Yesterday, Tesla published financial indicators of its activities for the last quarter - Tesla, like other manufacturers, has a fiscal year coinciding with a calendar year, so on September 30 the Q3 of fiscal year 2019 ended for the company. And now we can see if the record deliveries of cars and other measures really helped the company to go from a minus to a plus. Looking ahead, let's say yes, the manufacturer’s expectations were met and Tesla completed the past quarter with a profit. More precisely, the net profit calculated using the GAAP methodology turned out to be equal to $143 million. The form of the Tesla report itself has changed a lot and now you can find much more details there.
- For the three months from July to September, $ 6.303 billion was received. For comparison: revenue in the previous quarter was $ 6.350 billion, and a year ago - $ 6.824 billion. In other words, in both annual and quarterly terms, the indicator has slightly decreased.
- As before, the lion's share of the revenue came from the automobile business ($ 5.353 billion). The gross margin of the automobile business, which is an important indicator for investors, in quarterly terms increased from 18.9% to 22.8%.
- During the reporting period, Tesla produced and shipped to customers a record number of cars - 96 thousand. The plan for the supply of cars for the whole of 2019 remains the same - from 360 thousand to 400 thousand units. And in this quarter Tesla must realize at least 105 thousand cars in order to reach the lower limit. However, difficulties should not arise with this. In a letter to investors, Elon Musk announced the start of a trial production of Model 3 at the Gigafactory 3 in Shanghai, and the line was introduced ahead of schedule, which is impressive. Actually, as expected.
Photo from the Gigafactory 3 production line in Shanghai:
- The direction of energy production and storage systems brought in $ 402 million (a year ago the result was $ 399 million, and a quarter earlier - $ 369 million). Total shipments of home Powerwall and industrial Powerpack batteries hit a record 477 MWh (up 15% on a quarterly basis and 99% on an annualized basis. Tesla also notes the recent launch of Tesla Megapack, a new 1.5 MW battery for creating huge energy storage. Quantity of solar panels was raised in quarterly terms from 29 MW to 43 MW. Apparently, the recent price cuts and the launch of a solar panel rental service helped. During a conference call with investors and financial analysts, Elon Musk statement that Tesla Energy business and Tesla Automotive business will be equal in terms of revenue, adding that Tesla had previously thrown all its resources into expanding Model 3 production, but can now actively develop other areas.
- Services and other directions generated $ 548 million for the quarter. Less than last quarter ($ 605 million), but almost twice as much compared to last year ($ 327 million). Operating expenses decreased from $ 1.108 billion to $ 930 million. Of these, $ 334 million was spent on R&D, compared to $ 351 million a year earlier.
- The global network of Tesla Supercharger fast-charging stations has increased to 1653 units, and the number of connection points is up to 14 658 units.
- Launched in August, Tesla's proprietary auto insurance program in California is in high demand and the company is now working to expand it into new markets.
- Free cash flow, deducted from the operating cash flow of capital expenditures, amounted to $ 371 million, and the amount of cash and cash equivalents at the end of the quarter reached $ 5.338 billion (80% more than a year earlier).
- In April, the Tesla Model S and Model X electric vehicles received new electric motors and increased range with the same battery capacity. In the report, Tesla emphasizes that today Tesla cars provide the largest power reserve on a single charge (EPA cycle) Plaid platform.
- Tesla not only started assembling Model 3 at Gigafactory 3 in Shanghai ahead of schedule (the line itself is much more efficient than the line in Fremont - the cost per unit of output is reduced by 65%), but it is also ahead of the schedule for the compact Model Y crossover. Now Tesla plans to start mass production of Model Y at the faxtory in Fremont by the summer of 2020, while it was originally scheduled for fall. And the capital costs of Model Y due to the common platform and improvements were halved compared to Model 3. The limited production of Tesla Semi electric trucks will begin in 2020. In the near future, Tesla will decide on the construction site of the European Gigafactory 4, where Model 3 and Model Y will be assembled. Construction of the factory, which is likely to be located in Germany, should begin in 2021.
- Also, everyone is ardently awaiting the Tesla truck, it presentation is expected next month, Elon Musk called it Cyber Truck. He had previously called it “a futuristic cyberpunk-style pickup straight from the Blade Runner universe.”