After the U.S. stock market, Tesla released its financial report for the first quarter of 2022. According to the data, Tesla's total revenue in the first quarter was 18.756 billion US dollars (about 120.2 billion yuan), an increase of 81% year-on-year. Net profit attributable to shareholders was US$3.318 billion (approximately RMB21.28 billion), an increase of 658% year-on-year. Automotive gross margin was 32.9%, a record high.
Tesla said part of the company's revenue growth was due to an increase in the number of cars tesla delivered and an increase in the average selling price. According to the financial report, the delivery volume of Tesla vehicles in the first quarter was 310048 units, an increase of 68% year-on-year, of which tesla's Shanghai gigafactory delivered 182174 vehicles (59846 vehicles in January, 56515 vehicles in February, and 65814 vehicles in March), accounting for 58.76% of Tesla's total global market share, tesla's first single market in the world.
The increase in the price of new products is also an important factor in Tesla's net profit increase, helping Tesla avoid the impact of supply chain problems and rising costs, so that Tesla can earn more. Taking the Chinese market as an example, Tesla has made three price increases in a week. On March 10, the price of the Model 3 all-wheel drive high-performance version rose from the original 339,900 yuan to 349,900 yuan, the Model Y all-wheel drive version rose from 347,900 yuan to the current 357,900 yuan, and the Model Y all-wheel drive high-performance version rose from 387,900 yuan to 397,900 yuan. On March 15, the model 3 rear wheel drive rose from 265,652 yuan to 279,900 yuan, the price of the Model 3 all-wheel drive high-performance version rose from the original 349,900 yuan to 367,900 yuan, the model Y all-wheel drive version rose from the original 357,900 yuan to 375,900 yuan, and the Model Y all-wheel drive high-performance version rose from 397,900 yuan to 417,900 yuan. On March 18, the price of the Model Y rear-wheel drive version rose from the previous 301840 yuan to 316900 yuan.
Musk said on the conference call that the price increase a while ago was mainly due to the serious inflation problem, and some parts suppliers increased prices by 20% to 30%. However, Tesla will not raise prices in the near future, and the current price already includes Tesla's expectations for future cost increases. Of course, if the price of subsequent parts increases more than expected, perhaps the price of Tesla models will continue to rise.
Tesla's eye-catching market performance is the result of many efforts, but in the face of uncertainty brought about by the general environment, Tesla also made a risk expectation analysis in the earnings call. Tesla CEO Musk said that he thought that the Shanghai Gigafactory would set a new record for production in the second quarter, but due to the shutdown storm, the production in the second quarter may be the same as the first quarter, or slightly lower than the first quarter.
According to previous reports by the automotive industry, the Tesla Gigafactory in the Lingang area of Shanghai was suspended twice in March due to the epidemic, and it stopped production for two consecutive days on March 16 and 17, and from March 28 to four consecutive days, but due to the epidemic prevention and control upgrade, the plan to resume work and production on April 1 was cancelled, and Tesla has stopped production for three weeks by April 19. Although Tesla's Shanghai factory resumed work and production on April 19, but its vehicle parts still have about a week of inventory, if the supply of parts is not timely or will lead to Tesla to stop production again, and in the short term Tesla also needs to experience a production climbing period, production also has a certain lag. According to Tesla's official website in China, the current delivery cycle of Model Y versions ranges from 10 weeks to 20 weeks, and the delivery cycle of Model 3 versions ranges from 16 weeks to 24 weeks, of which the delivery cycle of the Model 3 rear-wheel drive version is as long as 20 weeks to 24 weeks. Musk made it clear that tesla factories have been undercapacitated for several consecutive quarters in the face of shortages of components and semiconductor chips, and this is expected to persist for another year. "If consumers order cars now, they may need to be prepared to wait a year."
Tesla shares fell $50.95, or 4.96 percent, to close at $977.20 in regular trading on the Nasdaq stock market on Wednesday. Over the past 52 weeks, Tesla's lowest share price was $546.98 and the highest share price was $1243.49. At Wednesday's closing price, Tesla's market capitalization is about $1.01 trillion.
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