After the U.S. stock market closed on April 20, Tesla's financial report for the first quarter of 2022 was officially released. Among them, many aspects and data have achieved a very considerable increase, of which the gross profit margin of the car reached 32.9%, setting a new record high for the Tesla brand.
Specifically, Tesla's total revenue in the first quarter was 18.756 billion US dollars, about 12.02 million yuan, an increase of 81% over the same period, of which the car sales revenue was 14.218 billion US dollars. The operating income was US$3.6 billion and the net profit attributable to shareholders was US$331,800, an increase of 658% year-on-year. With the release of this optimistic data, Tesla's cash flow was $18 billion, total debt fell to $100 million, and the gross profit margin of the car was as high as 32.9%.
In other words, under Tesla's strong earning power, it is really only one step away from getting rid of losses.
How capable is it to make money? It can be compared that the gross profit margin of most car companies can only be about 20%, and higher than 20% is already relatively outstanding. Tesla's gross profit margin is equivalent to 2-3 times that of most car companies, higher than BBA, Porsche, ferrari, and closer to Apple's hardware gross margin. You know, Apple is a well-known company that can make money, is Tesla really becoming the "second Apple"?
It is worth noting that from the financial report, Tesla's carbon credit revenue in the first quarter has been far lower than the net profit, so the main force of making money has completely shifted to the new energy vehicle business. According to Tesla, the reason for the increase in revenue is the increase in the number of car deliveries and the increase in the average selling price.
First of all, looking at the delivery level, Tesla's achievements are indeed obvious to all. According to the financial report, Tesla delivered 310,000 vehicles in the first quarter, of which 182,200 units were delivered by the Shanghai Gigafactory, becoming Tesla's largest single market in the world. In fact, even if you look at the performance of the domestic market, Tesla is particularly outstanding, especially the Model 3 and Model Y are at the forefront of their own market segments.
Although still not as good as BYD, considering Tesla's higher price and positioning, such a performance is enough to surprise, especially compared to the BBA.
As for the average selling price, it was a bit unexpected. Because looking at the entire new energy market situation, it seems that there is no development in a positive direction, under the lack of core and less electricity, rising raw material costs and even the impact of the epidemic, the new energy market from production, delivery to profit protection, it seems that it is not easy. As an example, GAC Aean and Niolai in the domestic market are in a state of increasing losses.
Therefore, in the domestic market, a number of new energy vehicle companies have adjusted prices, including Tesla. It's just that the difference is that Tesla's price increase concept seems to be similar to a number of domestic car companies. First, Tesla's price is very susceptible to fluctuations, such as in March, Tesla made three price adjustments, and before that, Tesla has already raised prices many times.
Second, although Tesla's price is very volatile, its price increase has a time effect. As Musk previously said on the conference call, the price increase is because of inflation, but there will be no price increase in the near future, because the current price increase already includes Tesla's expectations for future price increases, in short, Tesla will appropriately increase the current price increase according to market trends, but if the later parts increase more than expected, then the price of Tesla models will continue to rise.
There is no doubt that this is the basis for Tesla's net profit to rise sharply. On the one hand, Tesla is better at leaving every fluctuation to consumers to pay; on the other hand, its price increase will be greater than the current cost increase, so as to achieve a more considerable profit than before the cost increase. All of this undoubtedly shows Tesla's "place to make money". Of course, this also consumes the trust of consumers.
As for the outlook for next month, Tesla is still expected, because due to the impact of multiple production suspensions caused by the epidemic, Tesla still expects that its second quarter may be the same as the first quarter, or slightly lower than the first quarter. With such expectations, of course, we can clearly see Tesla's momentum in the market. But it is also worth thinking about that the current Tesla still can't sit back and relax. Factors such as difficult delivery and the rise of new domestic car companies have made Tesla need to have a sense of crisis more.