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Mar 31, 2021
Tesla Q1 2021 Earnings Report
Tesla achieved record production and deliveries, with GAAP net income reaching $438M and non-GAAP net income surpassing $1B.
Key Takeaways
Tesla's Q1 2021 saw record vehicle production and deliveries despite challenges. GAAP net income was $438M, and non-GAAP net income exceeded $1B. Vehicle ASP declined, but auto gross margin increased. Free cash flow was $293M, and debt decreased by $1.2B.
Achieved highest ever vehicle production and deliveries.
GAAP net income reached $438M.
Non-GAAP net income surpassed $1B for the first time.
Model 3 was the best-selling premium sedan globally.
Forward Guidance
Tesla plans to grow manufacturing capacity, expecting 50% average annual growth in vehicle deliveries. Operating margin is expected to grow, reaching industry-leading levels. Model Y capacity is being built at Gigafactory Berlin and Texas, with production starting in 2021. Tesla Semi deliveries will also begin in 2021.
Positive Outlook
- Plan to grow manufacturing capacity as quickly as possible.
- Expect to achieve 50% average annual growth in vehicle deliveries.
- Have sufficient liquidity to fund product roadmap and capacity expansion.
- Expect operating margin will continue to grow over time.
- Remain on track to start production and deliveries from Gigafactory Berlin and Gigafactory Texas in 2021.
Challenges Ahead
- Rate of growth will depend on equipment capacity.
- Rate of growth will depend on operational efficiency.
- Rate of growth will depend on capacity and stability of the supply chain.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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