Quarterly deliveries recorded more than 310,000 units, quarterly revenue reached a record $18.756 billion, and automotive gross margins reached a record 32.9%... Since when did the earnings season turn into a record to chase Tesla?
In the early hours of this morning, Tesla released the latest financial report data showing that the automotive business achieved revenue of 16.861 billion US dollars in the first quarter of this year, an increase of 87% year-on-year, up 5.60% month-on-month; the gross profit of automobiles reached 5.539 billion US dollars, a year-on-year increase of 132%, which also means that Tesla not only held the mark of selling a car to earn 100,000 yuan, but also steadily stepped into the 110,000 yuan club of bicycle gross profit.
Thanks to the improvement of bicycle sales revenue, Tesla achieved a GAAP net profit attributable to the mother of $3.318 billion in the first quarter, and the overall gross profit margin also climbed to 29.1%.
It is believed that the rapid increase in Tesla's previous gross profit margin has a great relationship with the scale effect and the Shanghai factory, and the rapid increase in gross profit margin in the first quarter of this year is fundamentally due to strong market demand and product price increases.
In order to pass on the cost crisis, Tesla even announced three price increases in the Chinese market in the week from March 10 to March 17. On the earnings call, Musk talked about Tesla's price increase logic, and since the current order delivery cycle is longer, "the current purchase price is actually predicting the growth of supplier and logistics costs, and we believe this will happen in the next 6-12 months." ”
However, the price increase has not affected Tesla's sales momentum. According to the Association of Automobile Manufacturers, Tesla China's wholesale sales in the first quarter were 182,200 units, an increase of 126.8% year-on-year; retail sales reached 108,300 units, up 56.3% year-on-year.
In terms of cash reserves, as of the first quarter of this year, Tesla's cash balance reached $17.505 billion; net cash flow from operating activities in the first quarter was $4 billion.
In terms of expenses, overall operating expenses reached $1,857 million, and the quarterly operating expense ratio fell below 10% for the first time. Specifically, R&D expenses in the first quarter were $865 million, or 4.6% of total revenue, and sales and administrative expenses were $992 million, or 5.3% of total revenue.
With such a performance table that greatly exceeded expectations, it was difficult for Musk to be unhappy. As a result, the annual growth target has been raised from the previous 50% to 60%, and in the short-term foreseeable future, it is confident of achieving 50% growth every year.
He revealed on the conference call that some orders have been scheduled for next year, but the trouble of happiness is still holding a large number of orders but not being able to hand over the car.
Originally, the Successive Production of the Berlin Factory in Germany and the Texas Plant in the United States can directly alleviate Tesla's global production capacity pressure, but the sunrise in the west and the rain in the east, the Shanghai factory has been suspended for 22 days due to the epidemic, according to the 2500 daily output previously announced by Tesla, the shutdown directly caused 55,000 production capacity losses to Tesla.
However, Musk said that the Shanghai factory is almost retaliatory to resume work, and it is expected that the output in the second quarter will be slightly lower than that in the first quarter, but there will not be much difference, and the output is expected to be higher in the third and fourth quarters.
The newly started Berlin plant and the Texas plant are expected to take 9-12 months to climb to the high-volume production stage, musk pointed out that from the plant to produce 5,000 units per week, it will take about 12 months.
The four plants are fully operational, and the overall production capacity is expected to exceed 1.5 million units this year.
Finally, to answer the question posed by the title, when the gross profit of a bicycle has exceeded 110,000, is there a ceiling on the growth of Tesla's gross profit? The answer is no, and the Maori legend of Tesla continues. After all, the 4680 battery has not yet been on the car, and the integrated die-casting technology has also ushered in a new development.
From the perspective of mass production time, the 4680 battery and structural battery are expected to be on the texas factory as soon as the third quarter of this year, and the Berlin factory will be able to transition to the 4680 battery later. The current use of 2170 non-structural batteries.
Musk is fairly confident that the 4680 and structural batteries will compete with the best competitors after the launch of this year, but by next year, they can surpass similar competitors.
In addition, the integrated die-casting technology at the Austin, Texas plant has been further developed, previously only the rear floor is one-piece die-casting, and now it is extended to the front of the body , which originally required 171 parts, and has now been reduced to 2.
An Easter egg
Tesla has quite darkly marked the number of orders after the Super Bowl of the "American Spring Festival Gala".
Volvo's pure electric brand PoleStar spent $7 million to play a 30-second advertisement, originally thought that the yin and yang were weird, and as a result, they only hated to make wedding dresses for others!
(Synopsis: Polestar posted a 30-second ad at the Super Bowl titled "Uncompromising", and after showing Polestar 2, it used a big "no" word to lead to a series of subsequent words or phrases, including "Dieselgate" and "Conquest of Mars", killing two birds with one stone, pointing to Volkswagen's emissions scandal and Musk's Space X.)