On January 25, Tesla released its financial results for the fourth quarter and full year of 2023. In terms of revenue, Tesla's total revenue in the fourth quarter of 2023 reached US$25.2 billion (about 180.422 billion yuan), a year-on-year increase of 3%, and the total revenue for the whole year of 2023 reached US$96.773 billion (about 692.856 billion yuan), a year-on-year increase of 18.79%.
Revenue and profit reached new highs
In terms of profit, GAAP operating profit for the fourth quarter of 2023 was US$2.1 billion (about 15 billion yuan), and GAAP operating profit for the full year was US$8.9 billion (about 63.7 billion yuan). In 2023, GAAP net profit will be US$7.9 billion (approximately RMB56.6 billion), and annual GAAP net profit will be US$15 billion (approximately RMB107.4 billion).
It is worth mentioning that GAAP operating profit refers to the profit generated by the company in its daily activities such as selling goods and providing services, and it does not include non-operating income and non-operating expenses, so it does not involve non-operating items. The GAAP net profit refers to the company's profit retention after paying income tax in the total profit, which includes the impact of operating profit and non-operating items, so it includes non-operating income and non-operating expenses.
To put it simply, GAAP operating profit reflects the operating performance of a company, while GAAP net income reflects the overall performance of a company, including the impact of operating and non-operating items.
The annual cash flow was 95.2 billion yuan
In terms of cash flow, Tesla's operating cash flow in 2023 will be US$13.3 billion (about 952亿️ yuan), of which the free cash flow in 2023 will be US$4.4 billion (about 31.5 billion yuan). Operating cash flow in the fourth quarter was US$4.4 billion (approximately RMB31.5 billion), and free cash flow in the fourth quarter was US$2.1 billion (approximately RMB15 billion).
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In addition, Tesla said that in the fourth quarter, our cash and investments increased by US$3 billion (about 21.5 billion yuan) quarter-on-quarter to 29.1 billion US dollars (about 208.3 billion yuan).
The annual R&D expenditure is nearly 28.4 billion yuan
In terms of R&D expenses, Tesla's annual R&D expenses were US$3.969 billion (about RMB 28.416 billion), of which R&D expenses in the fourth quarter of 2023 increased by 35% year-on-year to US$1.094 billion (about 7.832 billion yuan).
Both fourth-quarter R&D expenses and full-year R&D expenses reached the highest value in Tesla's history. This further proves Tesla's emphasis and investment in R&D, and also means that Tesla is still leading the way in technological innovation and product development, which provides a solid foundation for its future development and product innovation.
In 2023, more than 1.8 million vehicles will be delivered worldwide
In terms of production and sales, Tesla delivered more than 484,000 vehicles in the fourth quarter of 2023, and delivered a total of 1.81 million electric vehicles worldwide in 2023, a year-on-year increase of 38%, ranking first in the global pure electric vehicle delivery list. Tesla's Model Y deliveries accounted for two-thirds, with more than 1.2 million units delivered in 2023, making it the best-selling model in the world across all vehicle categories. It is worth mentioning that Tesla's Model Y has delivered more than 400,000 units annually in both China and the United States, becoming a common choice for consumers in China and the United States.
At the business level, Tesla said that the cost of a single car will continue to decline in the fourth quarter of 2023, but the specific data did not disclose whether this means that its products still have a lot of room for price reduction and continue to give profits to consumers. For 2024, Tesla said it will continue to focus on increasing production, investing in future growth, and looking for ways to further reduce costs and improve efficiency.
In the future, it is planned to launch a new model
At the same time, it also revealed that it is committed to bringing the next-generation platform to market as soon as possible, and plans to start production of related models at the Texas Gigafactory. The new platform will revolutionize the way vehicles are manufactured. And this car is likely to be the entry-level product that has been rumored for a long time and codenamed "Tesla Model 2", priced at 25,000 US dollars (about 180,000 yuan). According to Reuters, Tesla will start production of the new model in June 2025.
A hypothetical diagram of the Tesla Model 2 drawn by foreign media motor 1
In late December 2023, Tesla began pushing V12 (FSD Beta), a beta version of fully self-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. With the implementation of high-end intelligent assisted driving systems by domestic car companies, it is believed that it is only a matter of time before Tesla FSD Beta enters the domestic market, and at that time, it will trigger a new intelligent driving boom.
Write at the end
Judging from the data released by Tesla, it is still the global leader in pure electric vehicles, and Tesla has achieved significant growth in terms of revenue, profit, cash flow, R&D expenses, production and sales. At the same time, for the future development plan, Tesla has also formulated a corresponding strategic layout, including the launch of new platforms and models, entering new markets, and launching new autonomous driving technology. These plans will help Tesla further strengthen its market position and achieve continued growth.
For Chinese automakers, they should take Tesla's competitive threat seriously and strengthen technological innovation and brand building to improve their competitiveness and win market share. Instead of sarcastic, ridiculing and even fighting war of words with each other, don't forget that the real "big devil" is conquering cities around the world, fighting insiders and outsiders, but it will be sad.
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