Tesla released its 2021 financial report And there are still supply chain risks to achieve profitability

After hours on January 26, EST, electric car maker Tesla released its fourth quarter and full year 2021 financial results.

According to the data, Tesla's operating income in the fourth quarter of 2021 was $17.7 billion, an increase of 65% year-on-year, exceeding Bloomberg's expectation of $16.6 billion; and achieving a net profit attributable to the mother of $2.88 billion, an increase of 219% year-on-year, exceeding Bloomberg's expectation of $2.67 billion.

For the full year, Tesla's operating income was $53.823 billion, an increase of 71% year-on-year; net profit attributable to the mother was $7.64 billion, an increase of 211% year-on-year. According to the current exchange rate, some media calculated that 7.64 billion US dollars is equivalent to 48.3 billion yuan, that is, Tesla made an average daily net profit of more than 100 million yuan last year.

On January 2 this year, Tesla released its sales data for the fourth quarter of 2021. The data shows that the company has produced more than 305,000 vehicles and delivered more than 308,000 vehicles.

For the full year of 2021, more than 936,000 units were delivered, up 87.4% year-on-year (previously, Tesla expected 50% of the data).

In addition, Tesla's Super Shanghai factory is becoming increasingly important, with an annual production capacity of 450,000 vehicles. Of these, 70,847 new cars were produced in December last year alone. In 2021, Tesla's Shanghai Gigafactory achieved annual deliveries of 484,100 units, accounting for 51.7% of the total deliveries.

Thanks to the growing sales scale, Tesla has achieved profitability for two consecutive years since its listing.

In a conference call on the night of the earnings report, Tesla CEO Elon Musk made it clear that Tesla will not launch a new car this year, and the focus of the year is to expand production; and said that "Tesla will look for a new gigafactory location at the end of the year."

According to public information, Tesla's current production bases are Fremont and Shanghai; the Austin plant and berlin factory are in a state of pending production.

Tesla said in its earnings report that it will do its best to expand production capacity, not only to increase the scale of production capacity in the new factory, but also to maximize the use of the capacity of the original two factories.

Both the Austin plant and the Berlin plant are said to be in the commissioning phase, and the Berlin plant, which has been frequently blocked from production, is already producing test vehicles.

Dolphin investment research data show that if the production rhythm in December is maintained, the Shanghai plant will have a production capacity of 850,000 vehicles this year, and the Fremont plant's 600,000 production capacity is in operation, and the existing production capacity can ensure that the company can easily achieve 50% growth in 2022.

Even if Tesla's current performance is optimistic about the market, the supply chain disruption caused by objective factors such as lack of core will still have a certain impact on car companies.

On Jan. 27, Tesla said on a fourth-quarter 2021 earnings call that the launch of new models such as the company's Cyberruck will be delayed until next year as supply chain disruptions are likely to continue into this year. That would weaken sales growth in the face of supply chain headwinds, which won't ease until next year.

Musk said Tesla will focus on increasing sales of existing models by more than 50 percent this year, rather than launching new models. After the news, Tesla shares fell 8 percent in response, down 30 percent from their highest share price it hit in November and the biggest percentage drop since then.

The decline in Tesla's stock price has led to the decline in the shares of other electric vehicle manufacturers, more than the Nasdaq index. Among them, Rivian's shares fell 9%, nearly hitting the company's lowest closing point since its listing last November. Shares of Lucid also fell 11 percent; Lordstown Motors fell 8 percent; Nikola shares fell more than 7 percent; and Chinese electric vehicle maker Xiaopeng Motors fell nearly 9 percent in the United States.

Frank Curzio, CEO of Curzio Research, said, "Tesla, the giant in the electric vehicle space, is still in trouble, and other electric vehicle companies will not be able to launch new models at the speed they expect, so the sales growth of many new models may be delayed until 2023." ”

Industry analysts have commented that Tesla needs a low-priced electric model that costs about $25,000 to (assist) to achieve sales targets, but Musk denied this evaluation, saying that the company has not developed the above-mentioned low-cost electric model.

At least six analysts raised their share price targets after Tesla's earnings report. Some have looked beyond the supply chain, pointing to the company's strong growth expectations. Analysts currently have a median share price target for Tesla at $1,087, about 26 percent more than Tesla's current $862.89.