Tesla on April 21 to the public 2022 first quarter financial report, which announced that the first quarter of 2022 global delivery volume reached 310,000 vehicles, compared with the previous quarter growth of 0.4%, a record high, single-quarter revenue and net profit also reached a new record, the earnings meeting CEO Elon Musk also estimated that Tesla's global production is expected to grow by 60% in 2022, the target challenge of 1.6 million units. In addition, Musk also revealed more details of roboTaxi fully autonomous taxis, predicting that RoboTaxi will debut in 2023 and officially mass production in 2024.
Even though the epidemic has affected the Shanghai factory for many days (now resuming work), coupled with the chip shortage, tight supply chain, rising raw material costs and other pressures, Tesla still paid a fairly bright report card in the first quarter of 2022.
Tesla's total revenue in the first quarter reached $18.756 billion, an increase of 81% compared with the first quarter of 2021 and higher than the expected $17.92 billion; net profit reached $3.74 billion, an increase of 255% over the same period last year.
The combined revenue of the automotive business and the carbon rights sale business reached 168.61 US dollars, an increase of 87% compared with the same period last year, of which the carbon rights sale business revenue reached 679 million US dollars, an increase of 13% over the same period last year. Gross profit in the automotive business reached US$5.539 billion, up 132% from the same period last year, and overall gross margin increased to 32.9%, both of which hit a record high. Cash flow also amounted to $17.505 billion.
In the details of new car deliveries and sales volumes, Tesla's total deliveries in the first quarter of 2022 reached 310,048 units, an increase of 0.4% over the previous quarter, an increase of 68% over the same period in 2022, and a new record for the four quarters of 2021, which continued to set a record high in single-quarter deliveries, of which model 3 and Model Y deliveries reached 295,324 units, while Model S and Model X accounted for 14,724 units.
Total production in the first quarter of 2022 was 305,407 units, of which 291,189 were Produced for Model 3 and Model Y, while Model S and Model X accounted for 14,218 units.
In response to the issue of the suspension of the Shanghai Super Factory at the end of March 2022 and the loss of nearly one month of production capacity, CEO Elon Musk said that the Shanghai factory has officially resumed work and production on April 19, and in fact, the overall production volume of the Shanghai plant in the first quarter is quite strong, only at the end of the first quarter due to the Shanghai epidemic caused by the temporary suspension of factory production lines and supply chain parts, and it is expected that the past production capacity will be gradually restored after the resumption of work.
Elon Musk also pointed out in the earnings meeting that even if the supply chain shortage and the upward pressure on raw material costs will continue until the end of the year, Musk is still quite confident in the brand's annual sales target, he said that the annual growth rate in 2022 will reach 50%, reaching an annual output of 1.5 million vehicles is not a problem, and even believes that it is expected to reach a new record of 60% growth, that is, to the global annual output of 1.6 million vehicles. However, in the face of huge market demand, Musk said that orders for some models in 2022 are still likely to be delivered until 2023.
Tesla also learned from the establishment of the past Shanghai factory, in the past after the establishment of a new factory to reach the level of 5,000 vehicles per week, most of which will take 9 to 12 months, but the recent 2 new factories in Berlin, Germany, and Texas, which have just started construction, because they are producing model 3 and Model Y and other existing models for sale, it is estimated that the capacity climb can be faster than the past 12 months in the industry.
Tesla's gigafactory in Austin, Texas, officially opened in early April, and an updated version of the Cybertruck was displayed at the meeting, and although the appearance is exactly the same as the previously unveiled version, the updated Cybertruck has rear windows that can be lifted and lowered, and its interior has also been updated to a certain extent.
As for the issue of when the 4680 battery new car will be mass-produced, Musk pointed out that or everything will proceed according to the original plan, it is expected to mass-produce 4680 battery new cars in the third quarter of 2022, and the Berlin factory and the Texas factory will produce 4680 batteries, but in the early stage, the Texas factory in the United States will still produce the existing 2170 battery Model Y to reduce the risk of production capacity. Tesla also plans to expand its battery factory in Nevada, USA.
For the rest of the products, Musk also reiterated that cybertruck electric pickup trucks are expected to be mass-produced in 2023, emphasizing that Cybertrucks are 20 to 30% less than traditional pickups. The Tesla Bot robot previously announced is currently the most concentrated and priority project of all development resources in the research and development unit.
Another major product highlight of the meeting was that at the opening party of the Texas factory in early April, Musk's first public new car plan - RoboTaxi fully autonomous electric taxi, the earnings meeting also announced more information, emphasizing that its car will not have a steering wheel, throttle brake pedal, that RoboTaxi does not need to be controlled by humans at all, Musk also predicted that the future RoboTaxi ride cost is expected to be lower than buses, subways and the like. RoboTaxi is currently expected to officially debut in 2023 and officially mass production in 2024.