Tesla’s 2021 net profit increases sixfold as Shanghai plant becomes key capacity pillar

2022-05-30 0 By

Reporter | Zhou Chun Lin edit | on Nov. 27, tesla issued in 2021 in the fourth quarter and full-year results.In the fourth quarter of 2021, Tesla’s total revenue reached $17.7 billion, up 65% from the previous year.Operating profit was $2.6 billion, with an operating margin of 14.7 percent.GAAP net income was $2.3 billion, up 760% year over year, and non-GAAP net income was $2.9 billion, an all-time high.Tesla’s operating profit rose to $2.6 billion in the fourth quarter, with an operating margin of 14.7%, thanks to further cost reductions for each vehicle, increased deliveries and improved profitability in its car rental, service and other businesses, the company said in its earnings statement.For the full year of 2021, Tesla’s total revenue was $53.823 billion, up 71% from the previous year.Excluding the $6.5 billion spent on new plant construction and other capital expenditures, Tesla still generated $5.5 billion in GAAP net income and $5 billion in free cash flow in 2021.In terms of capacity, Tesla said it continues to face global supply chain, logistics, labor and other manufacturing challenges that limit its factories from operating at full capacity.In 2021, it produced 930,422 units and delivered 936,172 units, setting a new record.The Model 3/Y accounted for about 97% of that.Tesla’s Shanghai plant, which can produce 450,000 vehicles a year, is becoming increasingly important, according to earnings data.In December alone, 70,847 cars were produced.In 2021, Tesla’s Shanghai Gigafactory delivered 484,100 vehicles annually, accounting for 51.7% of the total.In terms of exports, The Shanghai Gigafactory contributed more than 160,000 off-shore deliveries in 2021, covering more than 10 countries in Europe and Asia.More than 130,000 Model 3s have been exported in 2021.Tesla’s Gigafactory in Berlin has started testing equipment in the vehicle production process at the end of 2021, and the first products will be equipped with 2170 batteries.But because the production license has not done down, its capacity planning is still not online.Separately, Musk said Tesla will not launch a new car this year.The much-delayed Cybertruck won’t go into production until at least next year, and the entry-level $25,000 Tesla model isn’t yet in development.