Tesla's third quarter financial report for 2022 is released
text: Original by Dongchedi Cailimei
[Original by Dongchedi Industry] Recently, Tesla officially released its third quarter financial report for 2022. Data shows that Tesla has made significant progress in various businesses in the quarter, setting a new record on multiple key indicators .
Among them, GAAP ( General Accounting Standards ) operating profit was 37 US$300 million, operating profit margin was 17.2%, and GAAP automobile gross profit margin reached 27.9% . In addition, the large-scale delivery of Tesla in the last few weeks of each quarter has led to an increase in transportation costs and logistics instability. As a result, Tesla began to transition to a smoother delivery pace.
Tesla's third-quarter financial data
Specifically, in the third quarter of this year, Tesla's revenue was US$21.5 billion, and increased 56% year-on-year, compared with US$13.757 billion in the same period last year, compared with US$16.934 billion in the previous quarter. Tesla hit a record third-quarter revenue, but was below analysts' expectations of $21.96 billion, according to Refinitiv's IBES data.
Tesla's operating profit margin growth changes
In addition, in the third quarter of 2022, Tesla set a new record in revenue, operating profit and free cash flow . Free cash flow has exceeded $8.9 billion in the past 12 months. The operating margin in the third quarter was as high as 17.2%. The specific financial data is as follows:
cash
In the third quarter, operating cash flow (free cash flow) after deducting capital expenditures was US$3.3 billion
In the third quarter, our cash and securities increased by US$2.2 billion to US$21.1 billion
profit
In the third quarter, GAAP operating profit was US$3.7 billion, operating profit margin was 17.2%, GAAP net profit in the third quarter was US$3.3 billion, and non-GAAP net profit (not 3.7 billion
The third quarter GAAP automobile gross profit margin was 27.9%
operation
The installed capacity of energy storage business reached a new record of 2.1 gigawatt-hours in the third quarter
began to transition to a smoother delivery and production structure
operation summary
Tesla said that the company achieved an industry-leading operating profit margin under major adverse factors this year. The inflation rate of raw material costs, as well as the reduction in efficiency brought about by the Berlin Gigafactory, the Texas Gigafactory, and the 4680 battery production climb, have all affected the profit margins.
In terms of delivery, Tesla produced more than 365,000 cars in the third quarter and delivered more than 343,000 cars. The delivery performance in the quarter hit a new high, up 42.4% year-on-year and 34.9% month-on-month.
However, this data is lower than the expected Wall Street by about 358,000 vehicles. Tesla previously stated that its annual production capacity will increase by 50%, that is, it will deliver more than 1.4 million new cars this year. To achieve this goal, it means that Tesla will deliver nearly 500,000 vehicles in the fourth quarter.
Back-end loading vehicle delivery and smooth delivery: impact on vehicles in transportation Left picture: weekly delivery model assumptions Right picture: final number of transport vehicles
Tesla said that large-scale delivery in the last few weeks of each quarter has led to an increase in transportation costs and logistics instability. Therefore, the company began to transition to a smoother delivery rhythm , based on this, a large number of vehicles were still in the process of transportation at the end of the quarter. It is expected that smoother factory logistics during the quarter will be able to reduce transportation costs per vehicle.
Tesla began to transition to a smoother delivery rhythm
In terms of production capacity, in the third quarter of this year, the output of each of Tesla factories hit a record high. While parts supply issues are less common this quarter, vehicle transport capacity during peak delivery is becoming increasingly challenging. Tesla said it is gradually turning to a more balanced production and delivery structure for different regional markets.
United States: California and
in Nevada continue to implement solutions to further increase the output of Fremont plants. The production speed of Texas Model Y achieved continuous growth month by month this quarter.In the third quarter, the total production volume of 4680 battery cells (the battery cells sent to be sold) increased by 3 times month-on-month. The first phase of Tesla electric truck Semi delivery plan will be launched in December 2022.
China: Shanghai
After experiencing a decrease in production speed in the second quarter, the production speed of Shanghai Super Factory exceeded the previous quarterly record. The Shanghai Gigafactory remains Tesla's main export center, supplying cars to most markets outside North America.
Europe: Berlin-Brandenburg
Thanks to the strong improvement in production efficiency at the end of the third quarter, the German team produced more than 2,000 Model Ys equipped with 2,170 batteries in a single week. The factory's production capacity has progressed in line with expectations.
Tesla's major factories
Tesla said it is still focusing on increasing car production as soon as possible by increasing weekly output in Fremont and Shanghai, as well as the capacity climb in Berlin and Texas. Despite the improvement, logistics fluctuations and supply chain bottlenecks remain imminent challenges. Tesla still believes that restricted battery supply chain will be the main limiting factor in the medium- and long-term growth of the electric vehicle market. Despite these challenges, the company still hopes to complete delivery of each vehicle while maintaining strong operating margins.
Berlin Super Factory - Model Y assembly line
For the next production plan, Tesla said it plans to increase production capacity as soon as possible. In the coming years, car delivery volumes are expected to achieve an average annual growth of 50%. The growth rate depends on our equipment capacity, plant uptime, operational efficiency, and supply chain capabilities and stability.
also said that Tesla has sufficient liquidity to support product planning, long-term capacity expansion plans and other expenditures; it will continue to innovate to reduce manufacturing and operating costs . In terms of
products, progress has been made in the industrial production of Cybertruck. It is currently planned to start production at the Texas factory after the Model Y model climbs. The initial delivery plan for Tesla's electric truck Semi will be launched in December 2022.
