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Tesla (TSLA) CEO Elon Musk and the corporate’s high executives carried out the yr 2023 and This fall 2023 earnings name final week (pay attention beneath).
The auto manufacturing and vitality firm additionally launched its yr 2023 and This fall monetary outcomes on its investor relations web site simply earlier than the earnings name commenced.
2023 was Tesla’s finest yr but. Along with delivering a report 1.8 million autos final yr, Tesla’s vitality storage and photo voltaic enterprise grew greater than double final yr in comparison with 2022.
“I’ve mentioned for a few years that [energy] storage enterprise would develop a lot quicker than the automobile enterprise,” Musk mentioned throughout his This fall 2023 earnings name opening remarks.
Regardless of all of the success Tesla achieved final yr, Musk’s slower development prediction for 2024 impacted the corporate’s inventory value at market open the subsequent day. Tesla’s (TSLA) share value dropped from a $207.83 shut the day of the decision to $182.63 (down by -$25.20 or 12.13%) at market shut the subsequent day.
TSLA Yr 2023 Monetary Replace
Tesla reported the next figures in its 2023 shareholder report PDF:
Profitability
– $8.9B GAAP working earnings in 2023; $2.1B in This fall
– $15.0B GAAP internet earnings in 2023; $7.9B in This fall
– $10.9B non-GAAP internet income1 in 2023; $2.5B in This fall
– One-time non-cash tax good thing about $5.9B recorded in This fall for the
launch of valuation allowance on sure deferred tax propertyMoney
Working money circulation of $13.3B; free money circulation of $4.4B in 2023
Working money circulation of $4.4B; free money circulation of $2.1B in This fall
$3.0B enhance in our money and investments3 in This fall to $29.1BOperations
Mannequin Y grew to become the best-selling car on the earth
Vitality storage deployment of 14.7 GWh in 2023, 125% development.
This fall 2023 vs. This fall 2022
In comparison with the identical quarter final yr, Tesla didn’t make a large leap in revenues in This fall 2023. In actual fact, Tesla solely grew 1% in automotive revenues in This fall 2023 vs. This fall 2022 ($21.3B vs. $21.65B).
As Musk defined within the earnings name, the vitality storage aspect of the corporate made good progress. Vitality technology and storage income grew by 10% in This fall in comparison with the final yr ($1.31B in This fall 2022 vs. $1.44B in This fall 2023).
Tesla’s income technology from providers and different venues grew by a staggering 27% in This fall 2022 vs. This fall 2023.
Nevertheless, Tesla’s Working Margin dropped massively in This fall 2023 in comparison with the identical quarter final yr. It went downhill from 16.0% to eight.2% — a large drop of -784 bp.
Tesla produced 13% extra autos in This fall 2023 in comparison with This fall 2022. Equally, the corporate’s car deliveries grew by 20% in This fall YoY as properly.
Curiously, whereas Tesla’s Photo voltaic Panel/Photo voltaic Roof deployment declined by -59%, its battery vitality storage system (BESS) noticed a development of 30% evaluating This fall 2023 and This fall 2022. Tesla deployed a complete of three,202 MWh (3.2 GWh) of vitality storage in This fall 2023 alone.
Tesla’s Development within the Final 5 Years
Tesla (TSLA) shared an attention-grabbing knowledge desk in its 2023 shareholder deck. This desk reveals Tesla’s exponential development when it comes to income, working margin, and revenue from 2019 to 2023.
Despite the fact that Tesla launched its Tesla Mannequin Y crossover SUV in 2019, the automaker generated a complete of solely $20.821 billion in automotive revenues. In 2023, Tesla’s whole automotive income was $82.419 billion. It is a huge development of round 400% over the past 5 years.
Tesla’s working margin additionally elevated from -0.3% (unfavorable 0.3%) in 2019 to 9.2% in 2023. The yr 2022 was the very best for Tesla, as the corporate generated round 17% working margin.
Tesla achieved phenomenal operational development within the final 5 years. The automaker made 3 gigafactories operational since 2019 — Giga Shanghai, Giga Berlin, and Giga Texas.
Tesla’s manufacturing and deliveries grew by greater than 500% over the past 5 years. The automaker produced solely 365,232 automobiles in 2019 vs. 1,845,985 in 2023. Tesla (TSLA) delivered 367,656 autos in the complete yr 2019 in comparison with 1,808,581 in 2023.
The variety of autos Tesla used to provide in a whole yr 5 years in the past is even lower than 1 / 4’s manufacturing now. Tesla has mastered the artwork of scaling car manufacturing in as little time as doable.
Tesla achieved round 900% development within the vitality storage deployment enterprise over the past 5 years. Tesla delivered 1.65 GWh of battery storage in 2019, which is dwarfed by the 14.7 GWh of BESS deployment in 2023.
Vitality storage deployments reached 14.7 GWh in 2023, greater than double in comparison with the earlier yr, whereas Vitality Era and Storage enterprise income practically quadrupled in 2023. Gross revenue of our Providers & Different enterprise elevated from a ~$500M loss in 2019 to a ~$500M revenue in 2023.
Tesla 2023 Replace
In keeping with Tesla CEO Elon Musk, the automaker already achieved a 2 million car manufacturing price on the finish of 2023 (hearken to earnings name beneath). He additionally introduced that the automaker’s Fremont automobile manufacturing facility in California alone produced 560,000 automobiles final yr. The Fremont manufacturing facility is now North America’s largest auto manufacturing facility.
Tesla Delivered 1.2 Million Mannequin Ys in 2023
Tesla normally doesn’t report separate manufacturing and supply numbers of the Mannequin 3 sedan and Mannequin Y SUV. It’s the first time within the final 5 years that Tesla launched the Mannequin Y that the automaker has revealed separate 2023 supply figures for the Tesla Mannequin Y.
Tesla Mannequin Y gross sales in 2023 have been nearly equal to the complete yr’s Tesla gross sales of Mannequin S, X, 3, and Y in 2022. This tells us how a lot Tesla has discovered to exponentially scale car manufacturing.
Reportedly, Tesla is engaged on a Mannequin Y design refresh mannequin. This venture is codenamed Juniper. Just like the Mannequin 3 Highland, Tesla is conserving this a secret until the automaker is able to begin manufacturing.
Earlier than the Mannequin Y’s launch in 2019, Elon Musk used to say that this car can be the best-selling Tesla ever made, and time has confirmed his prediction to be right.
In 2023, we delivered over 1.2 million Mannequin Ys, making it the best-selling car, of any form, globally. For a very long time, many doubted the viability of EVs. Immediately, the best-selling car on the planet is an EV.
Tesla 2023 Replace
Let’s hearken to what Elon Musk mentioned through the Tesla (TSLA) This fall 2023 earnings name.
Initially revealed on Tesla Oracle.
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