特斯拉第四季度和全年数据（英文）-1-10页.pdf
91 浏览量
2023-07-24
18:08:43
上传
评论
收藏 557KB PDF 举报
Tesla Fourth Quarter & Full Year 2018 Update
Q4 operating income stable compared to Q3 at $414M, operating margin of 5.7%
Operating cash flow less capex improved from Q3 to $910M in Q4
Cash and cash equivalents of $3.7B at Q4-end, increased by $718M in Q4
Q4 GAAP net income of $139M impacted by $54M non-cash charge
Model 3 GAAP and non-GAAP gross margin remained stable at >20% in Q4
Last year was the most pivotal year in Tesla’s history. During our Model 3
production ramp, we went through significant challenges with the battery
module line at Gigafactory 1 in Nevada, and later with our general
assembly line in Fremont. Thanks to the hard work and ingenuity of our
manufacturing teams, by mid-2018 we successfully overcame these
challenges and stabilized Model 3 production at high volumes. Model 3
then went on to become the best-selling passenger car in the US in terms
of revenue in both Q3 and Q4. With nearly 140,000 units sold, Model 3
was also the best-selling premium vehicle (including SUVs) in the US for
2018 – the first time in decades an American carmaker has been able to
secure the top spot.
Premium vehicle sales in the US (2018)
Operating (EBIT) margin of premium carmakers
Model 3’s success has carried over to our financial performance in Q3
and Q4 of 2018. Operating income in Q4 remained stable at $414 million
despite a sequential decline in revenue from the sale of regulatory
credits, higher import duties on components from China, a price reduction
for Model S and Model X in China, and the introduction of a lower-priced
mid-range version of Model 3. Our operating margin also improved
significantly in the second half of 2018, changing from being negative to
on-par with other premium carmakers. Despite margins in the automotive
industry typically being lower in Q4, that was not true for us as our
operating margin remained strong at 5.7% in Q4. Our GAAP net income
of $139 million was impacted by a non-cash charge of $54 million
attributable to non-controlling interests. Free cash flow (operating cash
flow less capital expenditures) also improved sequentially in Q4 to $910
million. In the second half of 2018, our cash position improved by $1.45
billion despite the scheduled repayment of a $230 million convertible
bond in Q4. We have sufficient cash on hand to comfortably settle in
cash our convertible bond that will mature in March 2019.
In 2019, full-year Model 3 volumes will grow substantially over 2018 due to a full year of high production rates at our Fremont facility.
Also, by the end of this year we are expecting to start producing Model 3 vehicles at our Gigafactory Shanghai using a complete vehicle
production line. We expect the capital spend per unit of capacity for this factory to be less than half of that of our Model 3 line in
Fremont. Additionally, this year we will start tooling for Model Y to achieve volume production by the end of 2020, most likely at
Gigafactory 1. All of these activities are setting us up for very significant annual growth in 2019 and beyond.
AUTOMOTIVE PRODUCTS
Model 3’s production rate progressively improved through Q4, with December 2018 being our highest volume month ever. In our
Fremont facility, we are now past the steep portion of the production S-curve, and we expect our production rate to continue to
gradually improve. Every part of the Model 3 production process has demonstrated over a 24-hour period the ability to produce at an
extrapolated rate of 7,000 vehicles per week. By the end of this year, we expect to be able to produce Model 3 at this rate on a
sustained basis.
As we improve the production rate of Model 3, the cost per vehicle continues to decline. It is critical that we continue this trend so that
we can keep increasing the affordability of Model 3 while retaining a sustainable level of profitability. The labor hours per Model 3
vehicle declined yet again by roughly 20% compared to Q3 and by about 65% in the second half of 2018 alone. Despite introducing a
lower-priced mid-range variant and other headwinds, Model 3’s gross margin remained stable in Q4 at over 20%.
资源评论
