Tesla’s net profit soared 10 times, but lost money on bitcoin

In the second quarter of 2021, Tesla’s revenue was $11.958 billion, up 98% year-on-year; The net profit attributable to ordinary shareholders was $1.142 billion, up 998% year on year. But in terms of bitcoin investment, musk, the leader of the coin circle, appeared a “Waterloo”. In the second quarter of this year, Tesla’s bitcoin investment was impaired by $23 million. Tesla’s grades are getting better and better despite the abuse. On July 26, Tesla released its second quarter financial report, which showed that Tesla’s revenue in this quarter was 11.958 billion US dollars, up 98% year on year; The net profit was 1.178 billion US dollars, with a year-on-year increase of 813%, a record high; The net profit attributable to ordinary shareholders was $1.142 billion, up 998% year on year. In terms of single quarter gross profit rate, Tesla also ushered in a new high of 28.4%, 3% higher than 25.4% in the same period of last year, and 0.7% higher than the previous highest 27.7%. More than 750000 vehicles are expected to be delivered this year. According to Tesla’s financial report, the significant increase in the company’s major financial indicators in the second quarter of this year is closely related to the substantial increase in vehicle delivery. Among the total revenue of 11.958 billion US dollars, the automobile revenue was 10.206 billion US dollars, with a year-on-year increase of 97%, accounting for 85.34%. The gross profit of automobile was nearly 2.9 billion US dollars, up 120% year on year, accounting for 100.55% of the total gross profit of 2.884 billion US dollars. In the second quarter of this year, Tesla delivered a total of 201300 vehicles, an increase of 121% over the same period last year. Among them, the model 3 / y delivered a total of 199400 vehicles, an increase of 148% over the same period of last year, accounting for 99% of the total sales volume; The sales volume of model s / X was 1895, a significant decrease of 82% over the same period of last year. According to Tesla, the capacity brought about by the model s / X product update is still in the climbing stage, so the delivery volume in the second quarter is reduced. At the end of January this year, Tesla’s new model s and new model X were officially launched. As a result, sales of model s / X dropped to 2030 in the first quarter of this year. The low sales volume of model s / X also led to the negative profit margin of the product category in the second quarter. In addition, the increase in share based payment expenses (the share payment expenses of CEO equity incentive in 2018 was $176 million), additional supply chain costs, decrease of integral income and other projects offset the increase of sales volume. Especially in the bitcoin investment, mask, the leader of the coin circle, also appeared a “Waterloo”. It is reported that in the second quarter of this year, Tesla’s bitcoin investment was impaired by $23 million. In addition, as domestic models with lower average prices account for an increasing proportion of Tesla’s product sales mix, Tesla’s average car price in the second quarter fell by 2% year-on-year. As for the future sales forecast, the reporter of international financial news learned from Tesla that it is planning to increase production capacity as soon as possible. It is expected that the annual growth rate of vehicle delivery will reach 50% in the next few years. Some of these years may grow faster, like 2021. The growth rate mainly depends on the equipment capacity, operational efficiency and the capacity and stability of the supply chain. In other words, Tesla expects to sell more than 750000 vehicles this year, out of nearly 500000 last year. In the first half of this year, Tesla sold more than 386000 vehicles, which has already completed more than half of the task. At this speed, it is estimated that the sales volume of over 364000 vehicles in the second half of this year is not under pressure. In terms of production capacity, the total capacity of Tesla’s factories in California and Shanghai has exceeded 1 million vehicles, of which the annual production capacity of Shanghai factory has exceeded 450000 vehicles and is still expanding. According to Tesla, considering the strong demand in the U.S. local market and based on the global average cost optimization, Tesla has completed the transformation of Shanghai Super factory as the main automobile export center. With the exception of the automotive business, Tesla services and other businesses’ gross margin was almost breakeven in the second quarter, the best performance in four years. This is mainly due to the hot sales of used cars this year and the continuous optimization of cost-effectiveness. In addition to important information on financial indicators and sales volume, Tesla also released information on its automatic driving, vehicle software, power battery, and future product planning in its financial report. According to Tesla, it is launching radar free versions in some regions. This is Tesla’s attempt after selling more than 1 million radar equipped cars and collecting enough data. As we all know, the current Tesla sensing scheme includes a front 77GHz millimeter wave radar sensor, 8 cameras and 12 ultrasonic sensors. Musk thought that the lidar was too expensive, and he had never considered this scheme. Now he plans to cancel the only millimeter wave radar sensor on Tesla, Instead, it relies entirely on the pure vision (camera) scheme to achieve automatic driving. “We have collected a lot of boundary conditions to achieve the goal of radar removal, so we can focus more on developing visual only solutions and optimizing them quickly,” Tesla wrote in the financial report. We have received positive feedback from the first customers who downloaded FSD beta v9.0 in July. ” In order to reduce the negative impact of semiconductor shortage on the production process, Tesla expects to use vehicle software to play an alternative role in the design, development and validation of 19 new control components. In terms of battery and powertrain, Tesla said that the production verification of its 4680 battery produced at Kato plant in California is nearing the end, that is, both product quality and plant output are feasible. Now the focus is to optimize and improve the 10% production process that restricts the production capacity of 4680 battery. However, there are still many challenges to achieve the mass production of 4680 batteries. In terms of products, Tesla said it would produce the first model y cars in Berlin and Austin, Texas, as planned in 2021, after which cybertruck will start production at the Austin plant. However, the start-up of the semi semitrailer project will continue to be delayed until 2022, Tesla said, in order to better focus on the production of the above-mentioned plants, and also to take into account the limited supply of batteries and the challenges posed by the global supply chain.

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