On January 26, local time, Tesla (TSLA) released the fourth quarter and full year of 2021 financial report, Tesla's revenue in the fourth quarter of 2021 was $17.719 billion, an increase of 65% year-on-year; GAAP net profit was $2.321 billion, an increase of 760% year-on-year. For the full year of 2021, Tesla's revenue was $53.823 billion, up 71% from $31.536 billion in the same period last year; GAAP's net profit was $5.519 billion ( about 35 billion yuan ), an increase of 665.46% year-on-year, and the annual profit was record. In other words, Tesla will make nearly 100 million yuan per day in 2021.
For the whole of 2021, Tesla's new car deliveries increased by 87% year-on-year, breaking the record of 930,000 deliveries, and the total number of new car deliveries for the whole year was about 936,200 units, an increase of 87.4% year-on-year, far exceeding Tesla's previous commitment to annual growth of 50%.
"In 2022, Tesla will not launch new cars, the focus is on expanding production." Tesla CEO Musk said on a conference call held on the day of the earnings report that in 2022, Tesla will continue to select sites for the factory.
Tesla said in its earnings report that the company plans to increase production capacity as quickly as possible, and in the next few years, it expects the average annual growth rate of vehicle deliveries to reach 50%.
Profitable for 10 consecutive quarters
Tesla defines 2021 as a breakthrough year. During the year, Tesla not only achieved two consecutive years of profitability, but also achieved the highest quarterly operating margin in the fourth quarter of 2021. "People should no longer doubt the market viability and profitability of electric vehicles." Tesla said that electric vehicles have more market prospects than fuel vehicles.
Tesla believes that the reason for the significant increase in revenue in the fourth quarter and full year of 2021 is mainly due to the further reduction in the cost of bicycles, the increase in vehicle deliveries, and the increase in profitability of car rental, services and other businesses.
Image source: Tesla's 2021 earnings report
The "Daily Economic News" reporter found that in Tesla's total revenue in the fourth quarter of 2021, $15.967 billion came from the automobile sales business, accounting for more than 90% of the total revenue, an increase of 71% over the same period last year's $9.314 billion. For the full year of 2021, Tesla's total revenue was $47.232 billion, up 73% compared to $27.236 billion in 2020.
Official data shows that Tesla delivered 308,600 new vehicles in the fourth quarter of 2021, breaking the previous single-quarter sales record. After paying $245 million in the fourth quarter of 2021 to honor the 2018 CEO equity incentive, the company's operating margin remains close to 15%. Compared with the same period in 2020, Tesla's operating profit increased to $2.6 billion in the fourth quarter of 2021, and its operating margin reached 14.7%. As of the fourth quarter of 2021, Tesla has achieved 10 consecutive quarters of profitability.
In 2022, the site selection will continue to be held for the plant
In fact, in 2021, the biggest problem Tesla faces is capacity climbing. Tesla said that in the fourth quarter of 2021, Tesla faced challenges in global supply chain, logistics and transportation, labor and other manufacturing aspects, limiting the full production operation of the factory.
At present, Tesla has two production bases that have been put into production, namely the Fremont factory and the Shanghai Gigafactory. In addition, Tesla has the Austin Gigafactory and the Berlin Gigafactory to be put into production. According to the financial report, Tesla's annualized production capacity under the efficiency of the fourth quarter of 2021 has exceeded 1.22 million units.
Image source: Courtesy of the official
It is understood that the Austin Gigafactory and the Berlin Gigafactory are currently in the equipment commissioning stage. Among them, the Berlin Gigafactory has started equipment testing in the vehicle production process at the end of 2021. After obtaining a manufacturing license from the local authority, it will begin delivering German-made vehicles in Europe, and the first cars will use 2170 batteries. The Austin plant will pilot production of the Model Y at the end of 2021, and after receiving final certification, the company will begin delivering vehicles to users.
Tesla said in the earnings report that the ramp-up rate of production at the Austin and Berlin factories will be affected by the successful introduction of many new products and manufacturing technologies in the new production area, ongoing supply chain challenges and local licensing, and Tesla plans to start production of Cybertruck at the Austin plant after the Model Y model.
The Fremont plant has already broken records in 2021, with annual production expected to exceed 600,000 units. "Our goal is to maximize the capacity of the Fremont plant while expanding the new facility." Tesla said that it believes that the market competitiveness of electric vehicles will be determined by its overall supply chain and production ramping ability.
"Tesla will also continue to sit for the factory in 2022, and there may be relevant information at the end of this year." Musk said, "In the future, Tesla will build a Texas Gigafactory in the United States, and we hope that two-thirds of the Model Y in the United States can be produced here." ”
According to the plan, in the next few years, Tesla expects the average annual growth rate of vehicle delivery to reach 50%. However, Tesla also stressed that the specific annual delivery growth rate mainly depends on the company's equipment capacity, operational efficiency, and the capacity and stability of the supply chain.
Tesla believes that as the supply chain becomes the main constraint, Tesla factories have been operating below capacity for several consecutive quarters, and this situation may continue in 2022.
Reporter | Pei Jianru editor| Li Xingcheng Peng wang jiaqi
Proofreading | Lu Xiangyong
Cover image source: Courtesy of the official image
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