On January 25, 2024, Beijing time, Tesla released its 2023 annual financial report. Judging from the data, the company has maintained rapid growth in production, delivery and revenue, especially at the delivery level, and successfully completed the annual delivery target of 1.8 million vehicles.
With more than 1.2 million deliveries, the Model Y has become the best-selling model of all categories of vehicles in the world in 2023, breaking the doubt with real results and product strength: the best-selling car on the planet is an electric car!
On the earnings call, Musk answered the core data of the financial report, artificial intelligence, humanoid robots, energy storage business and other topics that have attracted much attention.
1. In terms of financial performance, the total revenue for the whole year of 2023 will reach 96.773 billion US dollars (about 692.2 billion yuan), a year-on-year increase of 18.79%. The continuous growth of revenue performance exceeded market expectations, and also provided strong support for Tesla's R&D investment, product strength improvement and enterprise operation in the new year.
Tesla's annual R&D expenses are US$3.969 billion (about 28.39 billion yuan), which is equivalent to the sum of the R&D expenses of several new EV manufacturers. The data fully proves that Tesla continues to invest its main energy and resources in technology research and development, continuously improving the hard core strength of its products, and allowing consumers to pay for real technology every penny.
3. At the production and sales level, Tesla will deliver a total of 1.81 million electric vehicles worldwide in 2023, a year-on-year increase of 38%, and continue to be the global champion in pure electric vehicle delivery. This means that every 6 seconds on Earth, a car owner picks up a Tesla!
In the extremely cold region, Tesla broke the stereotype of electric vehicles in the market with its product strength, became the best-selling model of the year in Iceland, and broke the highest sales record held by Toyota Corolla for 37 years in the Danish market, becoming the best-selling model in a single year in local history.
Focusing on process innovation and product research and development has become Tesla's DNA. In 2024, Tesla will continue to increase investment in product research and development to bring better products to consumers.
4. The production and delivery of Tesla's Cyber off-road wagon will usher in continuous growth in 2024. At the end of January this year, Tesla's Cyber off-road wagon will make its debut in Chinese mainland, and will launch a national tour with all S3XY models, allowing fans to experience the best products created by Tesla in various fields at one time.
5. Not only cars, Tesla is also developing rapidly in artificial intelligence and energy business. In the fourth quarter, V12, a beta version of Tesla's fully self-driving capabilities, was opened to some employees and customers, using an end-to-end training mode to enhance the driving experience and accelerate the arrival of the era of intelligent driving.
The performance of the energy storage business was also impressive, with a total installed capacity of 14.7 GWh in 2023, a year-on-year increase of 125% and more than double that of 2022. At the same time, the profit of the energy generation and storage business almost quadrupled in 2023, and Tesla expects the installed energy storage capacity to continue to grow in the coming year. Musk said on the call: "The energy storage business will grow much faster than the vehicle business, and now we have done it." ”
The following is a summary of the financial report——
profit
GAAP operating profit for the year 2023 was $8.9 billion, compared to $2.1 billion for the fourth quarter
GAAP net income for the full year 2023 was $15.0 billion, compared to GAAP net income of $7.9 billion for the fourth quarter
Non-GAAP net income for the year 2023 was $10.9 billion, compared to non-GAAP net income of $2.5 billion for the fourth quarter
The one-time non-cash tax gain of $5.9 billion in the fourth quarter was due to a decrease in the valuation allowance for certain deferred tax assets
cash
Operating cash flow for FY2023 was $13.3 billion and free cash flow for FY2023 was $4.4 billion
Operating cash flow was $4.4 billion in the fourth quarter and free cash flow was $2.1 billion in the fourth quarter
In the fourth quarter, our cash and investments increased by $3.0 billion quarter-on-quarter to $29.1 billion
operation
The Model Y became the best-selling car in the world
Total installed energy storage capacity in 2023 is 14.7 GWh, up 125%
In 2023, we delivered more than 1.2 million Model Ys, making it the best-selling model of all vehicle categories in the world. For a long time, many people have questioned the viability of electric vehicles. Today, the best-selling car on the planet is an electric car.
In 2023, we focused on future growth projects, with CapEx and R&D expenses reaching the highest levels in the company's history, and even so, free cash flow remained strong at $4.4 billion in 2023.
In 2023, the total installed capacity of energy storage reached 14.7 GWh, more than double that of 2022. The profit of the energy generation and storage business almost quadrupled in 2023. Gross profit from our services and other businesses increased from negative $500 million in 2019 to $500 million in 2023.
The cost of a single vehicle continued to decline in the fourth quarter. In 2024, our team will continue to focus on increasing production, investing in future growth, and looking for ways to further reduce costs and improve efficiency.
In late December 2023, we began rolling out the beta version of V12 (FSD Beta) with fully autonomous driving capabilities in North America. Trained on data from more than a million vehicles, the system uses artificial intelligence technology to influence vehicle controls (e.g., operating steering wheels, pedals, turn signals, etc.) rather than hard-coding every driving behavior. V12 marks a new era of autonomous driving.
We are committed to bringing the next generation of platforms to market that will revolutionize the way vehicles are made.