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More deeper understanding of the transformation of the automobile industry
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Produced by: Electric Planet News
Author: Yufei
Unexpectedly, Musk did not attend the Tesla 2021 Q3 financial report meeting.
This was what he had already previewed at the Q2 meeting - "If there is no particularly important thing to announce, I think this will be my last time attending the financial report meeting."
So naturally, the Q3 meeting seemed official and fast, without flags, diss, or fxxxk.
Although we didn't say anything, we may never hear Musk's radio station every quarter again - or think about it better, as long as he appears on the other end of radio wave in the future, it means that Tesla will make trouble this quarter.
corresponds to it, which is the increasingly giant and devastating financial report of Tesla.
In the past Q3, Tesla's GAAP standard profit has caught up with the non-GAAP standard profit of Q2 (non-GAAP generally reduces several non-cash expenses that have little to do with daily operations, so the profit is relatively high under this standard), reached US$1.6 billion, and non-GAAP profit was as high as US$2.1 billion.
Texas factory
made US$2.1 billion in a single quarter, which is close to Tesla's profit for the whole year of 2020. What supports this result is a crazy delivery result - Tesla delivered a total of 241,300 SEXY models in Q3, a month-on-month increase of up to 19.9% - and the even more crazy profit margin of the automotive business: 0.5%!
single quarter 240,000, does it mean that Tesla will break through the annual sales of 1 million next year? Does the profit margin of 30.5% indicate that the next price cut is "imminent"?
. How terrible is Tesla with "annual sales of millions"?
In fact, Tesla in 2021Q3 has lived like a car company with annual sales of one million yuan. Whether it is delivery, revenue, profit, or other figures that hit new peaks in financial reports. The original words of
CFO Zach are "Tesla has achieved an annualized production run rate of 1 million cars per year Tesla has reached the annual production rate of 1 million cars ".
.2413 million deliveries, this number has remained unchanged, even surpassing BBA's single-quarter sales in China. This also brought about $112.057 billion in automotive business revenue and $13.757 billion in total revenue, up 18.13% and 15.044% month-on-month respectively.
"The third quarter of 2021 was a record quarter in many ways. We achieved the best net income, operating profit and gross profit ever. In addition, the operating margin reached 14.6%, surpassing our "low profit" medium-term guidance expectations." Tesla's official summary restrained and Versailles.
Compared with the revenue that grew with the increase in delivery volume, the profit margin that has once again leaped by 6% year-on-year, which is particularly "unsociable".
0.5%, which is the profit margin of Tesla's automobile business in Q3. For comparison, Tesla's bicycle profit margins in the first four quarters were 28.4%, 26.5%, 24.1% and 27.7% respectively. Once again, Tesla refreshed the profit margin ceiling of smart electric car .
But Tesla's tradition will not allow profit margins to be at high levels for a long time, so will the next price cut come this year?
"Electric vehicle demand continues to undergo a structural change. I believe that the more vehicles we have on the road, the better the Tesla owners can spread the superiority of electric vehicles. In the past 12 months, Fremont's factory has produced more cars than any other year, but we believe there is still room for improvement. In addition, we continue to increase the capacity of in Shanghai factory and build new capacity in Texas and Berlin."
Shanghai factory die casting machine
above is Tesla for Q3 The summary of production capacity, focusing on the Shanghai factory, is that "China is still the export center. China's production capacity is growing rapidly, and we are still improving and further improving production capacity."
In addition, Tesla also pointed out in its financial report: "For standard models, we are simultaneously turning to lithium iron phosphate battery in the global market."
Another highlight of Tesla this quarter is the energy business, or the future of the energy business.
If you only look at the financial report, then Tesla Energy still does not have the rapid growth rate that Musk vowed last year. solar energy installed capacity in a single quarter is 83MW, and energy storage installed capacity in a single quarter is 1295MWh, basically no change from the previous month. The reason Musk has already explained clearly at the shareholders' meeting: there is not enough battery.
What is important is this picture: In the past 4 years, Tesla Energy's energy storage business has grown by as much as 96%. With the almost crazy growth rate, the annual production capacity is still maintained at around 5GWh. Tesla's meaning is obvious: not fast enough.
So the new Megapack factory is here. With just Megapack, the new factory will contribute 40GWh of annual production capacity in the future, which is equivalent to 8 times the annual production capacity of the current energy storage business, or the battery capacity of 660,000 standard version Model Y.
Other Q3 financial report points are excerpted as follows:
Automobile business revenue increased by 58% year-on-year, total revenue increased by 57% year-on-year;
GAAP Total gross profit margin was 26.6%, up 308 benchmark points year-on-year;
operating expenses were US$1.656 billion, up year-on-year 32%;
free cash flow US$1.328 billion, a year-on-year decrease of 5%;
018 CEO's salary plan expenditure in the quarter was US$190 million;
Cash and equivalent reserves US$16.065 billion (103.7 billion);
Global average vehicle inventory cycle is 6 days, Q2 is 9 days, 20 Q3 of 2014 was 14 days;
stores and service centers have 630 stores, a year-on-year increase of 35%;
super charging stations and 29281 super charging piles, a year-on-year increase of 49% and 51% respectively;
million US dollars (3.95 billion yuan), a month-on-month increase of 6.1%
2. Q&A The process of this quarter's financial report meeting is quite stable due to the lack of Musk-style control. We present the Q&A links by record.
Q1:4680 How is the battery progressing?
Drew Baglino: It is still in the trial production stage, but the overall progress is smooth.
Q2: Model Next Gen timetable?
Drew Baglino: The new model is also progressing smoothly, and may be officially released in 2023. But at this stage, Tesla's focus will still be on Model Y and Cybertruck.
Q3: Will the iteration speed of FSD Beta be faster?
Zach: The iteration speed of FSD does not depend on how much data we can collect, but how much data we can process. We created Dojo to solve this problem.
Q4: With the completion of several new factories, how high will Tesla's production capacity in 2024 be?
Zach: Our annual average growth target is to maintain about 50% , which can also infer our capacity expectations. But Tesla is also constantly expanding its production capacity limits, such as Fremont.
Q5: How to view NHTSA Recent investigation into Tesla?
Drew Baglino: We have been working with US regulators and are happy to be reviewed. Tesla has always regarded safety as the core of automotive research and development. We will continue to make the software development progress as public as possible.
Q6: Queuing problem with service center and super charge?
Zach: These problems do not exist not only in Tesla, but we are gradually responding to the epidemic, and more and more people are driving. Therefore, the demand for services is also increasing. The challenges in logistics are also getting bigger.
Berlin factory
Zach: As for the problem of supercharge queuing, we have an independent team to monitor the queuing situation. The average charging congestion has shown a trend of easing in the past 18 months. We are also accelerating the expansion of hypercharging. will double the hypercharging station in the near future, and even rapidly expand to the original triple . In addition, there will be some encouragement measures to allow users to charge during off-peak hours.
Q7: Will there be any change in FSD pricing?
Zach: We won't make any short-term commitments to FSD pricing, but Tesla is getting more experience from the current subscription situation, and we have observed that current software quotes are prone to confusing consumers.
Q8: Is there any expansion plan for Tesla Insurance?
Zach: We are full of confidence in our insurance business. Tesla has invested a lot of energy to enter the insurance market. We hope that more users can afford our products.
Zach: Traditional insurance products only use local data, which also leads to the unfair insurance costs of Tesla models. low-risk users pay more, which to some extent even reduces the burden on high-risk users. The purpose of Tesla Insurance is to change this.
Zach: Currently, 150,000 Tesla models have joined the Safety Score scoring system, and users who use the scoring system have a relatively low probability of accidents.
Shanghai Factory R&D Center
Q9: What is the best gross profit margin expected by Tesla?
Zach: Tesla is currently committed to increasing production capacity at multiple factories at the same time. 's gross profit margin in the short term will encounter downward pressure . Due to too many unknown factors recently, cost pressures are also there.
Q10: What is the supply of battery raw materials?
Zach: Some raw material cost pressure has become a reality. Considering the recent market fluctuations, Tesla is expected to encounter cost problems next year. Tesla will still reduce its price and operating costs in the future , which is our only path.
Q11: How is the progress of the official version of FSD?
Zach: It is still difficult to determine the schedule for the official push of FSD. We can only promise to do our best to advance and strive to be transparent about specific progress. You can feel how far it has progressed.
Q12: What is the difference between the Berlin factory and the Texas factory? Will Cybertruck's exoskeleton architecture affect its mass production?
Texas factory office area
Drew Baglino: The core of Cybertruck's design is durability. Some designs are determined from the beginning. At the same time, we are still constantly optimizing to tap the potential of suppliers. Tesla has begun casting the first version of the exoskeleton.
Drew Baglino: As for the difference between the Berlin factory and the Texas factory, I think the geographical locations of the two are particularly different.
Zach: Tesla will mass-produce vehicles in its factories in Berlin and Texas at the end of this year. There is no doubt that these two factories will start delivering mass-produced vehicles this year. But as for the impact of these two factories on profit margins, we cannot give an answer due to too many unpredictable factors.
3. Take the way in the future by yourself
is hard to get away with, there are always some things; this is true and cannot be shirked.
Eason Chan sang reluctance in the lyrics, just like the major YouTube broadcasters today's comment section, fans' reluctance to Musk's absence from the financial report meeting from now on - or more appropriately, it is reluctance to Musk no longer follows Tesla .
In the 18th year of Tesla's establishment, this revolutionary car company with business, factories and employees across the world no longer needs Musk to sleep in the workshop every day to ensure normal operation. After
achieved an annual operating rate of one million, Tesla has actually become a modern large company with precision operation, huge structure, and strong self-producing functions.
Texas factory
Of course, Musk is still, and will always be the core of Tesla. We can see him in every Tesla press conference that changes the world next - but he has escaped from the worry of 2018 and is about to bravely enter the next business.
Yes, start a business. If you search for "Mars Oasis", you will find that Musk's idea of conquering Mars was even much earlier than Tesla. Compared with Tesla's current achievements, SpaceX is still in a long and arduous stage.
As for Tesla, let it walk by itself, there are no obstacles in the road ahead.
(end)
