According to the financial report, in the first quarter, Tesla produced a total of 305,400 vehicles, an increase of 69% year-on-year; delivered 310,100 vehicles, an increase of 68% year-on-year. Tesla's total revenue for the first quarter was $18,756 million, up 81 percent from $10,389 million in the year-ago quarter and higher than analysts' expectations of $17.92 billion; net income attributable to Tesla's common shareholders was $3,318 million, up 658 percent from $438 million in the year-ago quarter; and adjusted earnings per share were $3.22, higher than analysts' expectations of $2.27.
In the first quarter of 2022, Tesla's operating cash flow (free cash flow) after capital expenditures was $2.2 billion, and total debt, excluding financing for automotive and energy products, fell to less than $100 million. GAAP operating profit was $3.6 billion at an operating margin of 19.2% for the first quarter; GAAP net profit for the first quarter was $3.3 billion, non-GAAP net profit (excluding share-based expenses) was $3.7 billion; and GAAP Automotive gross margin was 32.9% in the first quarter.
It is worth noting that as of the end of the first quarter, Tesla's outstanding recoverable debt has fallen below $100 million; production and delivery work at the Berlin and Texas Gigafactories has officially started in March/April 2022.
Musk said Tesla aims to achieve 20 million vehicles per year by the end of the century, and currently, Tesla has completed 5% of this goal. In addition, Musk also mentioned that Tesla is expected to produce 1.5 million cars this year. Tesla will produce 930,000 vehicles and deliver 936,000 vehicles for the whole year of 2021. Although affected by multiple factors such as the supply chain, Tesla expects vehicle deliveries to still achieve an average annual growth rate of 50%.
In terms of the Shanghai Gigafactory, Tesla said that this quarter will see a new record of weekly production. Because there are a few weeks of failure to produce, it means that the number of mass production of Q2 will be basically the same as Q1, or a little more or a little less, but Q3 will be much higher. Looking at it now, there is a high probability that 1.5 million production can be achieved this year. (Text: Pacific Auto Network Liu Yunqing)