Early this morning, Tesla, Inc. released his financial results for the first quarter of 2022.

After entering 2021, the figures in Tesla, Inc. 's financial report gradually went crazy, especially the gross profit margin, which grew by an average of nearly 2 percentage points per quarter, and Q4 even exceeded 30.6% last year. By Q1 this year, Tesla, Inc. 's automobile business gross profit margin even came to:

32.9%！A gross profit margin of close to 1x3, which meansTesla, Inc. earns a gross profit of more than 100000 yuan for every car he sells.(calculated on the basis of domestic ModelY price). We leave it to the comments section to discuss what consumers should think of ultra-high gross margins. In today's article, we will mainly take a look at how Tesla, Inc., as an enterprise, did well last quarter. In addition, following Musk's revelations at his Texas factory, Tesla, Inc. 's more specific development plans, product research and development, and network expansion in 2022 were also mentioned in today's earnings call. It's not too late. Start right away.

The craziest moneymaking season

The gross profit margin of 32.9% means that Tesla, Inc. 's quarterly results are almost all-round "outrageous". As usual, we have summarized a series of major data for your reference:

Auto revenue was 16.861 billion US dollars, an increase of 87% over the same period last year.

The gross profit of the automobile business was US $5.539 billion (35.556 billion yuan), an increase of 132% over the same period last year.

Total revenue was 18.756 billion US dollars, an increase of 81% over the same period last year.

Total gross profit of US $5.46 billion (35 billion yuan), an increase of 147% over the same period last year.

Total gross profit margin 29.1%, up 779 basis points from the same period last year.

Operating profit margin of 19.2%, a year-on-year increase of nearly 2 times

Cash equivalents reserve of US $17.505 billion (112.37 billion yuan)

Total delivery of 310048 vehicles, an increase of 68% over the same period last year

The global average inventory cycle is 3 days, down 63% from the same period last year (8 days)

Solar installed capacity 48MW, decreased by 48% compared with the same period last year

The installed capacity of energy storage business is 846MWh, an increase of 90% over the same period last year.

3724 overcharge stations, an increase of 38% over the same period last year

33657 overfilled piles, an increase of 37% over the same period last year

Expenditure on R & D was 865 million US dollars (5.55 billion yuan), an increase of 30% over the same period last year.

Apart from gross margins, the most "outrageous" data is the global average inventory cycle.3天，It means that the car can be completed within the working day of the same week from arrival to delivery.

The total quarterly gross margin of $5.46 billion driven by gross profit margin exceeded BMW's average pre-tax profit of 2021 per quarter and even exceeded Ford Group's 2021 half-year profit before interest and tax.

In addition to selling cars and making money, TeslaEnergy also grew by a large margin in the first quarter, with its energy storage business nearly doubling from a year earlier.

After a brief analysis of the data, let's take a look at how Tesla, Inc. summed up the first quarter:

"expanding production capacity is at the core of our decision-making. Over the past two months, factories in Texas and Berlin have begun delivering ModelY (with little impact on first-quarter gross margins). At the same time, we have made great efforts in home-made batteries, raw material procurement and supplier diversification. "

With regard to the balance between cost and price, Tesla, Inc. describes it as follows:

"the supply chain challenge still exists and our team has been fighting against it for more than a year. In addition to the chip shortage, COVID-19 's outbreak also affected the supply chain and factory operations. In addition, the prices of some raw materials have risen several times in recent months. Although we continue to focus on reducing manufacturing costs, inflation still has an impact on the cost structure, prompting us to adjust product prices. "

The newly opened Texas plant is in the spotlight around the world because it is the first plant with 4680 batteries and an integrated chassis. But according to the official description,4680 progress at the Texas plant will take some time to climb:

At CyberRodeo, we delivered the first models with home-made 4680 batteries, single front body castings and structural battery packs, which is an important milestone in capacity growth. Later this yearWe expect that the Texas plant will be able to produce ModelY with 4680 structure battery pack and 2170 unstructure battery pack at the same time.。」

Similarly2170 and 4680 production lines will also coexist in the Berlin factory.However, Tesla, Inc. said that the Berlin factory will first build 2170 battery models, 4680 batteries will also need and so on.

In addition, "the diversification of battery chemical composition" is a point emphasized by Tesla, Inc. in the financial report document. Nearly half of the Tesla, Inc. models sold worldwide in the first quarter use lithium iron phosphate batteries-lithium iron phosphate for entry-level models, which is actually a strategy mentioned by Battery Japan Musk in 2020.

II. New products, expansion and scale

There's that man again.

"get rid of the burden", this is his opening remarks.Tesla, Inc. 's long-term debt (excluding financing for cars and energy products) has been less than $100m as of the quarter."the allbutgone is all over".

At the opening ceremony of the Texas factory, Musk said that next year will not be the year of Tesla, Inc. 's new product explosion. So today, according to his revelations, the date of production is at least 2023, some even 2030.

For example, when it comes to the annual sales of 20 million vehicles, he thinks Tesla, Inc. will achieve it by the end of the decade, that is, close to 2030-six times Toyota's small target of 2030.

The less distant goal is Robotaxi, which was mentioned in the 2019 ModelY launch. As the first Tesla, Inc. model without a steering wheel, it aims to achieve mass production in 2024 and launch a press conference in 2023.

As for Cybertruck, Musk said, "there will be mass production in 2023."

Another tentative 2023 is the robot Optimus, which will strive for proofing next year. Musk firmly believes that "Optimus will be more important than FSD, and it will gradually show up in the next few years."

Talking about FSD, which has been slow to take off the suffix "beta", Musk seems less radical this time, saying that the team has seen a lot of "false dawn" in the process of large-scale deployment of FSD. "if you want to fix FSD at this stage, you are repairing AI based on the real world."

Next year is the year of new products, and this year Tesla, Inc. 's task is to expand.

Focusing domestically, the shutdown of the Shanghai factory undoubtedly had a negative impact on Tesla, Inc. 's 2022. CFOKirkhorn representsThe shutdown of the Shanghai factory probably "lost a month" than Tesla, Inc. had planned.。

In addition, Musk pointed out that some parts purchased in China may also affect global production because of the shutdown.

But Musk still has confidence in the Shanghai factory."despite missing a few weeks, we can still see record output in Shanghai in the second quarter, and the figures in the third and fourth quarters will be even better."。

As for the Berlin factory, he thinks there is no need to worry about capacity climbing because "we have learned a lot from the experience of the Shanghai factory".

Back in the United States, Tesla, Inc. 's problem may not be production capacity, but direct sales.

Musk said the U. S. government does not support the idea of direct selling nationwide. Therefore, Tesla, Inc. must fight against the anti-direct selling laws of various states on his own.

Fortunately, Tesla, Inc. doesn't have to worry about demand-at least Musk doesn't think so. "Tesla, Inc. can produce about 1.5 million cars this year."

He said that there is already an independent team to ensure that the Texas / Berlin factories climb smoothly, and that they will grow faster. "the 4680 structural battery pack actually simplifies the body workshop." But he added that4680 real mass production will have to wait until the end of the third quarter of this year.。

DrewBaglino, vice president of engineering, said that the real advantages of the 4680 structure battery pack will take several years to fully demonstrate. Musk's expression isWith 4680 performance, it has caught up with the most powerful traditional battery at present.。

Although the target is 50% capacity growth, Musk believes that this is still not enough to meet demand. Because of this, he believes that the price increase is not unfair, "the demand is there." At the same time, he pointed out that today's Tesla, Inc. price actually includes the actual logistics cost at the time of delivery.

When it comes to price, Musk added that Tesla, Inc. 's goal is still to accelerate the popularity of electric vehicles, such as Model3, "but it is difficult for us to fight inflation and suppliers are under great pressure." But with Robotaxi, Tesla, Inc. should be able to provide consumers with "The lowest cost per mile means of transportation」。

「The cost of Robotaxi should be lower than that of bus and subway.Musk gently flung out another flag.

With the expansion of the scale, the supply chain is gradually becoming the focus of Tesla, Inc. 's consideration, or more and more important.

"the macro position of the supply chain needs to be studied more carefully in terms of different capacity scales, such as 500, 1000, 20 million vehicles," Musk said. For electric cars, lithium mining may be the limiting factor he will encounter during the period when he achieves the above capacity.

He revealed that Tesla, Inc. has some information about lithium materials, which will be informed in the next few months. In addition, Tesla, Inc. now recycles more than 50 tons of battery material every week, "only more in the future." And Tesla, Inc. recycles not only old batteries, but also waste from traditional cars, even tires.

"do you like mining (cryptocurrency)? Then lithium ore is best for you, "Musk joked about the prospect of lithium ore."

Third, make money in the short term and big money in the long run

If CEO, a car company, says, "We don't have any new products this year, there are a lot of new products next year, but I'm really going to raise the price this year, and I bet you still have to buy it." then TA may drown.

Musk did so, of course, also encountered a lot of questions, but Tesla, Inc. 's sales are still very stable. In other words, the quarterly results will only make Tesla, Inc. stand more stable.

In an interview with TED last week, Musk said, "I'm the one who knows how to make things best on the planet.」。

Tesla, Inc., who produces 1.5 million cars a year, may not be able to convince the whole world. But if Tesla, Inc. can really produce 20 million cars a year by 2030, he says he knows how to make the solar system best, and I'm afraid there will be no objection.

Corresponding to this "ultimate flag", he said that the cost of Robotaxi is lower than that of taking buses and subways.

It looks like an economic flag, but it's actually a scale flag--.Even a considerable part of the annual output of 20 million may have to be realized by RobotaxiIf it really becomes "the cheapest means of transportation per mile".

Too bad it won't be 2023 tomorrow.