Tesla’s 2021Q2 Financial Report is out – 8 Consecutive Quarters in Profit!
Tesla’s Berlin Superfactory, Model Y production facility
Tesla released their Q2 2021 financial report, marking the 8th consecutive quarter of profits. The report also mentioned Cybertruck, with Tesla stating that production is progressing well and plans are underway to start production in Texas. Here are the key details:
- Financials:
- Total revenue of $11.958 billion, up 15.1% QoQ and 98% YoY. Automotive revenue was $10.206 billion (including $354 million from sales of regulatory credits), up 13.4% QoQ and 97% YoY.
- Automotive gross profit of $2.899 billion, up 21.6% QoQ and 120% YoY.
- Total gross profit of $2.884 billion, with an overall gross margin of 24.1% and a vehicle gross margin of 28.4%.
- Cash and cash equivalents reached $16.229 billion.
- GAAP net income was $1.142 billion.
- Operating cash flow minus capital expenditures (free cash flow) was -$619 million.
- GAAP operating income was $1.312 billion, with an operating profit margin of 11.0%.
(Berlin Superfactory, paint shop)
- Deliveries:
- Total production for Q2 2021 was 206,421 vehicles, with 2,340 Model S/X and 204,081 Model 3/Y produced.
- Total deliveries for Q2 2021 were 201,304 vehicles, with 1,895 Model S/X and 199,409 Model 3/Y delivered.
- Inventory days were 9, up from 8 last quarter and down 47% YoY from 17 days.
(Texas Gigafactory, Model Y production facility half a year ago)
(Texas Gigafactory, Model Y production facility now)
- Factories and Capacity:Tesla said demand remains strong globally and production must be carried out despite limited parts supply. Despite facing challenges in semiconductor supply in Q2, Tesla was able to further increase production.
- California/Texas:
Model S production increased in Q2 and is expected to continue to increase this year. Given the strong demand in the US market, most Model 3/Y deliveries are made to North America. The expansion of the Texas gigafactory made progress in Q2 and some areas of the factory have begun to be tested. The current planned annual capacity for Model S/X in California is 100,000 and for Model 3/Y is 500,000.
(Texas Gigafactory, Stamping Production Line)
(Texas Gigafactory, Model Y Body Production Workshop)
(Texas Gigafactory, Model Y Factory Under Construction)
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Shanghai, China:
Despite minor interruptions due to supply chain issues and factory upgrades, production at the Shanghai gigafactory remains strong. Tesla has launched the standard Model Y in the Chinese market as planned, with a subsidized price of 276,000 yuan. Due to strong demand in the US market and optimized average costs in the global market, Tesla has successfully transformed the Shanghai gigafactory into a major export hub. The current planned annual capacity for Model 3/Y in Shanghai exceeds 450,000. -
Berlin, Germany:
While expanding its global production lines, demand for Tesla in Europe still far exceeds supply, leading to longer delivery times. Tesla will continue to install equipment and begin testing tools to start production as soon as possible at the Berlin gigafactory and increase import volumes.
(Shanghai Gigafactory, Continued Expansion)
4 Supercharging and Energy Business:
- The number of supercharger stations reached 2,966, an increase of 267, up 9.9% MoM and 46% YoY. The number of supercharger piles reached 26,900, an increase of 2,385, up 9.7% MoM and 49% YoY.- Solar energy deployment increased by 85 MW, a decrease of 7.6% compared to the previous month, and an increase of 215% compared to the same period last year. Energy storage deployment increased by 1,274 MW, an increase of 186.3% compared to the previous month and an increase of 204% compared to the same period last year.
5 other highlights:
- Tesla plans to start Model Y production at its Berlin and Texas Gigafactories this year, as planned.
- Due to battery and supply chain challenges, the Semi project’s launch has been delayed until 2022.
- The production of Cybertruck is progressing, and it is currently planned to be produced in Texas.
- FSD: After selling more than one million vehicles equipped with millimeter wave radar, Tesla announced that it has collected enough data to begin removing millimeter wave radar equipment in some markets. Tesla said that by removing millimeter wave radar, it can focus more on pure visual solutions and accelerate this transformation. The first batch of customers downloaded FSD V9 Beta in July, and the feedback was quite positive.
- The performance and lifespan of the 4680 battery have been validated at the Kato plant in California, and production validation is also close to completion. However, 10% of the process is a bottleneck that limits production.
🔗Source: Tesla
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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.