On April 21, Tesla officially released the news that under external challenges such as chip shortages, Tesla actively responded to ensure the stable growth of performance and financial data. Tesla achieved 11 consecutive quarters of profitability in the first quarter of 2022.
In terms of revenue, car deliveries, operating profit and operating margin of more than 19%, Tesla once again set a new record in the first quarter of 2022. By the end of the first quarter, Tesla's outstanding recoverable debt had fallen below $100 million.
profit
GAAP operating profit for the first quarter was $3,603 million, with an operating margin of 19.2% and automotive gross margin of 32.9%, while gaap net profit for the first quarter was $3,318 million and non-GAAP net profit (excluding share-based expenses) of $3,736 million.
cash
Operating cash flow (free cash flow) after deducting capital expenditures for the first quarter was $2.2 billion, and total debt, excluding automotive and energy product financing, fell to less than $100 million.
R&D and other important investments
In the first quarter of 2022, Tesla operating expenses were $1.857 billion.
Order-wise
First-quarter deliveries were 310,048 units, of which 295,324, or 95%, were delivered for the Model 3 and Model Y.
Musk said Tesla is confident of growing at least 50% from a 2021 basis, that is, producing 1.5 million cars, and due to the Shanghai epidemic, tesla factories in Shanghai have lost about a month of output, about 60,000-70,000 vehicles. The delivery cycle of orders is also being extended, with some orders even waiting until next year.
Expanding production capacity is at the heart of Tesla's decision-making
Over the past two months, the Texas Gigafactory and the Berlin-Brandenburg Gigafactory have started to kick-start the delivery of the Model Y (with a negligible impact on first-quarter gross profit).
Production and delivery of the Berlin Gigafactory officially started in March 2022, and the production and delivery of the Texas Gigafactory officially started in April 2022.
At the same time, Tesla has invested a lot of energy in the production of independent batteries, raw material procurement and supplier diversification. Musk predicts that Tesla will produce 1.5 million cars in 2022.
Product prices are raised
In addition to the impact of the chip shortage, the recent outbreak of COVID-19 has also put pressure on Tesla's supply chain and factory operations. In addition, the prices of some raw materials have risen several times in recent months.
Tesla said that despite its efforts to reduce manufacturing costs as much as possible, these effects on the rising cost structure have prompted it to adjust product pricing.
Complement the layout
As of the end of the first quarter of 2022, Tesla has built and developed 33,600+ superchargers worldwide.
Chinese mainland, Tesla has built and opened 1100+ superchargering stations, 700+ destination charging stations, 8500+ superchargering piles, 1800+ destination charging piles, 370+ covering cities and regions, and 250+ experience stores and service centers.
In a follow-up earnings call, Musk revealed that Tesla is developing a custom Robotaxi (self-driving taxi) with no steering wheel or pedals, because it will use FSD exclusively to drive, and hopes that the car will achieve mass production in 2024.