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Tesla reported total revenues of 16.93B for Q2, a 42% increase compared to the same period from 2021

Autor: Financial Market
Timp de citit: 2 minute

Tesla continued to make significant progress across the business during the second quarter of 2022, though it faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, it achieved an operating margin among the highest in the industry of 14.6%, positive free cash flow of $621M and ended the quarter with the highest vehicle production month in our history.

New factories in Berlin-Brandenburg and Austin continued to ramp in Q2. Gigafactory Berlin-Brandenburg reached an important milestone of over 1,000 cars produced in a single week while achieving positive gross margin during the quarter.

From the Austin factory, the first vehicles with Tesla-made 4680 cells and structural battery packs were delivered to thw U.S. customers, Tesla said will continue to invest in capacity expansion of factories to maximize production.

Tesla reported total revenues for Q2 16.93B, a 42% increase compared to the same period from 2021 while net income came 2.26B, +98% vs Q1 2021.

In Q2, Tesla achieved record production rates across the company. However, it saw a continuation of manufacturing challenges related to shutdowns, global supply chain disruptions, labor shortages and logistics and other complications, which limited the ability to consistently run the factories at full capacity.

In US, Fremont Factory made a record number of vehicles in Q2.

″We see opportunities for further production rate improvements. In Texas, we have added flexibility to produce vehicles with either a structural battery pack or legacy battery pack.

The next generation of 4680 battery cell machinery has been installed in Texas and is in the process of commissioning. Factory output in Texas continues to grow.″

Core technology

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Autopilot and Full Self-Driving (FSD) – As of the end of Q2-2022, over 100,000 Tesla drivers in North America had access to FSD Beta. Cumulative miles driven by the customers using City Streets supervised autonomy continue to grow at an unprecedented scale.

Fleet data is an important part of improving and expanding the system. The company recently re-launched the Enhanced Autopilot option in North America, for those customers who are only interested in highway autonomy.

Vehicle Software
Vehicles with adaptive suspension in North America can now automatically adjust to a more comfortable ride height before encountering a section of rough road, informed by continuously-updated data collected by the fleet.

Latest vehicles now use Tesla Vision to tighten seat belts earlier in a wider array of frontal crashes (page 19). Tesla expanded on the UI customization introduced in V11 software update by allowing vehicle controls such as defrost, windshield wipers and seat heaters to be one touch away.

Outlook

Tesla plans to grow the manufacturing capacity as quickly as possible. Over a multi-year horizon, it expects to achieve 50% average annual growth in vehicle deliveries. The rate of growth will depend on equipment capacity, factory uptime, operational efficiency and the capacity and stability of the supply chain.

Also, the company has sufficient liquidity to fund the product roadmap, long-term capacity expansion plans and other expenses. While it continues to execute on innovations to reduce the cost of manufacturing and operations, over time, it expects it′s hardware-related profits to be accompanied with an acceleration of software-related profits.