11 October 20, after the U.S. stock , Tesla released its third-quarter financial report. This time the data is not as impressive as before, and Musk's confident speech failed to save the stock price that has fallen all the way.
First look at the performance data.
In the third quarter, Tesla's revenue was US$21.45 billion, and increased by nearly 56% year-on-year, but there is still a certain gap with the market's expected US$22.1 billion. The reason why
revenue level is not as good as expected is that both vehicle production and delivery are in a bottleneck period.
Tesla's delivery volume in the third quarter was 343,800 vehicles, a year-on-year increase of 42% and a month-on-month increase of 35%. Among them, Model 3 and Model Y are absolute pillar models, and the delivery volume of the two accounts for nearly 95% of the total delivery volume. Although the growth rate of
is at a high level and has once again hit a quarterly high, such delivery data still does not meet the expectations of Wall Street 359,100 vehicles. In response, Tesla explained that supply chain chaos and logistics challenges are the main reasons for the disruption of delivery rhythm.
On the other hand, the rising raw material costs that have plagued the new energy vehicle industry for a long time does not seem to have had much impact on Tesla.
In the third quarter, Tesla's net profit was US$3.292 billion, doubled from the same period last year and slightly higher than the outside world's expectations of US$3.19 billion.
Simply put, there are two main reasons why Tesla can control its profitability.
First, Tesla has raised vehicle prices many times, shifting the pressure on some raw material costs to consumers. For example, in mid-June, Tesla raised the price of products in the two major markets of China and the United States at the same time, among which the ModelY long-range version rose by 19,000 yuan to 394,900 yuan. Analysts at FactSet, a financial data provider for , estimated that the average selling price of Tesla Auto in the third quarter was about $70,000, up from about $49,000 a year ago.
Second, Tesla has strong supply chain bargaining power and has implemented a "three-year price lock-up period" policy for some companies, and can obtain the materials needed for production at a relatively low price.
Musk still seems full of confidence in the fourth quarter, expecting to break the delivery record in the fourth quarter, and believes that the demand will be very high, and all produced cars may be sold.
For the stock price that has been "knee-cut" at a historical highest value, Musk once again "stops" and said that Tesla's market value may exceed the total of Apple and Saudi Aramco. Currently, the market value of the three is 695.6 billion, 2.312 trillion and 2.1 trillion US dollars respectively. In other words, even if the market value of the latter two remains unchanged, Tesla needs to "make a big shot" to increase by 8 times to achieve this goal.
In addition, Musk also said that stock repurchases of $5 billion to $10 billion may be conducted. Listed companies usually send information to the outside world that their own stocks are undervalued and give investors confidence, so it is considered a positive measure to raise the stock price.
After Musk's quadruple of confident remarks, it did help Tesla's stock price narrow to about 2.7%, but in the end it still failed to withstand the negative impact of fundamentals , closing down 6.28%.
For the new model, Tesla disclosed that Semi electric truck is scheduled to start delivery in December 2022, while Musk revealed that early production of Cybertruck is expected to start in mid-next year. The car has been postponed many times, and the delivery time has been delayed from 2021 to 2022, and is now postponed to 2023 again.
It is worth mentioning that the sales volume of Rivian, which was previously known as the "Tesla Killer", has reached 5,694 vehicles in the first half of the year. In addition, traditional car companies represented by Ford have also accelerated the layout of the electric pickup market segment. Ford's F-150 Lightning model has been delivered in April this year. It is reported that 200,000 people have booked it in the pre-sale stage before it goes public. In other words, Cybertruck, which has lost its first-mover advantage, needs to have better performance and market feedback.
is difficult to quench the near thirst. The delivery of new products will undoubtedly contribute to Tesla's sales, but this year's results mainly depend on several existing models, and the situation seems to be unoptimistic.
According to Tesla's previous expectations, the annual delivery volume this year will increase by about 50% compared with last year, that is, 1.4 million vehicles. As of September this year, Tesla's cumulative delivery volume was 907,800 vehicles, and there are about 500,000 vehicles left to the target value, so the pressure is not small.
ZAKER News Produced
Text / Bao Xingwa
