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Main article: Tesla
2024
Sharp profit cuts
Tesla's active expansion ended in Q4 2022 and for 1.5 years Elon Musk has been looking for a new equilibrium point in the rapidly changing car market.
Formally, revenue for 2Q24 is a record - $25.5 billion (up to 100 billion in annual income), but growth for the year is only 2.4%, while for two years the increase is 1.5 times! Not bad? Yes, but the expansion period is over, because 5 years before that (2Q22 to 2Q17) revenue increased 6 times!
From a growth company, Tesla is turning into a typical automotive company that is continuously in the transformation and adaptation phase (reconfiguration of the lineup, optimization of logistics, costs, etc.), Spydell Finance wrote.
The breaking point for Tesla is 4qu22-1qu23, when for the first time the implementation of the car entered a downward trajectory. The growth of global competition, where Tesla is squeezed on all fronts ([[[[[Electric Vehicles (China Market)|[Electric vehicles (China market]])|especially in China]]) and the slowdown in the expansion of electric cars in the United States and Europe. This forces to reduce prices and production rates of cars, which decreased by 14% YoY.
The revenue of the Tesla automotive segment decreased by 7% YoY to $19.9 billion, while the revenue of generation and accumulation/storage of electricity increased by 100% to 3 billion and this is for the quarter!
Tesla is among the world leaders in providing renewable energy. Tesla's electricity industry has expansion potential of up to 15-20 billion in annual revenue. Tesla has installed and commissioned energy storage systems with a total capacity of 9.4 GVt·ch (+ 158% YoY).
Services and other revenues rose 21% YoY to $2.6 billion.
Operating profit shrank by a third to 1.6 billion and net profit shrank by 45% YoY to 1.5 billion, despite Tesla aggressively lowering battery costs.
The peak of operating and net profit was achieved in 2P22, since then the indicators have collapsed by about 60%. Operating cash flow is slightly better, but the smoothed annual figure decreased by 30%.
Tesla does not pay dividends or make bikes, but, on the contrary, is actively placed on the market. Through the additional placement of shares from 2020 raised $15 billion, and before that another $7 billion.
Share of other electric car manufacturers in the United States equaled Tesla share
By June 2024, Tesla is on the verge of losing the key advantage it has enjoyed over the past six years: it has overtaken all competitors in electric vehicle sales in the United States combined.
Shanghai plant's 18% collapse in April after failing to compete with local suppliers
In April 2024, Tesla Inc. deliveries from the Shanghai plant fell on an annualized basis even as the overall new EV market grew, another sign of the pressure Elon Musk's company is under in China's hyper-competitive auto sector.
Tesla's April deliveries, which include cars for domestic sales as well as exports, totaled 62,167 units, down 18% from April 2023.
In early May 2024, Tesla announced job cuts in China as sales slowed. Layoffs will affect all departments - from production to customer service.
2023
California Electric Vehicle Market Share Cut from 71% to 60%
Tesla's dominance in California is fading as competitors emerge.
The Austin-based automaker accounted for 60.5% of California's battery car market in 2023, up from 71% in 2022.
China's BYD catches up with Tesla in sales
Delivery of a record 466 thousand cars in the second quarter
Tesla delivered a record number of vehicles in Q2 2023, beating expectations and showing the value of price cuts earlier this year.
The electric car pioneer said it delivered 466,000 vehicles between April and June, up 10.4% from the previous quarter and up 83.5% from a year earlier. Output was even higher, at nearly 480,000.
Record deliveries in the first quarter - 422 thousand cars
Tesla deliveries rose to record levels after electric car prices fell - the company delivered 422,875 vehicles worldwide in the first quarter of 2023.
2022
Internet-Connected Car Market Share - 3.7%
Based on Q1 2019 to Q4 2022 data
Record sales in Q3
Q2 Production Cut
6th in the world in terms of capitalization
2021: Revenue growth of 71%, to $53.8 billion, profit - $5.52 billion
The revenue of the automaker Tesla in 2021 increased by 71%, to $53.8 billion, in 2020 the figure was $31.536 billion. Net profit at the end of 2021 increased 7.7 times, to $5.52 billion compared to $721 million in 2020.
Tesla's electric vehicle shipments increased 87% in 2021, to 936,000. The company spent $6.5 billion on the construction of new plants. But the automaker warned that supply chain problems caused by the COVID-19 pandemic will again limit production in 2022.
At the end of 2021, the production of electric vehicles reached 930.422 cars, of which 24.390 were for Model S and Model X and 906.032 for Model 3 and Model Y.
Tesla's electric vehicle deliveries by the end of 2021 reached 936.222 units, of which 911.242 were Model S and Model X and 24.980 were Model 3 and Model Y.
By the end of 2021, the automaker has 655 dealerships and 1,281 service fleets. The global network of Tesla Supercharger fast charging stations in 2021 increased to 3476 units, and the number of connection points - to 31,498 units.
For the entire 2021, Tesla shipped a total of 435 MW of solar panels - an increase of 68%. The introduction of deployed energy storage systems (EES) for the year reached 3922 MWh - an increase of 32%. The growth is driven mainly by the deployment of Tesla's Megapack installations. As demand remains well above potential, growth has been constrained by supply. Tesla is in the process of setting up a dedicated factory for Megapack to meet growing demand. The company is also working to reduce costs, in particular for the installation, which will increase profitability from power-related products.
In addition, by the end of 2021, Tesla presented seven updates for software its own, autopilot only USA in it installed on almost 60 thousand cars.[1][2]
2020
First year without losses: revenue growth by 28%, to $31.54 billion
In 2020, Tesla registered revenue of $31.54 billion, up 28% from a year earlier. Car sales in this amount amounted to $27.24 billion, an increase of 31%. The rest of the income came from car leasing services.
2020 was the first year in Tesla's history that the company made a net profit - it amounted to $721 million. A year earlier, the net losses of the American electric car manufacturer were measured at $862 million.
Wall Street analysts attribute Tesla's first profitability to the introduction of the Model 3 and Model Y electric car with a relatively low price tag, as well as an expansion of production, including the opening of its own factory in China.
Annual sales in China rose 124% to $6.66 billion. Sales of the company outside the United States exceeded domestic sales for the first time.
At the end of 2020, Tesla produced 509,737 cars and delivered 499,550 cars to dealerships and customers directly. This is about 36% more than in 2019.
At the same time, the head of Tesla, Elon Musk, hoped to achieve the goal of 500,000 sold electric cars per year, so he could not formally keep his word. A few days before 2020, Musk called on the company's employees to give their all so that the goal was achieved.
In 2020, Tesla has assembled almost 455,000 Model 3 sedans and Model Y crossovers. Another 54,800 electric vehicles are earlier series models, Model S sedans and Model X crossovers. More than a third of the electric cars produced in 2020 (179,700) were assembled in the fourth quarter.
Tesla's market capitalization soared 643% over the past 12 months by January 27, 2021 and exceeded $837 billion (the highest among automakers). Elon Musk connects this jump, in particular, with Tesla's developments in the field of self-driving cars. In the future, fully self-driving cars can be used as a robotaxi that will generate income for its owners, the entrepreneur said.[3]
499 thousand cars sold
In 2020, Tesla produced 509.7 thousand cars and managed to sell 499,550 cars, follows from the report of the automaker. The company did not have enough 450 sales to fulfill the promise of Elon Musk, who said that in 2020 Tesla is capable of reaching the mark of 500 thousand sold cars.
In total, in 2020, the company produced 454.9 thousand Model 3 sedans and Model Y crossovers - a new series of electric vehicles. Another 54.8 thousand produced cars are electric cars of earlier series, Model S sedans and Model X crossovers. Of the 509.7 thousand produced cars, 179.7 thousand were assembled in the fourth quarter.
In 2020, the company sold 57,039 Model S/X and 442,511 Model 3/Y cars. In total, 499,550 cars.
2019
Losses - $775 million; revenue - $24.58 billion
In 2019, Tesla registered a record revenue of $24.58 billion. A year earlier, sales were measured at $21.46 billion.
The company's car sales increased from $17.63 billion to $19.95 billion a year later. Tesla earned $869 million in leasing services in 2019 and $883 million in 2018.
At the end of 2019, Tesla sold 367.5 thousand electric vehicles, more than in the previous two years (this figure corresponds to Tesla's forecast of 360-400 thousand cars sold). In 2020, the company hopes to sell more than 500 thousand cars.
The company noted that 2019 was a turning point for Tesla. Hopes for further growth at Tesla are linked to strong demand for the Model 3 and the launch of a factory in Shanghai. In 2019, Tesla also announced its intention to build a plant near Berlin. Under him, the company is going to open a design center.
Despite revenue growth, Tesla's losses are also increasing. In 2019, they amounted to $775 million, down from $1.06 billion a year earlier. Cash losses are primarily due to production costs.
After the publication of the financial statements, Tesla shares first rose 2.5% to the close of the exchange, and in electronic trading - another 11.6%, reaching $648.5. As a result, the fortune of founder Elon Musk increased by $2.3 billion in one hour, Bloomberg notes. The growth of quotations was due to record indicators of revenue and deliveries of electric vehicles, the news agency adds. In addition, it helped that financials were generally above Wall Street expectations.
In 2019, Tesla's capitalization exceeded $100 billion for the first time. If its value exceeds this amount within a few months, the CEO of the company, Elon Musk, will be able to receive a reward of $346 million.[4]
Only 192 thousand cars were sold in the United States. Capitalization $103 billion
2018
Losses - $1.06 billion; revenue - $21.46 billion
In 2018, Tesla Motors revenue amounted to $21.46 billion, almost doubling compared to 2017. Sales of electric vehicles from the company jumped from $8.53 billion to $17.63 billion.
Revenues from leasing services decreased - from $1.11 billion in 2017 to $883.5 million a year later. The company earned $1.56 billion on the sale of energy plants against $1.12 billion a year earlier. Services and other sources of income brought Tesla a total annual turnover of $1.39 billion.
Tesla remains a loss-making automaker, but cash losses are declining. If in 2017 they were measured at $2.24 billion, then in 2018, net losses amounted to $1.06 billion. The company spends a lot of money on research, development and production. In 2018, Tesla's total expenses exceeded $4.04 billion.
Despite the losses and large costs of business development, corporate spending on Elon Musk remains high. For example, in 2018, Tesla spent $700 thousand on flights of the founder and CEO on a private plane, including for personal purposes. The company explains that Musk's movements are "an integral part of doing business."
 | Unfortunately, while we cannot teleport, there is no other way for him to do his job as effectively, "said Tesla spokesman Dave Arnold. |  |
Elon Musk himself called 2018 the worst of his career and "painful." According to the entrepreneur, he aged for five years, worked seven days a week and slept for several hours.
For 2018, Tesla delivered a total of 245,240 electric cars, including 145,846 Model 3 and 99,394 Model S sedans and Model X crossovers. The company, as she herself notes, managed to produce almost as many electric cars in 2018 as it shipped in previous years combined.[5]
Tesla shares plunge 9 % after Musk smokes marijuana live
On the evening of September 6, 2018, Elon Musk, CEO of Tesla, smoked marijuana live, which caused a 9% collapse in the company's shares on the morning of September 7.
Elon Musk guest hosted the Joe Rogan Experience podcast and discussed a wide range of topics with the host, including his behavior in, Twitter his company's flamethrowers The Boring Company and "neutron coupling" devices that could connect a person's brain to a computer. Noticing that the host dragged on a cigarette with marijuana, Musk was surprised and asked what was happening. In response, the host suggested that he take a puff. Musk agreed, having previously clarified whether it was legal in the state of California.
Note that in California and several other states, the use of marijuana for relaxing purposes is legalized. By law, residents over 21 have the right to store up to about 30 grams of the drug. However, marijuana is still banned in the rest of the states under U.S. federal law.
Tesla's code of business conduct and ethics states that employees of the company are prohibited from working under the influence of psychoactive substances and alcohol. Whether Musk represented Tesla as a live executive is controversial, however, according to xxThe New York Times (NYT)|The New York Times]], Tesla board members are also concerned about the CEO's behavior, particularly his consumption of marijuana and alcohol "for relaxing purposes."
It also became known that the US Air Force may deprive founder Elon Musk of access to classified government information. Since his company SpaceX is engaged in space launches commissioned by a state-owned company, Musk had access to undisclosed data. Now the military department is studying the situation, but the investigation has not yet been opened.[6]
Tesla loses $6,500 every minute
In May 2018, it became known how quickly Tesla was losing cash due to problems with the production and sales of electric vehicles.
According to analysts at the rating agency Moody's , Tesla may not have enough funds to exist even before the end of 2018. They calculated that the company spends about $500 million in six months to support the operating part of the business alone.
According to calculations by Bloomberg observers , Tesla loses about $6,500 every minute. If such negative dynamics persist, the company may run out of money in a few months.
The Bloomberg publication installed an online meter that shows how much Tesla money "burned out," from the moment the user began reading the material. By May 14, 2018, an amount of about $1.1 million had been collected.
By the end of 2017, Tesla had about $3.4 billion of cash in free cash flow, and the company's debts amounted to $9.4 billion. Many analysts interviewed by the publication believe that Tesla will soon need a new loan.
In order to have a stock of funds of $1 billion, the American manufacturer of electric cars needs to sell shares worth $3 billion by the end of 2018 and raise another $2 billion in 2019, says Cowen & Co analyst John Osborne.
Large debts lead to huge interest payments: in the first quarter of 2018 alone, Tesla paid them in the amount of $146 million, which roughly corresponds to similar expenses of General Motors, a company that surpasses Tesla in revenue by more than 10 times.
A big expense is staff. If in 2010 only 899 people worked at Tesla, then eight years later the staff grew to 40 thousand people. From 2014 to 2017, the number of employees in the company tripled, and revenue per employee remained at the same level - about $500 thousand per year. General Motors and Ford Motor have 2.5 times that figure.[7]
2017
Record losses - $2.2 billion
In 2017, Tesla Motors made a record loss due to the cost of producing the Model 3 electric car.
For the 12-month reporting period, which ended on December 31, 2017, Tesla's net losses increased to $2.2 billion from $773 million a year earlier. At the same time, the company's revenue rose 55%, reaching $11.8 billion.
One of the reasons for the growth in turnover at Tesla is the increase in sales of Model X crossovers. The company's report notes that the increase in deliveries of Model 3 sedans to 2,500 units per week is postponed until at least the end of the first quarter of 2018.
Assembly of the Model 3 began in July 2017, but due to production difficulties, the company cannot reach mass production of cars. Tesla's losses are growing due to additional costs. The company hopes that by the end of the second quarter of 2018, about 5 thousand will go from the conveyors. Model 3 per week.
The company also limited production of the Model S and Model X to 22,137, attributing this to a reallocation of production resources in favor of the Model 3. Chief Financial Officer Deepak Ahuja noted that more than half of the company's expenses came from the Model 3, which emphasizes the importance of the project and the need for a lot of investment in it.
In 2017, Tesla delivered more than 102 thousand cars with a planned 100 thousand. Car sales brought the company $8.5 billion in revenue against $5.6 billion in 2016. Revenues from leasing services exceeded $1.1 billion. American The automaker earned about the same amount on the implementation of power installations.
The financial report also said Tesla had reached 1,128 stations to recharge cars by the end of 2017, up 338 from a year earlier. The number of dealerships was 330 worldwide.[8]
The company is on the verge of financial collapse and is kept at the expense of state subsidies
In November 2017, the manufacturer of the most advertised electric car Tesla reported a record quarterly loss. Along with statements by the American government about the imminent abolition of benefits for electric vehicles, this caused panic on the exchanges and a drop in the value of shares in a group of companies owned by American billionaire Elon Musk[9].
The period from June 30 to September 30, 2017 was a failure for Tesla. The electric car maker's losses hit a record $670 million.
The company explained this by difficulties with the production of the new Model 3 car: promises to release 20 thousand of these cars by December, apparently, cannot be contained, because at the beginning of October only 260 units had left the assembly line.
Tesla explains that the capacity of the Gigafactory enterprise in Nevada, where batteries are manufactured for it, does not allow assembling the new model in the declared volumes.
They promised to solve the problem in the coming months, and by March 2018, bring Model 3 production to five thousand units per week.
The Republican Party in, supported USA by the president, is Donald Trump actively pushing through tax law reform that would strip electric car manufacturers of benefits. That could seriously hit sales of electric vehicles, including Tesla.
Elon Musk's companies would still go bankrupt without the support of the state. His Tesla, SolarCity and SpaceX received about $4.9 billion through various state support programs. This means that public-private partnership, in which the state often acts as a donor, is the basis of the entrepreneur's business empire.
In Hong Kong, Tesla sales collapsed immediately after the return of the tax on the registration of electric vehicles. A similar situation was observed in 2016 in Denmark: there the number of registered electric cars decreased by 70 percent after the completion of the program to stimulate demand for electric vehicles.
In November 2017, the media circled the joke of the famous financial analyst Frank Schwope from the German bank Nord/LB. "You have to ask yourself what happens before: Elon Musk will fly to Mars with SpaceX, or he will finally run Tesla profitably." The analyst doubts that the company will implement its plans to sell 500 thousand cars in 2018. Like other experts, Schwup expects Tesla to yield no earlier than 2020[10].
2016: Tesla takes $675 million loss but becomes more expensive than General Motors
2016 brought Ilona Musk a loss of $675 million. The company's net loss for the first half of 2016 increased by almost 70% compared to the same period in 2015 and amounted to $575.4 million. This fact does not stop Musk from promising investors an "early exit" to profitability. The businessman confirmed the forecast for the supply of almost 80 thousand cars in 2016. Earlier, the company's plans included 10 thousand more cars - 90 thousand pieces[11].
At the end of 2016, Tesla came out on top in the world in terms of capitalization among automakers - that is, the company costs more than GM in the market. At the same time, Tesla has 18 thousand workers, and GM - 215 thousand, Tesla sold 100 thousand cars in 2016, and GM - more than 3 million only in the United States.
The value of assets, that is, factories and other properties, Tesla has an estimated $4.3 billion, while GM has 44 billion.
Notes
- ↑ [1] Tesla reports record yearly profit but warns that supply problems persist Tesla Q4 2021 Vehicle Production & Deliveries
- ↑ [2]
- ↑ Q4 and FY2020 Update, Tesla
- ↑ Q4 and FY2019
- ↑ Tesla Fourth Quarter & Full Year 2018 Update
- ↑ Elon Musk may have violated Tesla's business conduct policy by smoking weed
- ↑ Tesla Doesn’t Burn Fuel, It Burns Cash
- ↑ Tesla Fourth Quarter & Full Year 2017 Update
- ↑ , Elon Musk, was on the verge of financial collapse
- ↑ Tesla left Elon Musk without a salary
- ↑ From another Tesla: How Elon Musk continues to draw attention to Tesla
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