Financial Data:
- Total revenue of USD 16.934 billion, down 9.7% QoQ and up 41% YoY. Automotive revenue was USD 14.602 billion (including USD 344 million from the sale of carbon emission credits), down 13.4% QoQ and up 43% YoY;
- Gross profit of automotive business was USD 4.081 billion, down 26.32% QoQ and up 41% YoY;
- Gross margin of each vehicle was 27.9%, down 5% compared to Q1;
- R&D expenses for Q2 was USD 667 million;
- Total gross profit was USD 4.234 billion, with an overall gross margin of 25.0%, down 4.1% compared to Q1;
- Cash and cash equivalents reached USD 18.3245 billion, and free cash flow was USD 621 million;
- Tesla repaid USD 402 million of debt and sold 75% of its Bitcoin holdings in the quarter;
- GAAP net income was USD 2.259 billion;
- GAAP operating income was USD 2.464 billion, with an operating margin of 14.6%;
Delivery Data:
- Total production in Q2 2022 was 258,580 vehicles, including 16,411 Model S/X and 242,169 Model 3/Y;
- Total deliveries in Q2 2021 was 254,695 vehicles, including 16,162 Model S/X and 238,533 Model 3/Y;
- The global average inventory cycle was 4 days, up 33% QoQ and down 36% YoY, compared to 3 days in the previous quarter and 9 days in the same period last year.
Factories and Capacity:
Tesla stated that it faced various challenges in Q2, such as global supply interruptions, labor shortages, logistics, and other factors that limited its full production capacity.
California/Texas, USA:
The Fremont factory set a record for deliveries in Q2 and still has room for improvement in production capacity. The Texas factory began delivering Model Y with integrated battery packs and traditional battery packs in Q2, and its production capacity continues to grow.
Shanghai, China:
### Shanghai Factory:
The Q2 production capacity of Shanghai factory was affected by pandemic control, but it has resumed production and achieved a new record of monthly deliveries at the end of Q2. The recent expansion completion will further increase the production capacity of Shanghai factory.
Berlin, Germany:
The production capacity of the Berlin factory has made effective progress. At the end of Q2, it can produce 1,000 Model Ys (2170 battery cells) per week. The production capacity of the Berlin factory will continue to increase for the rest of the year.
Superchargers and Energy Business:
- The number of Supercharger stations has reached 3,971, with 267 new stations added, and the number of Supercharger stalls has reached 36,165, with 2,508 new stalls added;
- The solar deployment has added 106 MW, and the energy storage deployment has added 1,133 MW.
Others:
- As of Q2, Tesla has pushed FSD Beta for more than 100,000 cars in North America;
- The adaptive air suspension equipped in North America received a new OTA push in Q2. Vehicles will automatically switch to comfort mode based on the road conditions recorded in the map;
- Thanks to the use of large-scale die-casting, the robot usage on the white body production line in Tesla’s new factory has decreased by 70% compared to the previous Model 3 production line.
Summary
Tesla’s Q2 deliveries achieved a 27% YoY growth, but the goal of delivering 1.5 million cars this year, with a 50% growth, has become challenging due to various unexpected factors in Q2. The Shanghai factory has grown into the absolute main delivery force among Tesla’s four factories on three continents. The Shanghai factory after the capacity expansion in the second half of the year will also become the key to achieving the 1.5 million delivery goal.
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.