On the morning of January 27, Tesla released the fourth quarter of 2021 financial report and the annual financial report, and held a conference call to summarize the progress of its factories, robots, autonomous driving and other fields.
According to the financial report, Tesla delivered a total of 936,222 vehicles in 2021, an increase of 87% year-on-year, and the total revenue reached 53.823 billion US dollars (about 340.193 billion yuan), an increase of about 71% year-on-year. Among them, GAAP's net profit reached 5.519 billion US dollars (about 34.883 billion yuan), a sharp increase of 665% year-on-year, which was Tesla's most profitable year.
With this report card, Tesla has successfully entered the ranks of the most profitable car companies.
First, the annual delivery of 930,000 vehicles, the current annualized production capacity of more than 1.22 million
2021 is destined to be a milestone year for Tesla, in the past fourth quarter Tesla delivered a total of 308,600 vehicles, a total of 936,172 vehicles delivered throughout the year, although not to reach one million, but it is very close, according to the current growth rate, 2022 delivery of more than one million vehicles is basically no suspense. But even if less than 1 million vehicles are delivered in 2021, this is still a new record in the history of electric vehicles.
In terms of production, in the fourth quarter of 2021, Tesla produced a total of 305,840 cars, an increase of 70% year-on-year. Among them, Model S/X produced a total of 13,109 units, down 19% year-on-year; Model 3/Y produced a total of 292,731 units, an increase of 79% year-on-year.
In terms of deliveries, in the fourth quarter of 2021, Tesla delivered a total of 308,650 vehicles, an increase of 71% year-on-year. Among them, Model S/X delivered a total of 11,766 units, down 38% year-on-year; Model 3/Y delivered a total of 296,884 units, an increase of 84% year-on-year.
In the full year of 2021, Tesla produced a total of 930,422 cars, an increase of 83% year-on-year. Among them, the Model S/X produced a total of 24,390 vehicles, down 55% year-on-year; Model 3/Y produced a total of 906,032 vehicles, an increase of 99% year-on-year, and the output almost doubled.
In terms of deliveries, Tesla delivered a total of 936,222 vehicles in 2021, an increase of 87% year-on-year. Among them, Model S/X delivered a total of 24,980 vehicles, down 56% year-on-year; Model 3/Y delivered a total of 911,242 vehicles, an increase of 106% year-on-year.
Tesla's rapid delivery capacity can grow rapidly, which is directly related to the increase in production capacity of several major factories.
The Fremont plant will produce record-breaking production in 2021, with annual production expected to exceed 600,000 units. In 2022, Tesla will continue to increase the capacity of its Fremont plant.
In 2021, the production of the Model 3 and Model Y in the Shanghai Gigafactory continued 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.
At the end of 2021, the Texas Gigafactory began production of the Model Y. After the Model Y, made at the Austin facility, completes all certification procedures, Tesla will begin delivering to customers.
The Berlin Gigafactory is also starting equipment testing in the vehicle production process at the end of 2021. Delivery of German-made vehicles will begin in Europe after a manufacturing license is obtained, and the first cars will use 2170 batteries.
Based on the efficiency of the fourth quarter of 2021, Tesla's annualized production capacity has exceeded 1.22 million units. The increasing capacity and delivery volume have also made Tesla's market share in major markets continue to rise. In the U.S.-Canada market, the European market, and the Chinese market, Tesla's share has reached its highest level ever.
Second, the net profit of 35 billion yuan, the growth rate of more than 600%
In the fourth quarter of 2021, Tesla's total revenue reached $17.719 billion (about 111.994 billion yuan), an increase of 65% compared to $10.744 billion (about 67.908 billion yuan) in the same period of 2020. Among them, the vast majority came from the automobile business, with revenue of US$15.967 billion (about 100.921 billion yuan), an increase of 71% year-on-year.
In terms of net profit, Tesla's GAAP net profit in the fourth quarter of 2021 reached 2.321 billion US dollars (about 14.670 billion yuan), up 760% year-on-year. Operating profit rose to $2.6 billion in the fourth quarter, bringing the operating margin to 14.7 percent, after paying $245 million to honor the 2018 CEO equity incentive.
In terms of cash flow, Tesla's cash and cash equivalents totaled $17.576 billion (about 111.091 billion yuan) in the fourth quarter of 2021, compared with $16.065 billion (about 101.540 billion yuan) in the third quarter of 2021.
In addition, Tesla's free cash flow in the fourth quarter of 2021 totaled $2.775 billion (about 17.539 billion yuan), down 49% year-on-year, compared with $1.328 billion (about 8.393 billion yuan) in the third quarter of 2021, which has doubled.
For the full year, Tesla's total revenue for the full year of 2021 reached $53.823 billion (about 340.193 billion yuan), a significant increase of about 71% compared with $31.536 billion (about 199.326 billion yuan) in 2020. Among them, the automotive business revenue was US$47.232 billion (about RMB298.534 billion), an increase of about 73% year-on-year.
GaAP net profit for the full year 2021 was US$5.519 billion (approximately RMB34.883 billion), an increase of 665% year-on-year, and free cash flow reached US$5.015 billion (approximately RMB31.697 billion), an increase of approximately 80% year-on-year.
At the earnings meeting, Musk also revealed other aspects of the news.
First of all, Tesla will not have a new car launch in 2022, which means that the legendary $25,000 (less than 200,000 yuan) entry model will not be released until at least 2023. Although there are no new cars, there may be new factories. Musk said they are currently looking for a location, which is likely to be announced this year. As for the new development of the existing plant, the Austin plant is expected to be put into operation before the Berlin plant.
Regarding the 4680 battery, Musk said that the structured battery pack has a certain amount of assembly every day, the Austin factory will also have a new car loaded with a 4680 battery pack every day, and the first models with 4680 batteries may start to be delivered in the near future, perhaps at the end of the first quarter.
In terms of Cybertruck, Musk believes that what currently limits Cybertruck's production capacity is not batteries, but a large number of cutting-edge technologies applied to Cybertruck, while also controlling the price in a reasonable range. But he also said Tesla aims to produce 250,000 Cybertrucks a year.