Reporter of Meike: Cai Ding Editor of Meike: Gao Han, He Xiaotao
After the market on October 19 (Wednesday), Eastern Time, Tesla (TSLA, stock price 222.04, market value of US$695.8 billion) announced its third-quarter financial report.
During the reporting period, Tesla's profits recorded an unexpected growth and its revenue hit a quarterly high, but the delivery data and gross profit margin were lower than the expectations of Wall Street . The average sales price of automobiles fell month-on-month , and the revenue from selling carbon emission indicators also hit a new low in one year.
The negative impact of the strong dollar on forex was recorded as much as $250 million in the quarter.
revenue was lower than expected for the first time in a year
Tesla's third-quarter report showed that revenue recorded US$21.45 billion, increased by 56% year-on-year and hit a record high, but lower than the analyst's forecast of US$21.96 billion, the first quarterly revenue since the third quarter of 2021 was lower than expected; adjusted earnings per share under non-US General Accounting Standards (GAAP) caliber was US$1.05, higher than analysts' estimate of US$1.01; gross profit margin of automobile business recorded 27.9%, lower than 30% for the second consecutive quarter, not only lower than analysts' expectations, but also lower than 30.5% in the same period last year.
Image source: Tesla's third quarter report
Some analysts believe that the sharp decline in revenue from selling carbon emission indicators during the reporting period may be one of the reasons why Tesla's third quarter revenue was lower than expected. In fact, a major contribution of Tesla's previous profits was through the sale of carbon emission quotas. In the third quarter, the company's revenue through the sale of this quotas was US$286 million, a new low since the third quarter of last year, a decrease of 58% from the high of US$679 million set in the first quarter of this year, and a decrease of 17% month-on-month.
As of press time, a financial report that was lower than expected overall caused Tesla's stock price to fall 5.34% after the market on Wednesday. Although the downward risks of global economy continue to rise, Tesla is still expanding rapidly, so Tesla's financial report is an important clue for investors to observe whether the company is affected by demand.
Image source: Yahoo Finance
CEO Musk told analysts on a conference call that demand in the fourth quarter will be very good, which resolves investors' concerns that consumers may lose confidence due to weak global economy and high prices for Tesla car . However, Tesla executives say some delivery issues continue.
production and delivery challenges remain
Tesla's energy sector recorded revenue of US$1.12 billion in the third quarter, which sold backup batteries and installed photovoltaic roofs for the residential, commercial and utility sectors. During the reporting period, Tesla's energy revenue increased mainly from the sales of energy storage systems. The company said that 2100 megawatt-hours were installed during the reporting period, and said that "the market demand for our energy storage products still exceeds our supply capacity."
Tesla CEO Musk, Image source: Visual China-VCG111338714360
Tesla said in a statement, "The rising cost of raw materials, as well as the inefficiency of the production efficiency of plants in Berlin and Texas, has affected our profitability (during the reporting period) and the production of the new 4680 batteries. Despite the improvement, logistics fluctuations and supply chain bottlenecks are still imminent challenges." Musk also said that it would make sense to conduct a stock buyback of 5 billion to 10 billion US dollars, which is awaiting review and approval from the board of directors.
Tesla's stock price has cut halved from its all-time high in November last year due to investors being affected by rising risks to the global economy and Musk's acquisition of Twitter . Despite this, Musk said at the company's financial report meeting on Wednesday that he believes Tesla's market value may exceed the combined Apple (AAPL, stock price of $143.86, market value of $2.31 trillion) and oil giant Saudi Aramco (2222.SR, stock price of 35.75 Saudi Riyal , market value of 7.862 trillion Saudi Riyal, about $2.12 trillion).
Image source: CNBC
" Daily Economic News " reporter noticed that Tesla said at the beginning of this month that the vehicle delivered by the company in the third quarter increased by 35% month-on-month to 343,000, with a production of 365,000, but such an increase is still lower than the output and analysts' estimates.Tesla blames lower-than-expected delivery volumes on transport challenges.
Faced with global central banks continuing hikes and market concerns about the economic recession, Wall Street is more pessimistic about Tesla achieving its delivery target this year. Because Tesla hopes to deliver more than 1.4 million vehicles this year, with an annual output of 50% higher than last year. To achieve this goal, nearly 500,000 vehicles must be delivered in the fourth quarter, an increase of about 45% month-on-month compared with the third quarter.
However, in the third quarter financial report, Tesla continued to reiterate that it "plans to expand the manufacturing production capacity as soon as possible" and the expectation of annual average delivery growth. "In the future, we expect the average annual growth rate of automobile delivery volume to reach 50%. This growth rate will depend on the equipment's capabilities, factory normal operation time, operation efficiency, supply chain capabilities and stability."
(The content and data of the article are for reference only and do not constitute investment advice. Investors should bear the risks based on this.)
reporter| Cai Ding
editing| Gao Han He Xiaotao Dubo
proofreading| Lu Xiangyong
｜Daily Economic News nbdnews Original article｜
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