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Jun 30, 2021
Tesla Q2 2021 Earnings Report
Tesla broke new records, exceeding $1B of GAAP net income for the first time and achieving an 11.0% operating margin.
Key Takeaways
Tesla's Q2 2021 saw record vehicle production and deliveries, exceeding $1B in GAAP net income for the first time. The company achieved an 11.0% operating margin despite ongoing supply chain challenges.
Record vehicle production and deliveries in Q2.
Successful launch of FSD subscription in July.
Started delivering the new Model S to customers.
$1.3B GAAP operating income; 11.0% operating margin in Q2.
Tesla
Tesla
Tesla Revenue by Segment
Revenue by Segment
Automotive Sales Revenue
CapyFin.comAutomotive Leasing Revenue
CapyFin.comRegulatory Credits Revenue
CapyFin.comEnergy & Storage Revenue
CapyFin.comServices & Other Revenue
CapyFin.com 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. Operating margin is expected to continue growing, reaching industry-leading levels with capacity expansion and localization plans underway.
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, long-term capacity expansion plans and other expenses.
- Expect operating margin will continue to grow over time.
- Believe we remain on track to build our first Model Y vehicles in Berlin and Austin in 2021.
Challenges Ahead
- Rate of growth will depend on equipment capacity, operational efficiency, and the capacity and stability of the supply chain.
- Pace of production ramps will be influenced by the successful introduction of many new product and manufacturing technologies.
- Ongoing supply-chain related challenges.
- Regional permitting.
- Shifted the launch of the Semi truck program to 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income