This morning, Tesla's first quarter of 2022 earnings report was officially announced.
The impact of the epidemic on the entire industry is obvious to all, but Tesla is still the Tesla, in this case, it is still very capable of fighting, directly leaving its peers far behind.
01
Automotive gross margin 32.9%!
Forgive me for using exclamation points for being very headline-pointer, but that's really what I really think: Tesla is really awesome.
32.9%, which set a record for Tesla. In contrast, the gross profit of automobiles in each quarter of last year was as follows: 26.5%, 28.4%, 30.5% and 30.6%.
Moreover, this 32.9 is still achieved in the context of the global epidemic and the unstable supply of parts. Therefore, this achievement has a very high gold content.
Of course, behind this 32.9% gross profit is Tesla's once again record production delivery.
Q1 2022: production of 305407 units, delivery of 310048 units
Q1 2021: production of 180338 units, delivery of 184,800 units
Much of the increase in gross margin came from this record-breaking production delivery performance. That also put Tesla's total revenue in the first quarter up 81% year-over-year to $18.8 billion, with an operating margin of 19.2%.
Based on record revenue, car deliveries, operating profit and other indicators, Tesla's GAAP net profit in the first quarter reached $3.3 billion.
What is this level? In 2021, Tesla's annual GAAP net profit is $5.5 billion, and according to this trend, Tesla can achieve more gaAP net profit performance than last year in two quarters.
This performance is really exaggerated. This is also the 11th consecutive quarter of Tesla's profitability.
By the end of the first quarter, Tesla's cash reserves had reached $18 billion, while total debt (excluding vehicle and energy product financing) fell below $100 million at the end of the first quarter.
Tesla said confidently: "We have enough liquidity to support product planning, long-term capacity expansion plans and other expenses."
I believe that at this point in time, no one doubts whether making electric vehicles can make money in the end.
02
This year, I will run for 150W production
Another thing worth mentioning is the Gigafactory.
In March, the production and delivery work of the Berlin plant was officially started, and the production and delivery work of the Texas plant was officially started in April. So far, Tesla's four super factories around the world have all been opened.
Texas plant: Opened in April, Tesla officially delivered the first batch of cars equipped with 4680 self-developed batteries, integrated die-cast front body and structural batteries, and is currently in the process of ramping up production capacity. Later this year, the Texas Gigafactory will produce the Model Y with a structural battery pack with 4680 cells and a non-structural battery pack with 2170 cells.
Berlin plant: Production will begin in March this year, with the initial production of a version of a non-structural battery equipped with 2170 batteries. In the future, the Model Y will be produced using the structural battery pack of the 4680 battery cell and the non-structural battery pack of the 2170 battery cell, and the factory is currently in the process of capacity climbing.
Fremont Plant: Normal operations
Shanghai factory: On April 17 and 18, Tesla's 8,000 employees returned to the factory one after another, and officially resumed production on April 19.
According to Tesla, "Vehicle deliveries are expected to grow at an average annual rate of 50 percent in the coming years."
Tesla CEO Musk bluntly said that it is possible to achieve a 60% delivery growth rate this year.
Last year, Tesla delivered more than 930,000 vehicles (936172 units). According to Musk, Tesla deliveries will be close to 1.5 million units (about 1.488 million) in 2022.
This rate of growth is really exaggerated.
From the current sales performance, for Tesla, demand is not a problem, the supply chain is the main limiting factor affecting Tesla's growth rate.
When asked about the output of the Shanghai factory, Musk said that although the Shanghai factory has been out of production for several weeks, it means that Q2 production capacity is similar to Q1, and Q3 will be much higher. "Looking at it now, there is a high probability that we will be able to achieve 1.5 million production this year."
Musk also stressed that despite the epidemic and supply chain instability restrictions, Tesla batteries still have a certain inventory to support the completion of this year's sales target. "The 4680 battery will not be a limit to this year's sales target, but if the mass production problem cannot be solved, it will affect the sales expectations of next year, but we are confident that we will solve this problem next year."
At present, the combined production capacity of Tesla's four major factories has exceeded 2 million vehicles:
Fremont plant: Model S/X production capacity of 100,000 units / year, Model 3 / Y production capacity of 500,000 units / year, a total of 600,000 units / year;
Shanghai plant: Production of Model 3/Y models, with an annual production capacity of more than 450,000 units;
Berlin plant: Production of Model 3/Y models with an annual production capacity of 500,000 yuan;
Texas plant: a single model production capacity of 500,000 units, the current main production of Model Y, follow-up Cyberruck, Semi electric semi-mount and the new Roadster will also be mass production at this plant.
Musk said bluntly: In the short term, the Berlin and Texas factories will focus on mass production of the Model Y. "It takes about 9-12 months from the completion of the plant construction to mass production."
With the addition of the Berlin factory and the Texas factory, Tesla officially entered a state of full firepower.
This is a 2021 global electric vehicle sales ranking, Tesla has been riding the dust. I'm curious about how that landscape will change this year.
03
Mass production of unmanned vehicles in 2024
Finally, let's talk about Robotaxi.
The last time we talked about Tesla Robotaxi was still last time (not).
The last time we talked about Tesla's "autopilot" 3 years ago, Musk also said that "next year (2020) Tesla will have 1 million Robotaxi."
Then, there was no then...
But this time, Musk revealed that Tesla is working on the Robotaxi model. "A model built for autonomous driving. No steering wheel, no pedals, and a lot of innovative technology."
"The core is still optimizing the cost per kilometer, and I think it will be an impactful product, and we expect to achieve mass production in 2024, which is crucial for Tesla's financial growth."
According to Musk's previous statement on AI Day, "Now (2019) our travel cost per mile is $2-3, and Tesla's Robotaxi cost will be less than $0.18."
I wonder if this number has been further optimized now?
04
The momentum is strong
In addition to these contents, Tesla has the following progress:
1, 2022 FSD beta software update 7 times, in March this year to some Canadian car owners to push the first version of the software, Tesla plans to release the beta software for car owners who have purchased fully autonomous driving capabilities in the United States this year;
2. In the first quarter, the gross profit margin of after-sales service and other businesses almost reached the break-even state (-0.6%). This is mainly due to the strong sales of used cars, as well as the growth of boutique sales, Tesla sheet metal spray center and related services business;
3. The scope of insurance business continues to expand, with recent insurance products launched in Colorado, Oregon and Virginia.
To sum up Tesla's current state in one sentence is: like the sun in the sky, the momentum is very strong.
That's all there is to it, we'll see you next quarter.
—Ends—