On the evening of February 7, Beijing time, Tesla submitted a 10-K annual report file to the US Securities and Exchange Commission (SEC) to further disclose the company's operation in 2021. By region, Tesla's revenue in the Chinese market last year was $13.844 billion, up 107.8% year-on-year, continuing to maintain a triple-digit growth rate.
Tesla announced the purchase of bitcoin as an investment project at the beginning of last year, and the annual report documents show that Tesla has accrued about $101 million in impairment losses due to changes in the book value of bitcoin in the past year, but as of the end of 2021, the fair market value of bitcoin held by Tesla is $1.99 billion.
Tesla looks ahead to supply chain shortages this year that will still limit the company's production capacity, so the company will not launch new models such as the electric pickup truck Cybertruck, electric van Semi and sports car Roadster in 2022, focusing on increasing the capacity climb of existing models. Thanks to the construction of its Berlin and Texas plants, as well as the expansion of existing ones, Tesla expects capital expenditures to reach a record high of $5 billion to $7 billion in fiscal years 2022 and the next two years, higher than previously estimated spending.
The Chinese market has the highest revenue growth rate, and the Shanghai Gigafactory has contributed to it
According to the documents, Tesla's revenue in the Chinese market in 2021 reached $13.844 billion, a year-on-year increase of 107.8%. Tesla's revenue in the Chinese market in the first three quarters of last year was $9.015 billion, and based on this, Tesla's revenue in China in the fourth quarter of last year was $4.829 billion.
At present, China is the second largest market after Tesla in the United States, accounting for 25.7% of the company's revenue; the United States is still Tesla's most important market, and the company's revenue from the US market in 2021 will reach 23.973 billion US dollars, accounting for 44.55% of the company's total revenue.
Tesla's revenue in China increased significantly, mainly due to the increase in production and deliveries at the Shanghai Gigafactory. According to the statistics of the Association, Tesla's deliveries in China reached 484,130 units last year, accounting for 51.7% of Tesla's global 936,000 deliveries.
It is worth noting that Tesla also disclosed in the filing that the company received $46 million, $123 million and $6 million in cash incentives from the Shanghai government during the three years from 2019 to 2021 for Tesla's investment in certain manufacturing equipment in the Shanghai Gigafactory. In addition, Tesla also said that the Shanghai Gigafactory currently enjoys a preferential tax rate of 15%, which is lower than the 25% tax rate generally required by Chinese companies, which will last from 2019 to 2023.
In addition to China and the United States, Tesla's revenue in other regions is also rising rapidly. Tesla did not disclose revenue data for the European market separately in its annual report filing, but including "other regions" of the European market, sales revenue reached $16 billion, second only to China's 65.5% year-on-year increase. At the time of the release of its annual report earlier, Tesla had pointed out that the company's market share in Europe had caught up with the Chinese market, and with the Berlin factory fully operational this year, Tesla's penetration rate in Europe is expected to increase further.
Capital expenditures are expected to reach $5 billion to $7 billion over the next three years
2021 is the year tesla proves to the outside world that electric vehicle manufacturers have sustainable profitability. In 2021, Tesla achieved revenue of $53.823 billion, an increase of 71% year-on-year, and net profit attributable to shareholders reached $5.519 billion, an increase of 665% year-on-year.
Tesla attributed the surge in revenue for the full year last year to increased capacity at the Shanghai Gigafactory and the Fremont, Calif., plant. Tesla's deliveries of the Model 3 and Model Y increased by 430,000 units last year, and coupled with a lower-than-expected return rate, the company released a $365 million return reserve, which increased the company's car sales revenue by $19.52 billion, a 79% year-on-year increase, according to the documents.
In addition to car sales revenue, Tesla's car rental revenue, services and other revenue increased by 56% and 65% year-on-year, respectively, but the revenue scale was only $590 million and $1.5 billion, respectively. Regulatory credits obtained through the trading of carbon credits were Tesla's only source of revenue from a year-on-year decline last year, and Tesla said in the filing that regulatory credit revenues fell 7 percent year-over-year last year, largely due to regulatory policies and changes in carbon credit pricing in some regions.
Tesla expects the company's delivery volume to grow at an average rate of 50 percent in the coming years, driven by the ramp-up capacity of its Berlin plant in Germany and Texas in the United States, as well as Tesla's ability to develop its own batteries to expand its battery supply. Tesla's current power battery suppliers include Panasonic, LG and CATL, but Tesla believes that the battery suppliers that meet its needs are quite limited, and it is necessary for the company to create and mass-produce new batteries to improve vehicle performance and reduce production costs.
Due to the construction of the Berlin and Texas factories, as well as the expansion of the Shanghai Gigafactory and the California plant, Tesla disclosed in its annual report that the company's capital expenditures in 2021 amounted to $3.16 billion. However, by 2022 and the next two fiscal years, Tesla's capital expenditure will reach $5 billion to $7 billion, higher than the company's previous estimates. In October 2020, Tesla filed a filing stating that the company expects capital expenditures to be no more than $3 billion in 2020 and forecasts that capital expenditures will increase to $4.5 billion in 2021 and 2022 to $6 billion.
Tesla's capital expenditure is mainly used for the construction of new factories, elon Musk previously revealed on a conference call that the company is considering the location of the new factory, which will be announced as soon as the end of this year. In its annual report, Tesla said auto exports from the Shanghai Gigafactory have eased the company's delivery pressure outside the U.S. market, so the company expects more plant locations to benefit more close to local markets.
Tesla holds bitcoin fairly worth nearly $2 billion
At the beginning of last year, Tesla announced the purchase of $1.5 billion in bitcoin as an investment project, triggering a hot pursuit of bitcoin in the investment market, which rose to more than $60,000 last year, but now the price has fallen sharply, with a recent offer of $43,000.
Tesla said in its latest annual report that it recorded an impairment loss of about $101 million due to changes in the book value of bitcoin, although it is worth noting that Tesla's bitcoin impairment was due to accounting rules. Tesla reiterated in its annual report filing that virtual currency assets are considered intangible assets with an indeterminate useful life under applicable accounting rules, so at any time after the acquisition, if the fair value of such assets is lower than the carrying amount, the company will need to recognize impairment charges, while the company may not make an upward correction to any market price increase before the sale. For any virtual currency assets held now or in the future, these fees may have a negative impact on the profitability of the company, even if the overall market value of these assets increases.
According to the filing, the fair market value of Bitcoin held by Tesla as of the end of 2021 was $1.99 billion, which is an improvement from the fair market value of $1.83 billion in the third quarter of last year.
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