Tesla's total revenue in the first quarter exceeded tens of billions of dollars. Who was behind it?
The storm continues to "record" data facing challenges
In recent days, public opinion about Tesla has not calmed down.
In China, Tesla’s “brake failure” and car owners’ rights protection on the roof have not yet subsided; in the United States, Houston, Texas, Tesla crashed into a tree and caught fire. Two people died in the car, which also caused foreign netizens to point their fingers at them. Improved its automatic driving functions and related auxiliary systems.
In fact, on the first day of the stock market opening after the American car owner "hit a tree and died" accident, Tesla's stock price fell 3.4% to 714.63 US dollars as of the close, and its market value shrank by 24.1 billion US dollars, equivalent to 157.1 billion yuan.
However, just a week later, on the 27th local time, Tesla announced the first quarter of 2021 financial report.
According to US media reports, boosted by strong demand in the Chinese market, Tesla’s total revenue in the first quarter of this year was approximately US$10.39 billion, an increase of 74% year-on-year; net profit attributable to ordinary shareholders reached a record high of US$438 million. .
Both exceeded expectations.
At the same time, some people in the industry pointed out that in view of the recent public turmoil, it may take time to test whether Tesla can continue the results of the first quarter's financial report and continue to be "best seller" in the next quarter.
Chinese market + sale of bitcoin + zero emission allowance
Together to drive Tesla's record growth
"The Wall Street Journal" analyzed that Tesla's sales have been very strong, thanks to the popularity of its Model Y models and the continued growth of demand in the Chinese market.
"Customers have a real shift in their perception of electric vehicles," said Tesla CEO Elon Musk.
The report specifically pointed out that the Chinese market has always been Tesla's growth engine-strong demand in the Chinese market helped the company achieve its first full-year profit last year.
The US Consumer News and Business Channel (CNBC) reported that Tesla’s performance easily exceeded expectations, due to the company’s sale of Bitcoin and the promotion of zero-emission credits.
When investors learned about these figures, Tesla's stock price fell by 3% after the market.
Tesla’s financial report shows that the first quarter’s net profit reached 438 million U.S. dollars, and earnings per share were 0.93 U.S. dollars, while analysts’ average expected earnings per share were 0.79 U.S. dollars; revenue was 10.39 billion U.S. dollars, a year-on-year increase of 74%. The average estimated revenue is US$10.29 billion.
According to Generally Accepted Accounting Principles (GAAP), Tesla’s net profit for the quarter reached a record 438 million U.S. dollars, of which the sale of zero-emission quotas in the quarter earned a record revenue of 518 million U.S. dollars (100% of this revenue is the company’s profit ).
According to a previous report by CNN, 11 US states require automakers to sell a certain percentage of zero-emission vehicles by 2025.
If they cannot do so, they must purchase zero-emission credits from other automakers that meet these requirements, such as Tesla, which specializes in selling electric vehicles.
In addition, Tesla also received a record $101 million in gains from the sale of Bitcoin in the first quarter.
The company disclosed in February this year that it had purchased $1.5 billion worth of bitcoin. By April, the price of bitcoin rose to a record level and then fell.
Tesla disclosed in its cash flow statement that it sold $272 million worth of “digital assets” during the quarter, and some analysts believe that it may be Bitcoin.
Delivery volume will increase by 50% this year
Tesla says it has survived the chip shortage
Although global automakers are currently facing a shortage of chip supply, the total delivery of Tesla Model 3 and Model Y reached 184,800 in the first quarter of this year, which not only exceeded market expectations, but also set a new record for the company.
However, Tesla also said that as of March, Tesla did not produce any high-end models, including Model S and Model X SUVs, but through inventory, the company delivered 2020 old Model S in the first quarter. Or Model X SUV.
On Monday's earnings conference call, Musk said that the company's new Model S will begin to be delivered to customers in May 2021, and Model X will begin to be delivered in the third quarter of this year.
Both Musk and CFO Zachary Kirkhorn said that supply chain issues may still be a challenge for Tesla this year.
Tesla said that it expects the delivery of Tesla cars to increase by more than 50% in 2021, which means that the minimum delivery this year is about 750,000 vehicles.
According to reports, Tesla’s annual sales have increased by more than 100% year-on-year, but the number of service centers has increased by only 28%, while its mobile service fleet has grown by only 22%. This fact explains why some Tesi Pull customers complain about the long waiting time for repairs, because the expansion of follow-up services is far behind the growth of car sales.
Tesla said that it has survived the chip shortage that plagued the automotive industry, partly because it "moved very quickly to new microcontrollers, while also developing firmware for new chips from new suppliers."
In Monday's meeting, Tesla did not disclose information about its new suppliers.
Tesla also reiterated Musk's consistent proposition that the camera is a better way to achieve autonomous driving, not radar.
"Our artificial intelligence-based software architecture is becoming more and more dependent on cameras, so that radar becomes more and more unnecessary, which is earlier than expected. Therefore, our FSD (Fully Autonomous Driving) team is fully committed to Develop vision-based autonomous driving systems.” The company said in its financial report.
Chengdu Commercial Daily-Red Star News reporter Wang Yalin