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On the third day of the resumption of work at the Shanghai Gigafactory, Tesla handed over its first-quarter report card.
On April 21, Tesla released a financial report showing that the net profit in the first quarter of this year exceeded 3.3 billion US dollars, about 21 billion yuan. This means that Tesla earned more than 200 million yuan per day in the first 90 days of this year.
However, due to factors such as chip tensions, rising raw material prices and the epidemic, Tesla has had to slow down.
Vehicle sales led the increase
According to the financial report, Tesla's revenue in the first quarter of this year was $18.756 billion, an increase of 81% year-on-year; net profit attributable to common shareholders was $3.318 billion (about 21.4011 billion yuan), an increase of 658% year-on-year.
Some netizens said: "The net profit unit is replaced by RMB, Tesla makes an average daily profit of more than 200 million yuan, which is really Versailles!" ”
From the book data, Tesla vehicle sales are still the main source of revenue.
In the first quarter of this year, Tesla's automotive business revenue was $16.861 billion, an increase of 87% year-on-year, accounting for 89% of its total revenue. Behind the high revenue of the automotive business is Tesla's continued high level of new car deliveries. Data show that in the first quarter of this year, Tesla's new car deliveries exceeded 310,000 units, an increase of 68% year-on-year.
Among them, the delivery volume of Model 3 and Model Y was 295,000 units, an increase of 62% year-on-year; the delivery volume of Model S and Model X was 14,700 units, an increase of 625% year-on-year. Tesla related people said that in the first quarter of this year, Tesla's revenue increased year-on-year, mainly due to the increase in delivery volume, the reduction in the cost of bicycles and other factors.
At the same time as the delivery volume increased, Tesla's bicycle gross margin also jumped to 32.9% in the first quarter of this year, exceeding the market expectation of 28.4%, further improving its profitability. In addition to the impressive automotive business, Tesla generated $679 million in revenue from the sale of carbon credits, up 31 percent year-over-year, and energy generation and storage revenue of $616 million.
Prices were raised three times a week last month
It is worth mentioning that Tesla's operating profit increased to $3.6 billion in the first quarter of this year, and the operating utilization rate was 19.2%.
In this regard, the relevant person in charge of Tesla said that this is not only from the growth of car delivery, but also from the increase in the average price of new cars, as well as the reduction of bicycle costs and the growth of carbon emission credit revenue under inflationary pressure.
This year, due to the shortage of raw materials, tight supply and other factors, a number of car companies have raised the price of their new energy models. In this context, in March this year, Tesla raised the price of its models three times in a week in the Chinese market, each time the price adjustment was more than 10,000 yuan, and the US market also "rose three times in January".
"The price increase may seem like we are unreasonable to achieve high profits, but the reality is that even if it is ordered now, the delivery time of the new car may be next year, and we need to consider the cost growth issue after that." Tesla CEO Elon Musk said that Tesla hopes not to raise the price of new cars, and if the cost does not rise in the future, Tesla will consider reducing prices.
It is understood that in 2021-2022, the cost of Tesla supplier parts has increased by 20%-30%.
The data shows that from June 2021 to March 2022, the price of battery-grade lithium carbonate rose from 88,000 yuan / ton to 502,000 yuan / ton, an increase of 470%; the price of battery-grade micronized lithium hydroxide rose from 98,000 yuan / ton to 485,000 yuan / ton, an increase of 395%.
"We can't control the macroeconomic environment, and if the production of lithium extraction and other materials does not increase significantly, and the demand increases significantly, it may once again drive the price of new cars up." Musk said.
Yan Jinghui, a member of the expert committee of the China Automobile Dealers Association, believes that due to the rising prices of key materials such as power batteries, cost pressure has been transmitted from the battery end to the price of the vehicle. While companies will try to reduce production costs as much as possible, when the reduced costs cannot outperform the rising costs, the balance will eventually be achieved by increasing the price of the model.
Yield remains key
Although Tesla delivered a bright answer in the first quarter of this year, the tight supply chain still affects the head players of the new car-making forces.
It is reported that in the case of the epidemic, the shortage of parts and semiconductor chips, Tesla's global inventory supply in the first quarter of this year has been reduced to 3 days, lower than the 4-day inventory supply of global cars in the fourth quarter of last year. "Tesla factories have been undercapacitated for several consecutive quarters, and this year's shortage of parts will continue." Tesla said at the shareholders' meeting.
However, despite capacity constraints, Tesla has not changed its delivery targets for this year. According to Tesla's plan, the average annual growth rate of vehicle deliveries is expected to reach 50% in the next few years. This year, Tesla has a delivery target of nearly 1.5 million units, which means that how to further increase production capacity becomes key.
This year, Tesla has added two new factories, Musk said, Berlin Gigafactory and Texas Gigafactory have been put into operation, but the initial capacity growth of the two factories is slow, and it is expected to further increase production next year. As Tesla's important global production base, the Shanghai Gigafactory has recently stopped production due to the impact of the epidemic.
Tesla related people said that the epidemic caused the temporary closure of factories and some supply chains, and some production has recently begun to resume.
It is understood that Tesla's Shanghai Gigafactory can produce about 2500 vehicles a day. That means three weeks of production stoppage, and Tesla has seen a production gap of at least 50,000 vehicles.
In order to recover the loss, Tesla's Shanghai Gigafactory began to exert efforts. Song Gang, senior director of production and manufacturing at Tesla Gigafactory, said: "We will carry out capacity climbing in the next three to four days to finally achieve the overall single-shift full production. ”
For Tesla's Shanghai Gigafactory, Musk also said that the shutdown of the Shanghai Gigafactory did cost Tesla a few weeks of production, but it has now resumed operations, and there will be a record weekly output next.
He predicted that the output of Tesla's Shanghai Gigafactory in the second quarter of this year will be the same as that in the first quarter, but it will further increase production in the third and fourth quarters.
Reporter 丨Liu Yang Liu Xiaomeng
Image source丨 Tesla official website, Tesla official WeChat public account, Weibo screenshot, Visual China
Editor 丨 Wang Lination