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Mar 31, 2022
Tesla Q1 2022 Earnings Report
Tesla achieved record revenues, vehicle deliveries, and operating profit, with an operating margin exceeding 19%.
Key Takeaways
Tesla's Q1 2022 saw record revenues, vehicle deliveries, and operating profit. The operating margin was over 19%. The company's recourse debt decreased to below $0.1B. Production started at Gigafactory Berlin and Texas.
Revenue grew 81% YoY in Q1 to $18.8B.
Operating income improved to $3.6B in Q1, resulting in a 19.2% operating margin.
Free cash flow was $2.2B in Q1.
Quarter-end cash, cash equivalents and short-term marketable securities increased sequentially by $0.3B to $18.0B in Q1.
Revenue by Segment
Forward Guidance
Tesla plans to grow manufacturing capacity as quickly as possible, expecting 50% average annual growth in vehicle deliveries over a multi-year horizon. Production ramps in Austin and Berlin will be influenced by new technologies and supply chain challenges. Cybertruck production is planned for Austin after the Model Y ramp.
Positive Outlook
- Plan to grow manufacturing capacity as quickly as possible.
- Expect to achieve 50% average annual growth in vehicle deliveries over a multi-year horizon.
- Sufficient liquidity to fund product roadmap, long-term capacity expansion plans and other expenses.
- Expect hardware-related profits to be accompanied with an acceleration of software-related profits.
- Making progress on the industrialization of Cybertruck.
Challenges Ahead
- Own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through the rest of 2022.
- Pace of production ramps in Austin and Berlin will be influenced by new product and manufacturing technologies in new locations and ongoing supply chain related challenges.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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