Tesla released its financial report in the second quarter of 2024, showing the company's latest performance and development plans in several key areas. As of the end of the second quarter, Tesla's revenue reached US$25.5 billion, a year-on-year increase of 2%, setting a record high in the quarter. Net profit was US$1.812 billion, down 42% from the same period last year. Tesla said that while the growth of the automotive business may slow down, the energy and energy storage businesses will significantly increase growth rates.
Tesla's core businesses mainly include new energy vehicles and energy storage. New energy vehicle delivery in the second quarter quantity It reached 440,000 vehicles, with business revenue reaching US$19.9 billion, accounting for 78% of the overall revenue. In terms of energy and energy storage business, Tesla deployed 9.4 in the second quarter GWh The revenue of energy storage products reached US$3.014 billion, a year-on-year increase of 100%. Services and other businesses revenue was US$2.6 billion, a year-on-year increase of 21%.
In terms of new products, Tesla plans to launch more affordable models in the first half of 2025 and continue to develop new electric sports cars Roadster. Tesla also continues to promote fully autonomous driving technology （FSD） The development is expected to be approved by China and the EU by the end of the year.
Tesla's strategy also includes expanding its energy storage business, especially building an energy storage super factory in Shanghai, which is expected to be completed in 2025. In other regions, such as Mexico, Tesla's Gigafactory project has faced challenges.
Tesla is actively accelerating product innovation, technology development and market Expand to cope with competitive pressures in the global new energy vehicle market and seek to maintain a leading position in emerging fields.
Lao Ma said that there is nothing important in the future, and I will not participate in the financial report call. arts /Song Shuanghui In the early morning of July 27, Tesla released its second quarter financial report, which summed up in one sentence, "Okay, very good, very good. ” This is Tesla's eighth consecutive quarter profit Growth is also the longest continuous profit period in the company's history. Net profit in the second quarter reached US$1.12 billion, exceeding US$1 billion for the first time, a 10-fold increase year-on-year. Sales in the second quarter also reached its best ever $11.96 billion, almost double the year-on-year period, and higher than analysts' previous estimate of $11.4 billion. More importantly, the value of Tesla's financial report this quarter has increased significantly, getting rid of the past model of relying on selling points to make profits, and not making money by speculating on Bitcoin (in fact, in the second quarter, the currency speculation caused Tesla to lose $23 million, but it is less than the $75 million predicted by analysts). Of the net profit of US$1.12 billion in the second quarter, the income from selling points was only 350 million, and the rest was mainly earned by selling cars. Another highlight comes from profit margins. Tesla's overall gross profit margin reached 24.1% in the second quarter, the best level since 2018, and the cost control is very good. The gross profit margin of the whole vehicle is even more amazing, as high as 28.4%, and traditional car companies will burst into tears after seeing it. This performance made Musk also go to Versailles once. He said in the conference call after the financial report was released that there is nothing important in the future. I will not attend the quarterly financial report meeting, just attend the shareholders' meeting. Of course, the challenge is not non-existent, Tesla acknowledged that challenges from supply chains, especially the troubles caused by global semiconductor shortages and port congestion, affected the performance in the second quarter. And as global automotive demand reaches record levels, parts supply will have a significant impact on delivery growth in the second half of the year. Although construction of the Berlin factory has been delayed several times, Tesla is confident that it will build the first Berlin-based products within the year Model Y。 Tesla also hinted that as long as key components are sufficient, sales will be stronger in the second half of the year. Musk simply told the issue of mass production of 4680 batteries that the outside world has always been concerned about, saying, "It is hard to say when the last technical challenge will be solved." ” However, this sentence still reveals that the mass production and delivery of Tesla's new battery has encountered technical bottlenecks and is facing pressure. Interestingly, when Musk talked about supply chain issues, he still couldn't hold back his sarcastic tongue and turned it into apple The company complained. He said there has been a misunderstanding in the market that Tesla uses a lot of cobalt. “ I think Apple is in the battery, the phone and notebook Nearly 100% cobalt is used in it, while Tesla's lithium iron phosphate battery does not have any cobalt, and almost no cobalt is used in the nickel-based chemical composition. ” Later, when everyone asked when Tesla would open its supercharge network to its competitors, he brought Apple again, saying that Tesla's goal is to support the arrival of the sustainable energy era, rather than building a walled garden to intimidate its competitors. Some companies are already using this strategy, such as Apple. As for when other electric car owners can also use Tesla supercharger, Musk said it will be later this year OK Then, other brand owners download Tesla APP, You can use the conversion head to supercharge Tesla, and the billing standard has not been determined yet. Overall, although Tesla experienced many twists and turns in the second quarter, especially the Chinese market, its final performance showed that those small storms were just clouds.
On July 20th local time, Tesla ( TSLA, The stock price was $742.5 and the market value was $769.52 billion) and the U.S. stock market disclosed its second-quarter financial report data after the market closed, and delivered a report card that was better than Wall Street's expectations. After the financial report was released, Tesla's US stocks, which closed up 0.8%, accelerated after the market rose, with the increase once expanding to nearly 5%, and the increase was 1.43% as of press time.
Financial report data shows that Tesla achieved revenue of US$16.934 billion in the second quarter, a year-on-year increase of 42% from the second quarter of last year, higher than analysts' expectations of US$16.88 billion.； Earnings per share was $2.27, up 57% year-on-year, higher than analysts' expectations of $1.83.
According to data released by Tesla earlier this month, the company delivered a total of 27% in the second quarter of this year, but fell by nearly 55,000 units month-on-month compared with the first quarter. Although the quarterly delivery volume declined for the first time in two years, the company expects an average annual delivery growth rate to reach 50%, consistent with the first quarter's expectations.
According to relevant reports, although Tesla's performance this time was better than Wall Street's expectations, the delivery volume declined month-on-month for the first time in two years still had a certain impact.
According to Tesla's second-quarter financial report data, the company's gross profit margin for the automobile business in the second quarter was 27.9%, which was higher than analysts' expectations of 26.9%, but was significantly lower than 32.9% in the first quarter and 28.4% in the second quarter of last year. Analysis points out that inflation, the epidemic, competition for battery and parts supply, and appreciation of the US dollar all have an impact on profits.
The financial report also shows that Tesla's electric vehicle points revenue in the second quarter was US$344 million, only half of the first quarter, down US$10 million from the same period last year.
In addition, from the perspective of capital flow, Tesla's capital expenditure in the second quarter was US$1.73 billion, a year-on-year increase of 15%, higher than market expectations of US$1.66 billion.； Free cash flow in the second quarter was US$621 million, with zero year-on-year growth, lower than market expectations of US$625.2 million ； In the second quarter, cash and cash equivalents were US$18.32 billion, a year-on-year increase of 13%, lower than the market expectations of US$18.92 billion.
Tesla revealed in its financial report that it reduced its holdings of Bitcoin by 75% in the second quarter, a sale that cashed out $936 million for the company. 2021 Earlier this year, the company announced that it had purchased $1.5 billion worth of Bitcoin.
Tesla CEO Elon middot; Musk said on the performance call that Bitcoin was sold to improve the funding situation. It turned out that Bitcoin's hedging attributes were not that good, but future Be open to increasing your holdings of Bitcoin. Meanwhile, Tesla has not sold its Dogecoin.
In terms of automobile production, Tesla said that factories in Austin, Texas, USA and Berlin, Germany continued to climb in the second quarter, with the Berlin factory exceeding 1,000 vehicles for the first time in the quarter, and at the same time, the gross profit was positive. Tesla's first batch of Austin factory Equipped 4680 Battery cars are offline and have been delivered to US customers.
In the second quarter financial report, Tesla also mentioned the outstanding achievements of the Shanghai and California Folmont factories: both the Shanghai and Folmont factories reached the highest monthly output ever in the second quarter, and the recent equipment upgrades of the Shanghai factory will further increase production capacity in the future. Musk said that in the second half of this year, Tesla's automobile production is expected to break the company's historical record.
However, Tesla still reiterated the supply chain challenges and said that the production climbing speed at factories in Austin and Berlin will be partly affected by supply chain-related challenges.
Tesla also reiterated that it will expand its manufacturing capacity as soon as possible, and said: Over the years, 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 uptime, operational efficiency, supply chain capabilities and stability.
Tesla's quarterly declaration has been updated again.
After counting, it's time for Tesla to update its quarterly financial report. Sure enough, on July 20, Tesla 2023 Q2 The content of the earnings conference call was exposed. We have compiled the relevant core information below.
Revenue high, delivery high, gross profit margin low
At the end of the second quarter, Tesla's report card was actually "better than worse".
But the most difficult thing is whether the performance is excellent or not, not just a simple number, but also a comparison with investors' psychological expectations. At this time, everything became subtle.
Looking at the financial statements in detail, in the second quarter of this year, Tesla's revenue was US$24.927 billion, a year-on-year increase of 47%, setting a new high, while the market expects to be US$24.51 billion, which is barely meeting the standard.
Net profit ( GAAP） It was US$2.703 billion, up 20% year-on-year, higher than market expectations of US$2.39 billion； Free cash flow was US$1.01 billion, lower than market expectations of US$2.18 billion.
Two more sets of data were mentioned. In the second quarter, Tesla delivered 466,100 new cars, an increase of 83% year-on-year, exceeding market expectations； The gross profit margin for the quarter was 18.2%, lower than market expectations by 18.8% (it can also be compared with the gross profit margin of 19.3% in the previous quarter), which disappointed the market and also made the title of "lowest gross profit margin" in the past three years.
Grip your teeth and the delivery target of 1.8 million remains unchanged
Building a foothold Q2, Looking forward to the whole year.
Musk believes that Tesla can still achieve the delivery target of 1.8 million vehicles by 2023.
What is the potential difficulty? In the third quarter, Tesla's production capacity will be pulled down because it will upgrade various factories, so there will inevitably be idle production capacity.
In the future, we must "grip our teeth" to sprint towards the delivery target of 1.8 million. After the factory is upgraded, production will be accelerated. But this state of "how much to produce and how much to sell" is really a worry of happiness.
In addition, Musk also explained the problem of the decline in gross profit margin, which is actually the price reduction of the product. Although, from Musk's perspective, raw materials related to batteries, such as nickel, cobalt, and graphite, are all lowering prices, which is beneficial to cost control, the overall economic environment is unstable, and the price reduction is to "maintain sales." The logic behind it is that "Tesla has to lower the price to keep the purchasing power consumers actually paying unchanged." Moreover, Musk made it clear that Tesla may continue to lower its prices (apparently, he did not take gross profit margin seriously).
FSD, There is a lot of room for imagination, but how about bringing it?
There is also a big message. Musk said Tesla is talking about "authorization" with a traditional car manufacturer FSD”, That is to say, FSD The related technologies of autonomous driving can be opened to the public and installed on other non-Tesla cars. This is even more interesting. Because, in Musk's consistent theory, autonomous driving will completely change today's cars industry 。 FSD The imagination space is very large and can bring great industrial value. The profit lost due to the price reduction is FSD In the face of the potential value of the slightest value, it is all "drizzle". Especially based on FSD of Robotaxi Technology, in Musk's original words, will create "nearly unlimited demand."
If you listen too much, you will be tired. In the second half of the year, many car companies' intelligent driving services have been "entered to the city", which can identify traffic lights and can drive automatically on urban roads according to navigation, but for various reasons, domestic consumers still cannot experience Tesla's FSD Function. What is the magic? Everything is still unknown. But Tesla opens FSD Giving to other large manufacturers seems to prove their powerful intelligence, but the problem is how big the open scale is, and FSD How tempting is it? If FSD It's really so tempting and has become a necessary choice for buying a car. Why don't users buy a Tesla directly? And if FSD It's not that tempting, it's just icing on the cake. Big manufacturers are really willing to provide Tesla with massive data, and are they still helping with training? In short, this matter is a bit confused and a little unclear.
I always feel that Tesla's move has moved a little closer to Huawei. Can cooperation with traditional large manufacturers in the role of suppliers really be a "win-win" in the end? Another news was broadcast, Musk claimed that by the end of 2023, Tesla will FSD The driving level of autonomous driving will exceed that of humans. Don't listen to what he says, it depends on what he does. FSD The mystery is expected to be implemented.
Dojo Supercomputer, Optimus robot
Obviously, Tesla is not just a car company. So, in Q2 Musk also introduced the financial report call Dojo Supercomputer, Optimus The situation of the robot. It is reported that Tesla has started production since July Dojo Supercomputer is here. The most direct application is to conduct neural network training at faster speeds and lower costs. Tesla's autonomous driving and robotics businesses will benefit.
Musk also said that there are currently 10 units Optimus The robot is working. This kind of humanoid robot is Tesla's new business and can be launched in a very wide range of ways. family Go in life. As for the first batch of production Optimus Where will the robot go? It will probably be Tesla's super factory, and it is expected to be seen next year.
Written at the end
Finally put an easter egg. This financial report meeting, Cybertruck Must be the focus. Musk's statement is that this electric pickup truck, which has been "suspended", will be delivered this year, but mass production will be next year. “ There is no boundary for demand”, I hope Tesla can really prove one thing: sticking to long-term value is the right attitude.
The author of this article is Kicking Car Bang Xibei
