Tencent technology news on January 27: benefiting from the soaring sales of electric vehicles in the global market, especially in China and Europe, Tesla released its fourth quarter and 2021 financial reports that exceeded Wall Street’s expectations on Thursday. Tesla financial report shows that the company’s revenue in 2021 was US $53.823 billion, higher than US $31.536 billion in the same period last year; The net profit was US $5.519 billion, an increase of 665% over US $721 million in the same period of last year, a new high since it was listed for 19 years. This is also the first time Tesla has made profits for the second consecutive year since its listing. However, Tesla also warned that the supply chain problems affected by the epidemic will continue to limit the company’s production capacity this year.
The following is Tesla’s performance:
Fourth quarter of 2021
・ adjusted diluted earnings per share: US $2.52, better than US $0.80 in the same period last year, exceeding Wall Street’s expectation of US $2.26.
・ Revenue: $17.719 billion, up 65% from $10.744 billion in the same period last year, exceeding Wall Street’s estimate of $16.35 billion.
・ adjusted diluted earnings per share: US $6.78, better than US $2.24 in the same period last year. It exceeded Wall Street’s expectation of $6.39.
・ Revenue: $53.823 billion, up from $31.536 billion in the same period last year and exceeding Wall Street’s expectation of $52.44 billion.
Among Tesla’s revenue in the fourth quarter, the revenue from electric vehicle business was US $15.967 billion, an increase of 71% compared with us $9.314 billion in the same period last year; The revenue from power generation and energy storage business was US $688 million, down 8.5% from US $752 million in the same period last year, lower than the US $815 million expected by Wall Street; Revenue from services and other businesses was $1064 million, up from $678 million in the same period last year.
Throughout 2021, Tesla’s net profit attributable to common shareholders was $5.519 billion, an increase of 665% over $721 million in the same period last year. This profit includes nearly $1.5 billion from the sale of carbon credits to traditional carmakers, down slightly from 2020.
Tesla delivered 308650 electric vehicles in the fourth quarter, up 71% from 180667 in the same period last year; The total output of electric vehicles was 305840, a year-on-year increase of 70%. Throughout 2021, Tesla delivered 936222 electric vehicles, slightly lower than the company’s previous commitment of 1 million, but an increase of 87% over 499647 in the same period last year; The total output of electric vehicles was 930422, a year-on-year increase of 83%. “2021 is a breakthrough year for Tesla,” the company declared. “The feasibility and profitability of electric vehicles should no longer be in doubt.”
Tesla has maintained strong cash reserves over the past few quarters, a trend that continued in the fourth quarter. Although Texas super factory and Berlin super factory are under construction, and Shanghai Super factory and Fremont factory are also being optimized, Tesla reported that the company still had $17.6 billion in cash on its books at the end of the fourth quarter. Tesla generated $4.6 billion in cash in the fourth quarter. The company also said it was continuing to develop cybertruck pickup, but did not give a target date for production. Cybertruck was originally planned to be put into operation in 2021.
Continuous high growth of production capacity
Tesla dominates the U.S. electric vehicle market, but this year it is likely to eventually face some serious competition. Ford, general motors, Volkswagen and Hyundai all described ambitious plans to launch new electric vehicles in the United States. Rivian and lucid, two fledgling electric vehicle manufacturers, have also just begun shipping cars designed to compete with Tesla.
Tesla achieved growth in 2021, although the shortage of computer chips limited the production of other manufacturers for most of 2021. The electric car manufacturer can mitigate the impact of the shortage by switching to more easily available chip types and writing new instructions or firmware embedded in the chip.
In addition to existing plants in Fremont, California and Shanghai, Tesla also needs to increase the capacity of new plants in Texas and Germany to maintain rapid growth. Tesla repeated its previous forecast in the financial report, that is, it expects the average annual revenue growth of about 50% in the next few years. “Our goal is to increase production as soon as possible, not only to increase the capacity of new plants in Austin and Berlin, but also to maximize the capacity of existing plants in Fremont and Shanghai. We believe that the competitiveness of the electric vehicle market will depend on the ability to increase and increase capacity across the supply chain,” the company said
Tesla also said it hopes to start shipping model y produced by Austin to customers. The start-up of the plant near Berlin has been delayed due to a dispute with the German authorities over the license. Tesla originally expected to start producing electric vehicles at this German factory by the end of 2021.
No new models will be produced in 2022
Tesla CEO Elon Musk said in the earnings conference call that Tesla would not produce new electric vehicles in 2022 because it focused on existing production and responded to supply chain constraints. “We won’t launch new models this year,” he said. “It doesn’t make any sense. We will still be constrained by parts. However, we will do a lot of engineering, tools, etc. to create these vehicles: cybertruck, semi, roadster, and the rumored $25000 new electric vehicle.”
Musk announced last July that he would no longer participate in Tesla’s earnings conference call unless he had something “really important” to say. Investors have been looking forward to Musk’s appearance at the electric conference because Tesla is behind schedule in delivering vehicles such as updated versions of cybertruck and roadster.
Musk joined the ranks of Tesla executives on Wednesday and participated in the earnings conference call again, providing the latest information on cybertruck and the plant to be built in Texas. Musk has said he plans to provide product updates at a time of supply chain difficulties, and Tesla accused the supply chain difficulties of changing some of its manufacturing schedules. Musk said the launch of a new car would limit Tesla’s ability to produce electric vehicles at the same output.
Tesla test drivers believe that their mission is to make everyone’s driving safer. Skeptics say they are a safety hazard. Despite the success of the company’s best-selling models model 3 and model y, the company has not produced cybertruck, electric truck and roadster electric sports car known as Tesla semi. “This is a breakthrough year for Tesla and the entire electric vehicle industry,” Musk said.
Musk is known for his reckless and sometimes unstable behavior, which will be shown on the earnings conference call. In 2020, he yelled profusely on a conference call, denouncing home segregation as “fascism”. Musk also said at the time that he would reduce his participation in the earnings conference call and only appear in important announcements and disclosures. (compiled by Tencent technology / Wuji)