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Tesla Financials Deep Dive — Massive Growth
Jan
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Tesla (TSLA) CEO Elon Musk and the corporate’s prime executives performed the yr 2023 and This autumn 2023 earnings name final week (listen below).
The auto manufacturing and power firm additionally launched its yr 2023 and This autumn monetary outcomes on its investor relations web site simply earlier than the earnings name commenced.
2023 was Tesla’s finest yr but. Along with delivering a record 1.8 million vehicles last year, Tesla’s power storage and photo voltaic enterprise grew greater than double final yr in comparison with 2022.
“I’ve stated for a few years that [energy] storage enterprise would develop a lot sooner than the automotive enterprise,” Musk stated throughout his This autumn 2023 earnings name opening remarks.
Regardless of all of the success Tesla achieved final yr, Musk’s slower progress prediction for 2024 impacted the corporate’s inventory value at market open the following day. Tesla’s (TSLA) share value dropped from a $207.83 shut the day of the decision to $182.63 (down by -$25.20 or 12.13%) at market shut the following day.
TSLA 12 months 2023 Monetary Replace
Tesla reported the next figures in its 2023 shareholder report PDF:
Profitability
– $8.9B GAAP working revenue in 2023; $2.1B in This autumn
– $15.0B GAAP internet revenue in 2023; $7.9B in This autumn
– $10.9B non-GAAP internet income1 in 2023; $2.5B in This autumn
– One-time non-cash tax good thing about $5.9B recorded in This autumn for the
launch of valuation allowance on sure deferred tax belongingsMoney
Working money circulate of $13.3B; free money circulate of $4.4B in 2023
Working money circulate of $4.4B; free money circulate of $2.1B in This autumn
$3.0B improve in our money and investments3 in This autumn to $29.1BOperations
Mannequin Y turned the best-selling automobile on the earth
Power storage deployment of 14.7 GWh in 2023, 125% progress.
This autumn 2023 vs. This autumn 2022
In comparison with the identical quarter final yr, Tesla didn’t make a large leap in revenues in This autumn 2023. In actual fact, Tesla solely grew 1% in automotive revenues in This autumn 2023 vs. Q4 2022 ($21.3B vs. $21.65B).
As Musk defined within the earnings name, the power storage aspect of the corporate made good progress. Power technology and storage income grew by 10% in This autumn in comparison with the final yr ($1.31B in This autumn 2022 vs. $1.44B in This autumn 2023).
Tesla’s income technology from providers and different venues grew by a staggering 27% in This autumn 2022 vs. This autumn 2023.
Nevertheless, Tesla’s Working Margin dropped massively in Q4 2023 in comparison with the identical quarter final yr. It went downhill from 16.0% to eight.2% — a large drop of -784 bp.
Tesla produced 13% extra automobiles in This autumn 2023 in comparison with This autumn 2022. Equally, the corporate’s automobile deliveries grew by 20% in This autumn YoY as nicely.
Apparently, whereas Tesla’s Photo voltaic Panel/Photo voltaic Roof deployment declined by -59%, its battery power storage system (BESS) noticed a progress of 30% evaluating This autumn 2023 and This autumn 2022. Tesla deployed a complete of three,202 MWh (3.2 GWh) of power storage in This autumn 2023 alone.
Tesla’s Progress within the Final 5 Years
Tesla (TSLA) shared an fascinating knowledge desk in its 2023 shareholder deck. This desk reveals Tesla’s exponential progress when it comes to income, working margin, and revenue from 2019 to 2023.
Regardless that Tesla launched its Tesla Mannequin Y crossover SUV in 2019, the automaker generated a complete of solely $20.821 billion in automotive revenues. In 2023, Tesla’s complete automotive income was $82.419 billion. This can be a huge progress of round 400% during the last 5 years.
Tesla’s working margin additionally elevated from -0.3% (destructive 0.3%) in 2019 to 9.2% in 2023. The yr 2022 was the most effective for Tesla, as the company generated around 17% operating margin.
Tesla achieved phenomenal operational progress within the final 5 years. The automaker made 3 gigafactories operational since 2019 — Giga Shanghai, Giga Berlin, and Giga Texas.
Tesla’s manufacturing and deliveries grew by greater than 500% during the last 5 years. The automaker produced solely 365,232 vehicles in 2019 vs. 1,845,985 in 2023. Tesla (TSLA) delivered 367,656 automobiles in your entire yr 2019 in comparison with 1,808,581 in 2023.
The variety of automobiles Tesla used to provide in a complete yr 5 years in the past is even lower than 1 / 4’s manufacturing now. Tesla has mastered the artwork of scaling automobile manufacturing in as little time as attainable.
Tesla achieved round 900% progress within the power storage deployment enterprise over the last 5 years. Tesla delivered 1.65 GWh of battery storage in 2019, which is dwarfed by the 14.7 GWh of BESS deployment in 2023.
Power storage deployments reached 14.7 GWh in 2023, greater than double in comparison with the earlier yr, whereas Power Era and Storage enterprise income almost quadrupled in 2023. Gross revenue of our Companies & Different enterprise elevated from a ~$500M loss in 2019 to a ~$500M revenue in 2023.
Tesla 2023 Replace
In accordance with Tesla CEO Elon Musk, the automaker already achieved a 2 million automobile manufacturing price on the finish of 2023 (listen to earnings call below). He additionally introduced that the automaker’s Fremont automotive manufacturing unit in California alone produced 560,000 vehicles final yr. The Fremont manufacturing unit is now North America’s largest auto manufacturing facility.
Tesla Delivered 1.2 Million Mannequin Ys in 2023
Tesla often doesn’t report separate manufacturing and supply numbers of the Mannequin 3 sedan and Mannequin Y SUV. It’s the first time within the final 5 years that Tesla launched the Mannequin Y that the automaker has revealed separate 2023 supply figures for the Tesla Mannequin Y.
Tesla Mannequin Y gross sales in 2023 had been nearly equal to your entire yr’s Tesla sales of Model S, X, 3, and Y in 2022. This tells us how a lot Tesla has realized to exponentially scale automobile manufacturing.
Reportedly, Tesla is engaged on a Mannequin Y design refresh mannequin. This challenge is codenamed Juniper. Just like the Model 3 Highland, Tesla is protecting this a secret until the automaker is able to begin manufacturing.
Earlier than the Mannequin Y’s launch in 2019, Elon Musk used to say that this automobile could be the best-selling Tesla ever made, and time has confirmed his prediction to be right.
In 2023, we delivered over 1.2 million Mannequin Ys, making it the best-selling automobile, of any type, globally. For a very long time, many doubted the viability of EVs. As we speak, the best-selling automobile on the planet is an EV.
Tesla 2023 Replace
Let’s take heed to what Elon Musk stated throughout the Tesla (TSLA) This autumn 2023 earnings call.
Initially revealed on Tesla Oracle.
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