36 ms·
Tesla Q1 2021 Results
- wayanon 5y agoPart of the fun is how Elon has to discuss everything from battery technology to ‘roof protuberances’.
- Drblessing 5y agoWhy did Model S/X production drop to 0?
- terramex 5y agoModel S and X are getting major refresh soon, Tesla stopped production of older spec while switching to new one. First deliveries of new Model S and X are coming "very soon".
- mdavid626 5y agoSo in 2021/Q1 no Model S/X were produced and only 2030 were sold (-83%). What happened?
- oyagci 5y agoThey have refreshed the Model S and X. So no cars produced while updating production lines
- himinlomax 5y ago> Net cash outflow of $1.2B related to Bitcoin in Q1 What is this?
- addison-lee 5y agoBitcoin? I can tell you all about it! Only joking, Tesla bought $1.5b in Bitcoin back in February: https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-i...
- 11thEarlOfMar 5y ago"Model 3 was the best-selling premium sedan in the world, outselling long-time industry leaders such as the 3 Series and E Class. This demonstrates that an electric vehicle can be a category leader and outsell its gas-powered counterparts." I find this to be a major milestone in the transition to BEV. This is an achievement.
- BluntleyHonest 5y agoModem 3 a premium sedan, well idiots will be idiots I guess, carry on the torch.
- 988747 5y agoThat's just cleverly chosen comparison point. The only "premium" thing about Teslas is their price. They have laughably low quality compared to top BMW or Audi models.
- nixass 5y agoWhy is Model 3 even considered as a premium? What makes it premium comparing to established German holy trinity (BMW, Merc, Audi)? It's average car at best, and with its notorious build quality standards it's not even an average.
- benhurmarcel 5y agoThe price makes it premium
- nixass 5y agoLet's call it bad value for money then
- 11thEarlOfMar 5y agoAs noted elsewhere, I've put 70,000 miles on my Model 3. After driving a 328i for 20 years, the Tesla is more fun in every way. As for build quality, my maintenance so far is $850 for a windshield. Cuz... I drive it so fast all the time, pebbles chipped away at it until it cracked down the middle. That's it. I can also attest that operating costs are 1/4 the BMW. Energy costs, yes, but also $0 for brake pads (I'm at 90% after 70k miles), $0 for fluids (no oil, brake fluid, transmission fluid, radiator flush, ...).
- halotrope 5y agoEarnings beat but I wonder how this whole mega-growth story keeps being reiterated now despite flat revenue for 3 years. Don't get me wrong, I love Tesla and what they are doing for accelerating the transition to sustainable energy. That company is just priced to perfection.
- DarmokJalad1701 5y ago> flat revenue for 3 years ??? 2018 - $21.5B 2019 - $24.5B 2020 - $31.5B 2021 (annualized) - probably $35-$40 B
- grey-area 5y agoThat’s pretty flat compared to the share valuation.
- FuckButtons 5y agoIt’s still 30% annual growth.
- nickik 5y agoBefore that Period Tesla had low share growth, after 2017 there was catchup. Also, revenue doesn't capture the whole story. Share price indicates something about longer run growth potential and margin development.
- deleted 5y ago[deleted]
- drexlspivey 5y agoThis is peak HN, calling 30% annual growth on a $750 billion company flat
- grey-area 5y agoThe $750 billion valuation (approaching the combined value of other car companies) is precisely why I said that it was flat compared to the valuation growth, the valuation has grown about 1300% in the last few years. Also the vast majority of those profits are not car sales but regulatory credits and Bitcoin sales, they are barely in profit on selling cars, which makes the valuation even more absurdly optimistic. IMO Tesla will do well and get to perhaps 30% of the global car market and some of energy, but that still doesn’t justify their valuation today, let alone any future growth.
- Plough_Jogger 5y agoOne interesting tidbit: they appear to be reporting a $272M in revenue from the sale of Bitcoin holdings
- jbverschoor 5y agoInteresting.. I didn't expect that.
- scottmsul 5y agoThis is interesting, I would have expected a loss. I recall MSTR had to report a loss in 2020 even though it went up a lot, due to how GAAP works with bitcoin. Basically if you buy bitcoin (or any property) at $X, then it dips to $Y, then goes back up to $Z, you have to report the difference between X and Y (purchase price - lowest point) as a GAAP loss.
- sgw928 5y agoThat $272M number is proceeds from selling digital assets, not profits.
- parentheses 5y agoas in the sale of the btc itself.
- throwastrike 5y agoThat really is pathetic. How’s that revenue? and what CFO would sign off on that let alone a CFO for one of the largest companies in the world?
- popol12 5y agoI don't see where in this report
- sgw928 5y agoSee the $272M "proceeds from sales of digital assets" in the statement of cash flows on page 26.
- pcbro141 5y agoDo you think Apple regrets not buying Tesla ~2017-2018 when they had the chance, given indications they are working on an Apple Car? Why or why not?
- cobaltoxide 5y agoDo corporations experience emotions?
- Drblessing 5y agoThis will keep the philosophers busy for a few 1000 years.
- pcbro141 5y agoYes
- burlesona 5y agoI would say no, they don't regret it, because there'd be too much of a personality clash between Musk and the rest of Apple leadership - and if they bought Telsa and then outed Musk, what's the point of buying Tesla?
- ajross 5y agoAs someone who never really liked either one (though I did buy a Tesla), Musk is nearly a clone of Jobs in affect and attitude and reality distortion effect. All those people who are SO UPSET about the spin regarding FSD, for example, are just echoing what all us folks on Linux PCs were saying about Macs through the 90's and early 00's. Remember when the Altivec G4 was a Supercomputer on a Chip despite being slower than a P3 you could buy at Sears? Same deal. Frankly I think had it happened, Musk would be running Apple today.
- burlesona 5y agoExcept that Jobs and Apple are all about secrecy, and while they may hype up things they don’t announce things until they exist. Elon’s Twitter account is practically the inverse of Apple.
- 1970-01-01 5y agoWhy is solar deployment measured in MW and not # of installs? It doesn't seem like the best metric for measuring growth.
- jccooper 5y agoPresumably because price is basically per kW, and installations can vary significantly in size?
- 1970-01-01 5y agoThey only offer 4 sizes. They could break it down by # of installs per size: https://www.tesla.com/support/energy/solar-panels/going-solar/sizing-and-design https://www.tesla.com/support/energy/solar-panels/going-sola...
- missurunha 5y agoIt makes no sense to break down the value of installed capacity that everyone will understand into four different meaningless values.
- snoshy 5y agoNot to mention that order mix is almost always guaranteed to be a highly prized secret that companies rarely give out. You don't see Apple breaking down iPhone shipments by their variants in detail.
- jcims 5y agoThere are two solar installs going in my county just north of me. One is 5000 acres and one is 3500 acres. If I buy a 10kW system for my house I could increase the number of systems by 50%!
- xkjkls 5y agoSure, but Tesla Solar generally advertises to smaller customers. If they get one big deal, its addition might overwhelm the sustainable growth in their business. They've definitely had multiple situations like that before with their energy storage business.
- deleted 5y ago[deleted]
- anonu 5y ago> We believe that a vision-only system is ultimately all that is needed for full autonomy. Our AI-based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, our FSD team is fully focused on evolving to a vision-based autonomous system and we are nearly ready to switch the US market to Tesla Vision. This is a huge gamble IMHO. If you have access to LIDAR and RADAR, why not use them?
- perryizgr8 5y ago> If you have access to LIDAR and RADAR, why not use them? I think LIDAR is a very expensive part (~$10,000). Also, it is difficult to integrate with the car's design such that it does not make the car ugly. Tesla probably does not want to do a separate self-driving testing fleet, instead they want to use the existing Teslas on road to get training data. So they cannot use LIDAR in all cars sold to users. I am sure if fully functional LIDAR units magically start selling for $100-$500 Tesla will start using them.
- _ph_ 5y agoIt is a gamble, but also betting on LIDAR is a gamble, as it could be a pit to fall in if it turns out not to be beneficial. The big benefit of LIDAR is, it gives you very good 3D data about your environment. Unfortunately, it completely misses a lot of information which is essential for driving and actually a lot of our traffic rules are based on things which you cannot detected with LIDAR: traffic signs, traffic lights and so on (you could detect the sign itself with high precision, but not what it reads). This means, LIDAR could just be additional sensor data augmenting the camera information. But it adds a huge cognitive load when combining the data. Besides the costs of the LIDAR system itself, it adds to the computational costs. Once the 3D-data from the cameras only is "good enough", you might get better results by spending the available compute resources rather on improving the analysis of the visual data alone. And the 3D data Tesla seems to be getting from the cameras seems to be pretty good already. The big elephant in the room isn't to recognize a road sign correctly, it is to decide, whether it applies to the car or a different lane, road or whether it is actually a burger king logo :). There LIDAR might be just a distraction. It will be interesting to see how the autonomic car race will pan out. Especially, when competitors are using different strategies. That als ensures, that not everyone is going into the wrong direction.
- djanogo 5y agoMy man Elon day traded Bitcoin with Tesla $$ sitting in the bank, memed it up on twitter and showed it as TSLA profit. TSLA share holders should thank everybody who bought bitcoin at 60k.
- NovemberWhiskey 5y agoIt's sort of fascinating the segmentation thing here. They put it into the "premium sedan" segment when considering sales vs. competition. But in the same presentation, you'll see that most (I want to say two-thirds by eyeballing the chart) of the customers buying Teslas are trading in non-premium brands.
- ajross 5y agoIs that notable? Most car purchases are upgrades from less expensive vehicles. Are BMW trade-ins less likely to be non-premium? I guess it's possible that Tesla is different here, though if it is, doesn't that argue to the brand's strength? It's getting people who wouldn't normally drop $50k on a car to open their purses.
- cs702 5y agoWhatever you may think of Tesla and Musk, you have to agree that they've accomplished something rather incredible. Few would have thought this possible not that long ago: * 185K vehicle deliveries in Q1, +109% versus a year ago [a] * 2.7K supercharger stations, +41% versus a year ago * 24.5K supercharger connectors, +44% versus a year ago * 92 MW of solar generation deployed in Q1, +163% versus a year ago * 445 MWh of solar storage deployed in Q1, +71% versus a year ago * Revenues of $10.4B in Q1, +74% versus a year ago * EBITDA of $1.8B in Q1, +94% versus a year ago * Over $17B in cash on hand * New S, X, Roadster, Cybertruck, and Semi models on the way * Berlin, Texas, and Shangai-expansion gigafactories coming online * Four additional gigafactories already in development Wow. Just... wow. -- [a] And that figure understates growth, because it includes a 10K decline in S and X deliveries due to the upcoming launch of new S and X models.
- ogre_codes 5y ago> New S, X, Roadster, Cybertruck, and Semi models on the way There is also a lot of noise around the sub $30k mystery car Musk hinted about at the battery event. He said $25k, but given Tesla’s pricing history, $28-30k is more likely.
- ketzo 5y agoTo be honest, given Tesla's pricing history and Musk's... claim-making history, $35k is more likely. But I can dream.
- _ph_ 5y agoThe Model 3 is pretty close to $35k, so while the compact car might not hit precisely $25k, it should be distinctively below $30k.
- ogre_codes 5y agoMusk is bad about price promises, but $10k is a huge exaggeration, you can still get the Model 3 for $39k. The Model 3 was available to anyone who preordered it for that price and was available for around $37k for some time. You suggestion puts it around $3k below the cost of the Model 3, which begs the question of why put out a second model at all. If it’s not in the $28k or less, there really isn’t a ton of point to it.