later, Tesla has doubled in deliveries.
Specific to the model, the main model Model 3/Y delivered a total of 911242 vehicles throughout the year, and the domestic Model 3/Y delivered from the first quarter of 2021 greatly drove Tesla's annual sales, and the performance in the Chinese and European markets was eye-catching. The Model S/X delivered a total of 24,980 vehicles, an increase compared with previous years.
However, the growth of production and sales only reflects the current hot electric vehicle market, and Tesla's "horror" is reflected in the average inventory cycle of the market that approximates FMCG.
According to the financial report, the average inventory cycle of Tesla's global market in 2021 is only 4 days, compared with 11 days in the same period last year. This means that it takes an average of only 4 days for a vehicle to go from factory to delivery, beyond which it can only be rematched.
This turnover is even faster than some fast-moving consumer goods. In contrast, the average inventory cycle of new car companies such as Weilai last year was about 20 days, and most of the traditional car companies exceeded 1 month.
What is even more "terrifying" is that Tesla's total annual output of 930422 vehicles is lower than the annual delivery volume, almost while producing and selling, and there is very little inventory.
Such a short inventory turnover rate not only reflects Tesla's excellent sales situation, but also improves Tesla's good operating cash flow and profits to a certain extent.
The gross profit margin exceeded 30%, and the car companies were silent after reading it
With the steady ramp-up of production capacity and sales, Tesla has also reached a new height in revenue.
According to the financial report, Tesla achieved revenue of $53.82 billion in 2021, an increase of 71% year-on-year; net profit of $5.644 billion, of which the net profit attributable to the shareholders of the parent company was 5.519 billion, an increase of 665% year-on-year, which was converted into about 34.76 billion yuan, rounded to a net profit of 100 million yuan in 1 day!
Specific to the business, the proportion of vehicle sales revenue in the annual revenue is increasing, and the carbon credit revenue is gradually declining. Taking Q4 2021 as an example, vehicle sales revenue was US$15.34 billion, accounting for 86.6%, while carbon credit revenue fell to US$314 million. Entering 2021, Tesla successfully got rid of the label of "selling charcoal".
In addition to the significant improvement in Tesla's main business income, Tesla's strategy of reducing costs and increasing efficiency continues to play a role, with an overall gross profit margin of 25.3% and a single-vehicle gross profit margin of a staggering 29.3%.
This statistic is "scary":
In 2021, toyota's most profitable business in the automotive industry will average gross profit margins of 19%, and the average gross profit margin of Volkswagen Group, which has the highest sales volume, will be 17.5%. Luxury car companies like Ferrari and Porsche are basically around 20%. Among the top three new domestic car-making forces, Ideal and Weilai have an average of 18%, and Xiaopeng is affected by the selling price, and the gross profit margin is about 10% on average.
In such a circle of comparison, everyone knows how terrible Tesla's gross profit margin of more than 30%, especially in the context of supply chain crises such as lack of cores and continuous price reductions, Tesla can still maintain such an excellent gross profit margin is even more precious.
In addition, on some other key data, Tesla also handed over a report card that exceeded expectations.
In the past two years, almost every Tesla earnings report has been a slap in the face of electric vehicle critics and short sellers, as written in its earnings report - "the feasibility and profitability of electric vehicles should no longer be doubted."
Tesla doesn't build new cars, it focuses on software