Tesla Releases Q4 2021 and Annual Financial Report

1. Financial Data

• Q4 total revenue was $17.719 billion, up 28.8% quarter-over-quarter and 65% year-over-year. Automotive revenue was $15.967 billion (including $314 million in carbon credits), up 32.4% quarter-over-quarter and 71% year-over-year (but carbon credit revenue decreased by 22% year-over-year).

• Automotive gross profit was $4.882 billion, up 32.9% quarter-over-quarter and 118% year-over-year.

• Total gross profit was $4.847 billion, with a gross profit margin of 27.4% and a per-vehicle gross profit margin of 30.6%.

• Cash and cash equivalents reached $17.576 billion, and $1.5 billion in loans were repaid in Q4.

• GAAP net income was $2.32 billion.

• Operating cash flow minus capital expenditures (free cash flow) was $2.775 billion.

• GAAP operating income was $2.6 billion, with an operating margin of 14.7%.

Financial Summary:

Due to an increase in deliveries and growth in other business areas, Q4 total revenue increased by 65% to $17.719 billion. The per-vehicle gross profit margin of 30.6% was similar to Q3’s 30.5%, and operating margin was 14.7%. Cash and cash equivalents decreased by 9% compared to the same period last year.

2. Delivery Data:

• Total production in Q4 2021 was 305,840 vehicles, with 13,109 Model S/X and 292,731 Model 3/Y.

• Total deliveries in Q4 2021 reached 308,600 vehicles, with 11,750 Model S/X and 296,850 Model 3/Y.

• Total production for the full year of 2021 was 930,422 vehicles, with 24,390 Model S/X and 906,032 Model 3/Y.

• Total deliveries for the full year of 2021 were 936,172 vehicles, with 24,964 Model S/X and 911,208 Model 3/Y.

• The average global inventory cycle was 4 days, compared to 6 days last quarter and 11 days in the same period last year.

3. Factories and CapacityTesla said Q4 was impacted by sustained global supply chain disruptions, logistics constraints, and various other manufacturing challenges, but the company continued to ensure planned production capacity and factory operations remained at full capacity as much as possible. Currently, Tesla’s strong demand growth is largely dependent on these uncertain limiting external factors.

• California/Texas, USA:

At the end of 2021, the Texas Gigafactory began producing Model Y, and these vehicles will be delivered to customers after final certification.

• Shanghai, China:

The Shanghai Gigafactory is the main production capacity for exports in Q4, and the factory’s production efficiency is still improving. Tesla said localized production is crucial for lowering unit costs and improving the stability of the global supply chain.

• Berlin, Germany:

The Berlin Gigafactory began equipment testing at the end of 2021, but Tesla said it requires local government approval to produce vehicles in Germany. Tesla expects the first vehicles produced at the Berlin Gigafactory to use 2170 batteries.

4. ## Supercharging and Energy Business:

• The growth rate of the number of Supercharging stations increased slower than last quarter, with a total of 222 new additions, reaching 31,498, an increase of 6.8% QoQ and 36% YoY. The total number of Supercharging piles is 31,498, with 2,217 new additions, an increase of 7.6% QoQ and 35% YoY.

• The solar deployment increased by 85 MW, a QoQ increase of 2.4% and a YoY decrease of 1%, while the energy storage deployment increased by 978 MW, a QoQ decrease of 24.5% and a YoY decrease of 38%. The total deployment in 2021 was 3,992 MWh, a YoY increase of 32%.

4. ## Others:

• Tesla’s FSD released 7 updates in Q4 2021, and the number of internal testing users of Tesla’s FSD Beta increased from a few thousand vehicles in Q3 to nearly 60,000 vehicles.

• In Q4, Tesla released a brand new in-car system, which includes new customizable dock bars, simplified control menus, and support for dark mode, among other updates.

• Tesla achieved the highest profit margin of all production OEMs, with single-vehicle costs dropping to $36,000 in Q3 and Q4 of 2021. Tesla said it will further optimize costs through integrated casting technology, 4680 battery packs, and other technologies.

🔗 Information source: Tesla Official

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