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In the early morning of April 21, Tesla released its first quarter 2021 financial report. According to the financial report, Tesla's revenue reached $18.756 billion and net profit reached $3.318 billion. Tesla CEO Elon Musk attended the subsequent earnings call and answered related questions.
Specifically, Tesla's revenue in the first quarter was $18.756 billion, an increase of 81% year-on-year. Total revenue from the automotive business was $16,861 million, including $15,514 million in auto sales, $668 million in car rental, and $679 million in carbon credit sales.
In terms of profit, net profit attributable to common shareholders increased by 658% year-on-year to $3,318 million; diluted earnings per share increased 633% year-over-year; gross profit per share increased 633% year-over-year; gross profit of the company was $5.46 billion, an increase of 147% year-on-year; gross profit from automobiles was $5,539 million, an increase of 132% year-on-year; and automotive gross margin increased from 26.5% to 32.9%.
In terms of cash flow, free cash flow was $2,228 million, up 660% year-over-year; cash and cash equivalents were $17,505 million, compared to $17,141 million in the year-ago quarter, an increase of 2.1% year-over-year.
In terms of new car production and sales, the total number of new car deliveries exceeded 310,000 units, an increase of 68% year-on-year, and the production of new vehicles was 305,400 units, an increase of 69% year-on-year.
In addition to the above-mentioned public earnings report, Tesla also stressed that there is almost no debt at present. By the end of the first quarter, the company's outstanding recovery debt had fallen below $100 million.
On Tesla's subsequent earnings call, Tesla CEO Elon Musk answered analyst questions and gave a speech. He congratulated the Tesla team on achieving record profitability despite facing many different headwinds, with the first quarter again recording on many levels." ”
About the Tesla factory:
Elon Musk noted that the previous shutdown of the Chinese factory did have an impact on production capacity as well as production abroad, and that "some parts purchased in China may affect production elsewhere." But the CEO still acknowledged the team at the Shanghai Gigafactory, which is still operating efficiently despite the impact of the pandemic.
Since March this year, Tesla's Shanghai Gigafactory has been shut down for more than three weeks, and the production capacity of new cars has lost more than 40,000 units. At present, the plant has resumed work, and the production capacity is gradually climbing.
In addition, this year Tesla has also delivered two new factories - the Berlin Gigafactory and the Texas Gigafactory. Musk said that the slow growth of capacity in the two plants in the early days was deliberate, but it will grow rapidly in the future and is expected to achieve high production next year.
About products and prices:
Musk noted that Tesla hopes to no longer need to raise prices, although he points out that Tesla does not control the price of raw materials, "the current price is for future vehicles", Musk added. Judging from the data, the gross profit margin of the Q1 Tesla auto business exceeded 32%, which has reached a considerable level.
Since the beginning of this year, due to factors such as rising raw material prices, the price of Tesla's new cars in the United States and the Chinese market has been raised, musk said that although Tesla's goal is still to make cars as popular as possible, it is difficult to control inflation, and suppliers are also facing huge pressure.
Musk also shared some details about Tesla's new Robotaxi (self-driving taxi) vehicle. Musk noted that Tesla is able to offer consumers the lowest cost of transportation per mile, even lower than subways and buses. At the same time, he also said that the new car will not have a steering wheel or pedals, because it will be driven exclusively using Tesla's FSD.
Musk believes that the self-driving taxi fleet will greatly promote Tesla's growth in the future. Robotaxi's product events will take place next year and mass production will take place in 2024.
Targets for future production:
Tesla CEO Musk said on a first-quarter earnings call that Tesla should be able to produce 1.5 million cars in 2022. Typically, Tesla's production and delivery difference is within 10,000 units, which means that Musk has set Tesla's new car delivery target for around 1.5 million in 2022.
Musk also added that Tesla aims to produce 20 million cars per year by the end of this century (2090s). Even today, Tesla has accomplished 5 percent of that goal.
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