Musk "flipped coins" to play smashed?
On February 7, Tesla said it had recorded an impairment loss of $101 million (about 642 million yuan) due to changes in the book value of bitcoin.
However, compared with Tesla's net profit of $5.519 billion (about 35 billion yuan) last year, the above-mentioned impairment loss is not large. As of the end of last year, Tesla still held nearly $1.99 billion (about 12.6 billion yuan) of bitcoin.
Musk speculated on the coin "loss" of $100 million
In the latest 10-K filing, Tesla claimed to have accrued an impairment loss of approximately $101 million in the year ended December 31, 2021, due to changes in the book value of the company's bitcoins. As of December 31, 2021, the fair market value of Bitcoin held by Tesla was $1.99 billion.
Tesla said it believes in the long-term potential of digital assets as a liquid alternative to investment and cash. As with any investment, companies can increase or decrease their holdings of digital assets at any time based on business needs and perceptions of market and environmental conditions. But digital assets can be affected by market price fluctuations, which can be detrimental to the company. Tesla will continue to adjust its investment strategy to meet the company's liquidity and risk objectives.
If you follow the current trend of Bitcoin, it is only a matter of time before Tesla continues to accrue losses in the future.
After reaching a high of $67,000/coin in early November last year, the price of Bitcoin continued to fall, falling to $47,000/coin as of December 31, 2021. This decline continued in 2022, when the price of Bitcoin fell below $35,000 at one point last month, a new low since July last year, due to a series of events such as the tightening of Fed policy.
On industry fundamentals, some experts warn that cryptocurrencies could soon collapse as tighter regulatory scrutiny and sharp price volatility hit the cryptocurrency market.
Regulators in the United Kingdom, Spain and Singapore have all hinted at tightening regulations governing the promotion of crypto assets to less experienced investors, and the Central Bank of Russia has also proposed an outright ban on cryptocurrencies.
The EU's top financial regulator has renewed its call for a ban on major models of Bitcoin mining across the EU. Thedéen, vice chairman of the European Securities and Markets Authority, warned that it would be ironic that without intervention, a large amount of renewable energy would be used for bitcoin mining.
Revenue in the Chinese market reached 88 billion yuan
In addition, the 10-K file shows that Tesla's revenue in China continued to grow significantly last year.
According to the documents, Tesla's revenue in the Chinese market reached $13.844 billion (about 88 billion yuan) in 2021, compared with $6.662 billion in 2020, an increase of 107.8% year-on-year, and only $2.979 billion in the same period of 2019, with the Chinese market increasing by more than 100% for two consecutive years.
Tesla's full-year revenue in 2021 is $53.823 billion, and according to this calculation, China's revenue accounts for nearly 26%, which is further increased from 21% in 2020. The U.S. market generated $23.973 billion in revenue for the full year, making it Tesla's largest market.
According to previously released data, Tesla achieved revenue of $9.015 billion in China in the first three quarters of 2021, an increase of 122.92% year-on-year. This represents fourth-quarter single-quarter revenue of $4.829 billion.
Tesla disclosed in the 10-K table that the gross profit margin of the overall automobile business rose to 29.3% in 2021, further higher than 25.6% in 2020, which is not only several times that of the old car companies GM and Ford, but also has an advantage over some new car-making forces. In the annual report, Tesla also bluntly said that the main reason for the increase in gross profit is that in addition to the increase in sales, the increase in production and the decline in costs of the Shanghai Gigafactory constitute an important positive.
According to the company, the cost of unit production of model 3 and Model Y "significantly decreased" during the year against the background of rising costs caused by tight raw materials, commodities, logistics and supply chains due to procurement and manufacturing in China. Tesla also said that in the future, it will further increase the proportion of local procurement and local manufacturing in Shanghai Gigafactory.
As of the date of the company's annual report, the Shanghai Gigafactory is still Tesla's only mass production plant outside the United States, but Tesla's Gigafactory in Berlin is already in state of equipment commissioning and is expected to be able to enter mass production in 2022 together with the Texas plant in the United States.
Image source: Visual China
Tesla "ghost brake" complaints surged
U.S. regulators are investigating
Notably, in recent times, the National Highway Traffic Safety Administration (NHTSA) has received an increasing number of complaints about accidental and unnecessary braking incidents in Tesla vehicles, and regulators say they are investigating.
This phenomenon is often referred to as "ghost brakes". Refers to a vehicle equipped with advanced driver assistance systems that is unsettling and potentially dangerous for consumers. This failure is a potential hazard for other vehicles following behind the car.
Drivers who have been confronted with situations have consistently called these ghostly brake incidents "creepy" and potentially "catastrophic."
According to the Washington Post, reports of unprovoked braking have risen to 107 in the past three months, compared with 34 in the previous 22 months.
That point in time coincides with Tesla's decision to stop using radar sensors on its vehicles and instead use a camera-only system.
Phil Koopman, a professor at Carnegie Mellon University who focuses on the safety of self-driving cars, said: "Ghost braking is what happens when developers don't set decision thresholds correctly to decide when something is present with a false alarm. "What other companies have done is they're using multiple different sensors and cross-checking between them — not just multiple cameras, but multiple types of sensors.
For example, a bag floating on the road may appear to the camera as a truck braking, but if it can be cross-verified by radar or LiDAR, ghost braking may be avoided.
China's Tesla owner "Dragon Pig - Jiche" said on social platforms in December last year that he encountered a failure of Tesla's "ghost brake".
According to its introduction, one morning, when he was driving the imported version of tesla Model 3 and turning on the AP function fixed speed (80km/h) on the Shanghai-Jia Expressway, the vehicle suddenly braked automatically. Almost caused a rear car rear-end collision. At the time of the incident, the road conditions and weather were good.
In response to the failure, NHTSA said: "These complaints are under review."
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