Zhitong Finance APP learned that since the beginning of this year, supply chain pressure and rising costs have put electric vehicle companies in trouble. And with Tesla (TSLA. US) announced a first-quarter earnings report that exceeded expectations, which seems to bring light to other electric vehicle companies. As of press time, Tesla is up 5.57% after hours, rivian (RIVN. US) up nearly 2 percent, with Workhorse (WKHS. US), FSR. US) up more than 2 percent, with Lucid (LCID.US), Nikola (NKLA. US) up nearly 1 percent.
Specific data show that Tesla's operating income in the first quarter was $18.756 billion, an increase of 81% over the first quarter of last year, higher than analysts' expectations of $17.92 billion, the fifth consecutive quarter of revenue of more than $10 billion mark, the third consecutive quarter of revenue hit a record high in a single quarter. Among them, the revenue of the automotive business reached 16.86 billion US dollars, an increase of 87% year-on-year. Automotive gross margin jumped to 32.9 percent, and Tesla reported a gross profit of $5.54 billion in its key divisions. Regulatory credit accounted for $679 million of automotive revenue in the quarter.
It is reported that this year, with the escalation of the Conflict between Russia and Ukraine, the ongoing supply chain problems in the automotive industry have further intensified, and the price of raw materials has soared, especially batteries. Although Tesla can be compared to General Motors (GM. Traditional giants such as US) and F.US have better coped with the shortage, but the company's chief executive, Elon Musk, said earlier this month that the price of lithium, the main component of electric vehicle batteries, had reached "crazy levels."
So far this year, although Tesla shares are still down 7.3%, they still outpace other electric car companies, such as Rivian, which has fallen 65% since early 2022, while Lucid shares have fallen 45%.
Mizuho Securities analyst Vijay Rakesh said on Wednesday that supply chain-triggered adjustments in semiconductor and electric vehicle stocks created an opportunity for entry and buybacks. The analyst added that as supply chains improve, electric vehicle growth will reach 30 percent by 2030, showing that Tesla, Rivian and NIO. US) may benefit in the long run.
It is worth mentioning that Tesla said in its performance report on Wednesday that in addition to the shortage of chips, the recent repeated epidemic has also put pressure on its supply chain and factory operations. The company also said: "Although we continue to focus on reducing manufacturing costs as much as possible, the rising cost of materials has forced us to adjust the pricing of our products." ”