Editor's introduction: Tesla's first-quarter financial report shows that its sales, revenue, profits, etc. have increased significantly, but the Chinese market, which has made an important contribution to its performance, is facing new challenges.
60% of sales came from the Chinese market
On April 21, Tesla disclosed the first quarter financial report, the financial report shows that in the first quarter of 2022, Tesla's revenue reached 18.76 billion US dollars, an increase of 81% year-on-year; net profit reached 3.32 billion US dollars, a year-on-year increase of 658%; among them, the gross profit margin of the automobile business in the first quarter was as high as 32.9%, and the performance greatly exceeded market expectations.
In this regard, Tesla's explanation is that the increase in car deliveries, the rise in average sales prices, and the control of bicycle costs under inflationary pressure have led to a significant increase in Tesla's operating profit.
According to the financial report data, in the first quarter of 2022, Tesla delivered a new high, Tesla produced 305,400 cars and delivered 310,000 vehicles.
However, it is worth mentioning that according to the data of the Domestic Passenger Association, Tesla China's wholesale sales in the first quarter reached 59845 vehicles, 56515 vehicles and 65814 vehicles respectively, and the cumulative sales reached 182174 vehicles, accounting for 59.65% of Tesla's total sales, which means that 60% of Tesla's sales came from the Chinese market, and the Chinese market contributed significantly to its performance.
Compared with the new domestic forces, Tesla has been far ahead in terms of sales, profits or gross profit margins. As far as the current situation is concerned, Wei Xiaoli is still in a state of loss, although the single-month sales are also by leaps and bounds, but the highest sales volume comes from Xiaopeng's 16,000 vehicles in December 2021, and in terms of gross profit margin, the cost control of the most outstanding ideal car bicycle gross margin in Wei Xiaoli is 20.6%, which is still far from Tesla.
New car plans are suspended for 2022
For Tesla, although the first quarter earnings report is eye-catching, it also faces challenges in the future, especially in the domestic market. 2022 is a big year for domestic new energy vehicle brands, from high-end independent brands that represent the transformation of traditional car companies to new forces, there are important products.
As for Tesla, Musk said as early as last year's Q4 earnings meeting that Tesla will not have a new car in 2022.
In fact, in the domestic passenger car market, electric vehicles are developing rapidly and maturing, and the competition in the electric vehicle market is becoming more and more intense. According to data from the Association, in March, the retail penetration rate of new energy vehicles in China has reached 28.2%. In the case of a general decline in sales affected by the epidemic in the domestic automobile market, from January to March, the domestic new energy passenger car retail sales were 1.07 million units, an increase of 146.6% year-on-year.
On April 3, BYD announced that it will stop production of fuel vehicles from March 2022 and focus on pure electric and plug-in hybrid vehicles, thus becoming the first traditional car company in the world to stop selling fuel vehicles. In addition, new forces such as Wei Xiaoli will also have a variety of new cars including Xiaopeng G9, Ideal L9, and Weilai ET7 unveiled and delivered.
It has been reported that as new forces and traditional automakers launch more electric vehicle models, Tesla is facing more intense competition. At the same time, Tesla has also experienced multiple price increases this year. In response, Musk responded, "Tesla car orders are still sufficient, and the problem we face is not limited demand, but limited production capacity." ”
Tesla's Shanghai factory resumed work
At the Q1 earnings report meeting, Tesla clarified that the strategic focus in 2022 is to expand production capacity, while musk still reiterated that it will be able to produce 1.5 million cars this year in the face of rising raw material prices and factory shutdowns due to the epidemic. However, combined with the development of the automobile industry since the first quarter, it is not difficult to see that the epidemic and the supply chain have become the main restrictive factors for production expansion.
The impact of the epidemic does not stop at the domestic auto industry, And Japan's Mazda Motor Company announced on the 15th of this month that due to the impact of the epidemic in Shanghai, its two factories in Japan announced that they would stop production from 21st to 26th; Honda Motor Company said on Thursday that it plans to cut the output of two production lines at one plant in Japan by about 50% in early May due to chip shortages and epidemic lockdowns.
In the face of supply chain problems, Tesla also said that in the next few years, Tesla's delivery volume will achieve an average annual growth of 50%, but the growth rate will depend on equipment capabilities, operational efficiency, and the ability and stability of the supply chain.
Not long ago, Tesla's Berlin Gigafactory and Texas Gigafactory were put into operation, but Musk also said that the capacity growth of the two factories in the early stage was slow. At this stage, Tesla's Shanghai Gigafactory and the domestic market still bear the burden of Tesla's production and sales.
On March 28 this year, due to the impact of the epidemic in Shanghai, Tesla's Shanghai factory entered a state of suspension. Until April 19, Tesla's Shanghai Lingang Gigafactory, which was closed for nearly 3 weeks, officially resumed work, and according to Tesla, it is currently fully coordinating the upstream and downstream industrial chains of parts to support the resumption of work and production.
It is reported that Tesla is actively promoting the resumption of work and production of more than 100 suppliers with the support of the Ministry of Industry and Information Technology and relevant departments in Shanghai. In addition, a relevant person in charge of Tesla said in an interview with the media, "The proportion of suppliers resuming production in Shanghai is a little higher, and Jiangsu is also actively driving logistics before, so that our current resumption of work and production can be carried out smoothly." ”