Tesla announced its Q4 2020 earnings report, marking its sixth consecutive profitable quarter with a record high profit.
Financial Data
- Total revenue was $10.744 billion, a 22% increase quarter-over-quarter and a 46% increase year-over-year. Automotive revenue was $9.314 billion (including $401 million in carbon credits sales revenue), a 22.3% increase quarter-over-quarter and a 46% increase year-over-year.
- Automotive gross profit was $2.244 billion, a 6.6% increase quarter-over-quarter and a 56% increase year-over-year.
- Total gross profit was $2.066 billion, with an overall gross margin of 19.2% and a vehicle gross margin of 24.1%.
- Cash and cash equivalents increased by $4.853 billion, reaching $19.384 billion.
- Operating cash flow minus capital expenditures (free cash flow) was -$1.868 billion.
- GAAP operating profit margin was 5.4%.
Delivery Data
- Total production in Q4 2020 was 179,757 vehicles, including 16,097 Model S&X and 163,660 Model 3&Y.
- Total deliveries in Q4 2020 was 180,667 vehicles, including 18,966 Model S&X and 161,701 Model 3&Y.
- Inventory days were 11 days, compared to 14 days in the previous quarter and 10 days in the same period last year, a decrease of 21% quarter-over-quarter and an increase of 10% year-over-year.
Factory and Capacity
- The Fremont Factory plans to increase Model 3/Y production capacity to 500,000 vehicles per year and Model S/X production capacity to 100,000 vehicles per year. The preparations for the powertrain, battery modules, battery packs, drive units, updated interior and exterior features for Model S/X are complete and production will be fully ramped in the first quarter. Tesla also continues to expand Model Y production, including die casting single-piece rear underbody castings to meet the demand.
Shanghai Gigafactory – Model 3 factory (front); Model Y factory (back)
Shanghai Super Factory – Model Y Body Shop
Shanghai Super Factory – Model Y Casting
Shanghai Super Factory – Model Y Stamping
- The production capacity of Shanghai Super Factory has now reached 250,000 units per year and plans to increase to 450,000 units per year. Model Y was put into production at the end of 2020 and gradually reached its maximum production capacity. Currently, there is strong demand for both Model 3 and Y from customers. Tesla recently began shipping Model 3 produced at the Shanghai Super Factory to many countries in Europe and the Asia-Pacific region, supplementing the production capacity of the Fremont plant in these markets.
Berlin Super Factory – Model Y Address
Berlin Super Factory – Model Y Factory Interior
Berlin Super Factory – Model Y Factory Interior
- Berlin Super Factory. Local production and delivery remain a focus of Tesla’s development strategy. In 2020, Tesla’s overall market share in Europe increased, and the Berlin Super Factory can significantly strengthen local delivery, playing the same role as the Shanghai Super Factory. The Berlin Super Factory is under construction as scheduled and has begun moving mechanical equipment into the plant.
Texas Super Factory – Three Months Ago
Texas Super Factory – Now
New Model S/X Information
Model S Delivery Time: March in the United States, third quarter in China, Plaid+ will be delivered by the end of 2021.
- Long Range All-Wheel Drive: 0-96 km/h acceleration in 3.1 seconds, EPA range of 659 km, priced at $79,900 in the US, and RMB 799,990 in China;
- Plaid: Acceleration from 0-96 km/h in 1.99 seconds, EPA range of 624 km, priced at $119,990 in the US, and approximately RMB 999,990 after taxes in China;
- Plaid+: Acceleration from 0-96 km/h in less than 1.99 seconds, EPA range of 832 km+, priced at $139,990 in the US, and approximately RMB 1,174,900 after taxes in China.
Delivery time for Model X: March in the US and the third quarter in China.
- Long-range all-wheel drive: 0-60 mph acceleration in 3.8 seconds, EPA range of 358 miles (576 km), priced at $89,900, about RMB 849,990 including taxes;
- Plaid: 0-60 mph acceleration in 2.5 seconds, EPA range of 340 miles (544 km), priced at $119,990, about RMB 999,990 including taxes.
The exterior of Model S/X remains largely unchanged, with the exception of the chrome trim being blacked-out. Model S now has a panoramic glass roof.
In terms of interior and infotainment:
- There is a new yoke-style steering wheel that integrates turn signals, wiper controls, and more, eliminating separate stalks;
- The new 17-inch horizontal center display has a resolution of 2200×1300 and can be tilted left and right. An 8-inch screen has been added to the rear for rear seat control and entertainment functions. Multiple audio sources can be output via Bluetooth;
- The infotainment system has a computing power of up to 10 teraflops, equivalent to an AMD Radeon RX 5700 XT graphics card, which runs games provided by Tesla Arcade and supports Bluetooth wireless controllers;
- The sound system has been upgraded to 22 speakers with a total power of 960 watts and has active noise reduction;
- The three-zone air conditioning now features hidden vents similar to those in Model 3;
- The rear center armrest comes with wireless charging capability.
Supercharging and Energy BusinessesThe number of supercharger stations has increased to 2,564, adding 383 stations, which is a 17% increase on a month-over-month basis and a 41% increase on a year-over-year basis. The number of supercharger stalls has reached 23,277, adding 3,840 stalls, which is a 19.7% increase on a month-over-month basis and a 45% increase on a year-over-year basis.
Solar deployment has added 86 MW, a 50.8% increase on a month-over-month basis and a 59% increase on a year-over-year basis. Energy storage deployment has added 1584 MW, a 108% increase on a month-over-month basis and a 199% increase on a year-over-year basis.
Other Highlights
In the past few months, Tesla has pushed multiple software updates for the FSD City Street beta test. With each iteration, the system becomes more powerful, expanding the user database. Tesla will continue to develop the Dojo supercomputer to process video data from vehicles and quickly train neural networks.
In addition, Tesla has released a holiday update in December, which includes many new games and the ability to play custom horns and alerts through the external speaker, as well as optimized driver-assistance visual systems.
In summary, with the record high Q4 vehicle deliveries and profits, the increased capacity of Fremont factory and Shanghai Gigafactory, and the Model Y ramp-up, Tesla’s 2021 performance is highly anticipated.
Source: Tesla
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.