This profit level was reached while incurring SBC expense attributable to the 2018 CEO award of $299M in Q1, driven by an increase in market capitalization and a new operational milestone becoming probable. Our operating income improved in Q1 compared to the same period last year to $594M, resulting in a 5.7% operating margin. At the same time, vehicle ASP declined by 13% YoY as Model S and Model X deliveries reduced in Q1 due to the product updates and as lower ASP China-made vehicles became a larger percentage of our mix. This was primarily achieved through substantial growth in vehicle deliveries, as well as growth in other parts of the business. (Unaudited) 4 (1) Prior period results have been retroactively adjusted to reflect the five-for-one stock split effected in the form of a stock dividend in August 2020.Ĭash Total revenue grew 74% YoY in Q1. (3) Based on most recent comparable publicly available OEM data SBC expense of $614M in Q1 Operations S U M M A R Y H I G H L I G H T S 3 (1) SBC = stock-based compensation $438M GAAP net income $1.1B non-GAAP net income (ex-SBC1) in Q1 Record vehicle production and deliveries in Q1 Profitability $594M GAAP operating income 5.7% operating margin in Q1 Production ramp of Model Y in Shanghai progressing well In total, $2.2B decrease in our cash and cash equivalents in Q1 to $17.1B Cash Model 3 was the best-selling premium sedan in the world3 Net cash outflow of $1.2B related to Bitcoin in Q1 Operating cash flow less capex (free cash flow) of $293M in Q1ĭebt and finance lease reduction of $1.2B in Q1 There is a lot to be excited about in 2021. We believe Model Y can become not just a category leader, but also the best-selling vehicle of any kind globally.įirst deliveries of the new Model S should start very shortly, Model Y production rate in Shanghai continues to improve quickly and two new factories – Berlin and Texas – are making progress. This demonstrates that an electric vehicle can be a category leader and outsell its gas-powered counterparts. Due to the launch of new products and new factories and the reduced mix of Model S and Model X, our average cost declined to sub-$38,000 per vehicle in Q1.Ībout three and a half years into its production, and even without a European factory, Model 3 was the best-selling premium sedan in the world,3 outselling long-time industry leaders such as the 3 Series and E-Class. In 2017, as we began production of Model 3, our average cost per vehicle across the fleet was ~$84,000. Reducing the average cost of the vehicles we produce is essential to our mission. While the ASP2 of our vehicles declined in Q1, our auto gross margin increased sequentially, as our costs decreased even faster. Our GAAP net income reached $438M, and our non-GAAP net income surpassed $1B for the first time in our history. This was in spite of multiple challenges, including seasonality, supply chain instability and the transition to the new Model S and Model X. In Q1, we achieved our highest ever vehicle production and deliveries. Highlights 03 Financial Summary 04 Operational Summary 06 Vehicle Capacity 07 Core Technology 08 Other Highlights 09 Outlook 10 Photos 11 Key Metrics 21 Financial Statements 23 Additional Information 29
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