On January 27, Tesla announced unaudited results for the fourth quarter of 2021 and the full year. According to the financial report, Tesla achieved revenue of $53.823 billion in 2021, an increase of 71% year-on-year; net profit attributable to shareholders reached $5.519 billion, an increase of 665% year-on-year.
Tesla's global sales exceeded the 900,000 mark for the first time last year, reaching 936,000, of which 313,000 units were delivered in the fourth quarter, up from 240,000 units in the third quarter, and it was also the first time that Tesla achieved quarterly sales of 300,000.
Thanks to the significant increase in deliveries, Tesla's overall revenue and net profit continued to hit quarterly and annual highs. Tesla's adjusted earnings per share in the fourth quarter were $2.52, better than Analysts' expectations of $2.36, according to the earnings report; Tesla's fourth-quarter revenue was $17.72 billion, up 65% year-on-year, better than analysts' expectations of $16.57 billion.
Tesla's fourth-quarter net profit was $2.32 billion, up about 760% year-over-year. Tesla said the company's gross margin was 27.4 percent, up from 26.6 percent in the previous quarter.
Among them, Tesla's automotive business revenue was $15.97 billion, an increase of 71% year-on-year. Energy production and storage revenue was $688 million, down 8% year-over-year and below StreetAccount's consensus estimate of $815.1 million. This is the lowest income in the sector since the first quarter of 2021.
Tesla will also continue to increase production capacity in 2022. It is reported that the Shanghai Gigafactory was an important production base for Tesla last year, according to the data of the Association of Automobile Associations, the delivery volume of the Shanghai Gigafactory reached 484,130 units in 2021, accounting for 51.7% of Tesla's global delivery of 936,000 last year.
In the earnings report, Tesla also mentioned that local production plays a vital role in reducing vehicle production costs and stabilizing the supply chain, and the Shanghai Gigafactory will continue to be Tesla's main automobile export center.
In December last year, Tesla announced the EIA of the second phase of the Shanghai Gigafactory (Phase I) production line optimization project, and the EIA report said that the total investment in the production line optimization project was as high as 1.2 billion yuan, and the project would increase production capacity by increasing working hours, increasing the number of employees, and increasing the frequency of material turnover.
Meanwhile, Tesla warned in a statement that "with supply chains becoming the main limiting factory, our own factories have been running below capacity for several consecutive quarters, which could continue into 2022." ”
Tesla CEO Musk also said that Tesla will continue to face chip restrictions this year, and the chip shortage will not be alleviated until next year. He believes that Tesla can achieve 50% increase in deliveries this year with the Fremont and Shanghai factories alone, which means that the Austin and Berlin factories are successfully put into production, and Tesla's deliveries will exceed 50% this year.
Last November, Musk said: "Oh my God, this year's supply chain is a nightmare, and it's not over yet!" I will provide an updated product roadmap on my next earnings call. ”
At Tesla's results meeting, 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 car. This year, Tesla's key research and development product is tesla robot Optimus (Optimus Prime), which was unveiled at Tesla's AI Day last year and is expected to be used in Tesla's factories this year for moving parts in factories.