After announcing a more than expected earnings report, Tesla's stock price fell 11.55%.
According to the earnings report, the company's Q4 revenue was $17.72 billion, up 65% year-on-year, better than the market's general expectation of $16.2 billion. Under Non-GAAP accounting standards, net income attributable to common shareholders was $2.88 billion, an increase of approximately 219% year-over-year.
After releasing strong delivery data at the beginning of the month, Tesla's stock price once soared to $1204 at the beginning of the month, but then followed the technology stock army to open a "falling and falling" mode, as of the close of the 28th Tesla closed at $829.1, roughly calculated, has fallen more than 31% from the high point of the beginning of the month, and the market value has evaporated by $376.5 billion (about 2.4 trillion yuan). Comparablely, the NASDAQ fell by 15% over the same period.
Tesla's earnings report exceeded expectations
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 vehicles, and the total number of new car deliveries for the whole year was about 936,200 units (an average of about 2,565 deliveries per day), an increase of 87.4% year-on-year, far exceeding Tesla's previous commitment to annual growth of 50%.
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.
Why is the stock price still falling?
At the beginning of 2022, Tesla's stock price has been under pressure, and in the case of the recent hit on technology stocks, Tesla has suffered a large number of sell-offs, showing a downward trend. Although the financial report exceeded market expectations, there were no surprises.
The market believes that more of the company's market value support comes from valuation, even if the company's stock price has recently pulled back, but there is still a premium, there is still further downside, and the current macro environment is not friendly to highly valued stocks, so the entry risk is larger.
According to the Financial Associated Press, the reason for the decline in Tesla's stock price may not have much to do with the company's own operations, but more because of the sell-off of growth stocks in the US stock market under the expectation of the Fed's interest rate hike.
In this context, it is particularly important for Tesla to tell a good story about "future growth prospects" at the performance meeting. After all, even after the big fall, Tesla's valuation is still not low, and it is necessary to emphasize its growth prospects to support the valuation. Therefore, Tesla's future production capacity growth, product route, 4680 battery mass production and other issues will be the top priority of investors.
Image source: Photo by reporter Li Xing
Notably, Tesla said in a statement: "With supply chains becoming the main limiting factory, our own factories have been running below capacity for several consecutive quarters, which is likely to continue into 2022." ”
In November last year, Musk mentioned the supply chain problem on Twitter. He wrote: "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. ”
Tesla mentioned in the earnings report that in addition to adding two new factories in Berlin and Austin, the Fremont plant in California and the Shanghai Gigafactory will continue to increase production capacity. The company plans to increase production capacity as quickly as possible, and expects vehicle deliveries to grow at an average annual rate of 50% over the next few years.
This means that this year Tesla is pinning its hopes on increasing production to push up sales.
Musk also said at the earnings conference: "This year Tesla's focus is on expanding production capacity, Tesla will not launch new models this year, electric pickup truck Cyberteruck, electric van Semi and sports car Roadster or will be postponed to next year production and delivery." At the same time, there is still no news about the $25,000 model that has attracted much attention.
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.
Disclaimer: The content and data of the article are for informational purposes only and do not constitute investment advice. Investors operate accordingly at their own risk.
Editor| Sun Zhicheng yi qijiang
Proofread | duan lian
| the original article of the daily economic news nbdnews |
Reproduction, excerpting, reproduction and mirroring without permission are prohibited
If you need to reprint, please apply to the background of this official account and obtain authorization
After Delta, the Aumechjong strain became a global pandemic,