[Tesla Quarterly Report Summary] Profit exceeds expectations, target growth rate of 50% in '22
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🚀 Q4 performance overview:
Total revenue of US$17.719 billion, +65% YoY, +29% YoY
EBIT was US$2,613 million, +354% YoY, +30% month-on-month
GAAP net profit of US$2,321 million, +760% YoY, +43% YoY
Non-GAAP net profit was $2,879 million, +219% YoY and +38% YoY.
GAAP-EPS: $2.05, +42% YoY
Non-GAAP EP: $2.29, +41% YoY
[Sun] Lee: ASP increased slightly by 1% month-on-month to $51,400 per vehicle in the quarter, but cost control capabilities improved, and the overall gross margin of the automobile business increased 0.1 pct to 30.6% month-on-month
1) [Net bicycle profit] +12% month-on-month to 0.75 million US dollars/vehicle
2) [Bicycle fixed cost] Increased delivery volume hedged depreciation increase, -14% month-on-month to $0.29 million per vehicle
2) [Variable cost of bicycles] +2.3% month-on-month to $33,600 per vehicle
3) [Average bicycle price] +1.3% month-on-month to $51,400 per vehicle
4) [Credit sales revenue] Q4 reached US$314 million, +13% month-on-month
5) [Equity Incentive Fee] CEO Award US$245 million, +US$55 million month-on-month
6) [Energy business, services and others] Energy business revenue of 688 million yuan, down 14.6% month-on-month, and services and other businesses turned losses into profits
7) [Cash and cash equivalents] increased by $1,511 billion to US$17.576 billion, of which free cash flow of $2,775 billion was achieved.
The increase in profit margins was mainly due to the scale effect of increased delivery volume and lower transportation costs, which hedged up the rise in raw material prices
[Sun] Volume/capacity progress: Production is facing the upper limit of the supply chain, and is expected to be the highest next year...