Lei Jianping on April 16
The continued weakness in sales has allowed Tesla to join the ranks of layoffs at American technology companies.
Tesla CEO Elon Musk recently sent an email to employees, confirming that more than 10% of employees were laid off. "As we prepare for the next phase of the company's growth, it's extremely important to look at all aspects of the company to reduce costs and increase productivity," Musk wrote in the memo. ”
"As part of this effort, we conducted a thorough review of the organization and made the difficult decision to reduce the number of employees globally by more than 10%. There's nothing more annoying to me, but it has to be done. ”
Tesla has about 140,000 employees worldwide, and the layoffs could affect at least 14,000 employees.
Tesla has asked managers to identify key team members, suspended some stock awards, and canceled annual appraisals for some employees.
As of today's close, Tesla's stock price was $161.48, down 5.59% from the previous day and the lowest closing level in nearly a year. At today's closing price, Tesla's market capitalization is $514.28 billion.
As of now, Musk still holds a 20.5% stake in Tesla, worth $105.4 billion.
Annual revenue of $96.77 billion
According to the financial report, Tesla's total revenue for the whole year of 2023 will reach 96.773 billion US dollars (about 692.2 billion yuan), an increase of 18.79% from 81.462 billion US dollars in the same period last year.
Tesla's 2023 automobile production revenue was $82.419 billion, up 15% from $71.462 billion in the same period last year, energy generation and storage revenue was $6.035 billion, up 54% from $3.909 billion in the same period last year, and service and other revenue was $8.319 billion, up 37% from $6.091 billion in the same period last year.
Tesla's R&D expenses in 2023 will be $3.969 billion (about 28.39 billion yuan). Tesla's total installed energy storage capacity in 2023 will be 14.7 GWh, up 125%.
Tesla's operating profit in 2023 was $8.891 billion, down 35% from $13.656 billion in the same period last year, adjusted EBITDA was $16.631 billion, down 13% from $19.186 billion in the same period last year, and net income attributable to common shareholders was $15.0 billion, up 19% from $12.556 billion in the same period last year. Non-GAAP net income was $10,882 million, down 23% from $14,116 million in the same period last year.
Tesla will produce 1,845,985 vehicles in 2023, a year-on-year increase of 35%, of which Model 3/Y will produce 1,775,159 vehicles, an increase of 37% year-on-year, and other models will produce 70,826 vehicles, unchanged from the same period last year.
Tesla delivered 1,808,581 vehicles in 2023, completing the annual delivery target of 1.8 million vehicles, of which 1,739,707 vehicles were delivered for Model 3/Y, up 39% year-on-year, and 68,874 vehicles for other models, up 3% year-on-year.
Tesla's deliveries have suffered a disaster
Entering 2024, Tesla is in trouble.
According to data released by Tesla, Tesla produced 433,371 vehicles in the first quarter of 2024, of which 412,376 were Model 3/Y and 20,995 were produced by other models.
Tesla delivered 386,810 vehicles in the first quarter of 2024, including 369,783 Model 3/Y vehicles and 17,027 other Model vehicles.
Tesla's deliveries in the first quarter of 2024 fell 8.53% year-on-year and 20.2% quarter-on-quarter. This is the first year-on-year decline in Tesla's single-quarter deliveries in the past four years, and the worst performance in the past five quarters.
Prior to this, market institutions expected Tesla's performance in the first quarter to be 457,000 units. According to the analysis, in the case of price reduction promotions, Tesla has also failed to provoke new demand in a highly competitive market. This is a complete disaster.
Tesla's woes include high interest rates that have dampened consumer appetite for big-ticket items, the company's slow pace of updating its aging models, and China's rapid rise to become cheaper models and exporting overseas.
Two key executives have been lost in succession
Drew Baglino, senior vice president of Tesla's powertrain and energy business, has made the decision to leave Tesla. Drew Baglino spent 18 years at Tesla.
Drew Baglino said that in 2006, when joining as a junior firmware/electrical engineer, the results of the world's best-selling car produced by Tesla in the future far exceeded its expectations. "Over the years, I have been so grateful to have worked with and learned from the countless talented people at Tesla. ”
Musk thanked Drew Baglino and said, "Few people can contribute as much as you do." ”
Drew Baglino is one of only four executives at Tesla, responsible for engineering and technology development for batteries, motors and energy products, and co-chaired Tesla's earnings call with Elon Musk.
This is also the second Tesla executive to leave in eight months, and in August 2023, Zachary Kirkhorn, the CFO who has worked at Tesla for 13 years, resigned.
When Tesla is having a hard time, the new domestic car-making forces are also having a hard time. NIO's Hong Kong stock price fell 10% today, and the company's market value is HK $62.298 billion, while the share price of Xpeng Motors is down 5.63%. The company's market capitalization was HK$52.246 billion, and Li Auto's share price fell 4.91%, with the company's market value of HK$220.1 billion.
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