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Insights Tag:gigafactory

Tesla Reports Record Revenue, Deliveries in Q4 2022

  • Tesla’s total revenue stood at $24.3 billion in Q4 2022 with 37% YoY growth.
  • Tesla deployed 2.46 GWh of energy storage during Q4, a growth of almost 152% YoY.
  • Tesla’s vehicle deliveries are expected to exceed 1.7 million units globally in 2023.

骑在405278年第四季度车辆交付记录2022, Tesla registered a record total revenue of $24.3 billion during the quarter, an increase of 37% YoY. Deliveries rose 31.3% YoY in Q4, bringing the 2022 annual total to1.3 million units. TheUS was the leading marketin Q4, followed by China and Europe. The annual deliveries of Tesla’s premium Model X and Model S grew 167% YoY to reach 66,000 units.

Tesla’s sales inChinafell short of expectations again due to the COVID-19 outbreak. Production at the Shanghai factory, which exported more than 106,000 units in Q4, was halted during the last week of December. Although no specific reason was stated officially, rising COVID-19 cases among workers were a likely cause for the unexpected production halt. On the other hand, the weekly Model Y production in the Berlin factory touched 3,000 units. The rising production in Germany has helped Tesla gain a strong grip on欧洲电动汽车的马rket. The Model Y remained Europe’s top-selling car model during November and December. Tesla’s in-house 4680 cell production rate also reached 1,000 cars per week.

Tesla Revenue by segment Q4 2021 - Q4 2022 Counterpoint Research

Financial summary

  • Tesla’stotal revenueduring Q4 2022 stood at $24.3 billion, an increase of 37% YoY. The company generated more than $20 billion from automotive sales. During Q4, the widespread release ofTesla’s full self-driving(FSD) feature generated $0.32 billion in revenue, indicating that the company is striving to increase the proportion of software revenue in its overall product mix.
  • Revenue from Tesla’sother businesseslike energy storage, solar panel deployment, charging and vehicle servicing grew by almost 72% YoY to exceed $3 billion. Other businesses contributed 12% of Tesla’s Q4 revenue.
  • Tesla deployed 2.46 GWh ofenergy storageduring Q4. At 151.7%, it saw the highest YoY growth till now.
  • Tesla’s total revenue for 2022 exceeded $81.4 billion, a 51% YoY growth.
  • During Q4,gross profitalso increased by 19% YoY and stood at $5.7 billion. In October, Tesla reducedvehicle prices in Chinaafter increasing them a couple of times during H1 2022. Initially, it was thought the increase in demand would make up for the price cut but the negative foreign exchange impact restricted further gross profit growth.
  • Tesla’sinventoryin Q4 stood at 34,423 units, bringing the annual total to 55,760 units. The COVID-19 outbreak in China and the increased production in the Berlin factory are probable causes of the higher inventory. In addition, Tesla is facing stiff competition as legacy automakers and new players are offering more affordable EVs. In January 2023, Tesla lowered prices globally, which may help in clearing out inventories and achieving economies of scale.

Tesla production and deliveries, Q4 2021-Q4 2022 Counterpoint Research

Outlook

Tesla’s strong fundamentals are expected to keep the company ahead of most other electric vehicle brands globally. Tesla announced price cuts in January 2023, which has resulted in the demand ballooning to twice the production. Besides, pilot production of the Tesla Semi began in 2022 and the vehicle is expected to hit the road soon. The company also plans to start production of theCybertruckin mid-2023. Furthermore, Tesla recently announced an investment of $3.6 billion to set up a 100GW capacity cell factory and a high-volume semi factory. Tesla’s 2023 vehicle deliveries are projected to exceed 1.7 million units, with a 31% YoY growth. This seems attainable if the company’s recent price cuts remain in effect for most of the year.

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Tesla’s stellar Q3 performance

  • Tesla delivered nearly 343,900 vehicles during Q3 2022, an increase of 42.4% YoY
  • Logistics remains a major bottleneck for Tesla deliveries
  • Tesla can exceed 1.3 million unit deliveries by year end with current trajectory

Tesla rebounded during Q3, after experiencing a relativelyweak second quarter. During Q3, Tesla delivered nearly 343,900 vehicles, a 42.4% annual increase and a sequential increase of 35%. The combined deliveries of Model S and Model X grew by more than 100% YoY, reaching 18,670 units, while the combined deliveries of Model 3 and Model Y increased by 40% YoY. China is the leading market for Tesla followed by the USA and Europe.

Tesla’sShanghai Gigafactory超越前一个季度产量nd remains the main export hub supplying to most markets outside North America. The gigafactory updated its production ramp in July this year. The Berlin Gigafactory is also producing more than 2,000 units of Model Y, weekly. A lot of work is left to bring the Berlin plant to full capacity as it is only slowly reaching its planned output. As winter approaches, and it is feared thatEuropewill experience an energy crisis, Musk somehow remains optimistic about vehicle production in the Berlin plant and expects that no production cuts will happen.

Tesla Revenue by segment-Q3 2022_Counterpoint

Q3 financial summary:

During Q3, Tesla’stotal revenuegrew by almost 56% YoY, reaching $21.4 billion. Tesla generated $18.6 billion from the vehicle segment, an increase of 55% YoY. This is largely due to increased global deliveries and higher vehicle ASPs.

Although revenue fromvehicle leasingduring Q3 has increased significantly by 61% YoY, revenue from the sale of automotive credits grew by just 2.5% YoY.

Revenue generated from the company’sother businesseslike energy storage, solar panel deployment, charging and vehicle servicing also grew by 62.5% YoY, exceeding $2.7 billion.

Gross profit, was $5.3 billion an increase of 47% YoY. But below expectation due to the high cost of raw materials, upgrading the production ramps (Berlin, Texas and 4680 cell factories) and increased logistic costs.

Tesla has been facing a serious issue with vehicle deliveries. There weren’t enough transport vehicles available with its logistic partners to handle the volume of Tesla deliveries. This increases the logistic cost which, in turn, is affecting theper-vehicle cost.

3.4% of the total revenue has been diverted towardsR&D expenditureduring Q3 2022. R&D spending stood at $0.73 billion, an increase of 20% YoY and sequentially growth of 10%. This is apparently due to the development of Tesla’s Optimus Robot and full-self driving (FSD) capability. This year Tesla postponed its AI Day to showcase a working prototype of its humanoid Optimus Robot whose software is very similar to the FSD system.

TheFSD betausers reached 160,000 in Q3, up from 100,000 in Q2. Tesla is also going for a wider release of its FSD beta during Q4 2022. Hence, new Tesla owners will have the option to avail FSD beta immediately. Currently, there is an eligibility criteria to avail the FSD beta. With the resignation of Andrej Karpathy, Tesla’s AI and Autopilot director, it was perceived that the company’s FSD development is likely to stall, but it seems Tesla has made good progress and is confident of its path toward full autonomy, despite some alarming failures among beta testers.

Tesla Pdn and deliveries-Q3 2022_Counterpoint

Outlook:

Despite a weak second quarter, Tesla’s yearly deliveries may cross 1.3 million units by the end of 2022. Tesla is expected to make its first delivery of the Tesla Semi truck to Pepsi on December 1stthis year. The Semi is claimed to have a range of 500 miles with cargo at ground level. We are also expecting to see the company’s long-advertised Cybertrucks becoming available by mid-2023. Alongside these, Tesla has also increased the production of its in-house designed 4680 cells. The constant production ramp upgrade in its gigafactories around the globe is likely to keep Tesla the market leader in thebattery electric vehicle segment.

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Tesla’s Chinese Foray: Why, What and How

In 2018, Tesla CEO Elon Musk signed an agreement with the Shanghai regional government to set up the first Gigafactory in China. Here we discuss why Tesla decided to enter China, the competitive advantage it has over other local players and howTesla’s entry in China will impact the domestic electric vehicle (EV) market.

Why China?

China is among the largest automobile markets in the world with annual vehicle sales of around 25 million. Long-term growth potential and supportive government policies for EVs makeChinaan attractive market forTesla.

  • China is the largestEVmarket in the world, accounting for 1.1 million EV sales, out of the 2.2 million sold globally in 2019.
  • EVshave strong government support in China. It aims to increase the penetration of EVs to 25% by 2025. Since 2012, the government has supported EV adoption through billions of dollars in subsidies. These subsidies have since been progressively reduced. From 2019 onwards, automakers are required to sell a specific number of EVs annually to earn tradable EV credits.

Counterpoint: Tesla in China market competition

Competitive advantages

  • Like Apple in smartphones,Teslaenjoys a strong brand image in the minds of Chinese car buyers.Teslacars are perceived to be of better quality, better designed, offering a high range and relatively long-lasting when compared to otherEV
  • Tesla is technologically advanced compared to localEVExamples of Tesla’s advanced technology include:
    • Autopilot:Tesla’sautonomousplatform is considered among the most advanced in the world.
    • OTA updates:The company uses over-the-air (OTA) software updates for maintenance and adding/loading new features.
    • Battery:Focus on improvingbatterytechnology, range and efficiency. The new LFP battery lasts a million miles.
    • Infotainment and connected services:Software update V10 provides advanced infotainment features like video and music streaming, and karaoke. It also includes a Smart Summon, orsmartparking, feature.
  • There are more than a million Tesla cars on the road globally. The company has the advantage of collecting feedback and data from these cars and improve its current software like Autopilot and Smart Summon. Not many automakers have sold so manyEVstill now or have enough focus on autonomous cars/technology updates.

Shanghai factory

The key advantage of owning a factory inChinais the cost savings associated with local sourcing and production. Utilizing parts manufactured by Chinese suppliers, rather than importing them from the US and paying additional tariffs, brings down the production cost. Around 30% of parts used in the China facility are sourced locally and Tesla plans to increase it to 100% in 2020.

Recently, Tesla reduced the price of Model 3 to avail government subsidies and remain competitive. Lowered costs due to localization and falling battery prices could encourage Tesla for further price reductions.

Impact on Chinese EV market

  • Domestic Chinese companies will continue to dominate the New Energy Vehicle (NEV) category as a vast majority of cars sold in the country cost less than $45,000, a price segment where Tesla does not compete. The share of expensive EVs (>$45,000) is limited in China.
  • Start-ups like Nio and Byton, which focus on high-end EVs, will be most impacted by Tesla. These start-ups are already struggling to make sales and profits. Tesla is expected to give them competition with its global experience and expertise in EVs, batteries and technology.
  • The price of Tesla Model 3 is expected to decline due to falling battery prices and localization. Automakers (especially premium EVs) would need to upgrade in terms of battery, build and technology to stay competitive.
  • Increasing pressure to upgrade product quality will benefit the overall Chinese market. Despite many local Chinese brands in the conventional car market, international brands like General Motors and Volkswagen (with JVs) account for the majority of sales in the country. Chinese government restricted the entry of (standalone) foreign players, which impacted the overall evolution of domestic automakers. Companies like Tesla will change this and promote competition, forcing domestic EV companies to innovate.

Conclusion

Tesla sales will see significant growth in China due to the above-mentioned advantages. However, the current growth rate in sales comes from a low base and increasing competition is expected to slow it in the long term. New models like Model Y (possibly Cybertruck) will benefit sales in the mid-term.

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