2021年第二季度特斯拉财报（英）-28页_2mb

报告摘要

Q2 2021 Summary

Core Content

In Q2 2021, Tesla achieved significant milestones across financial, operational, and technological fronts. The company recorded a substantial increase in revenue and profitability, while also addressing supply chain challenges and expanding its production capacity.

Main Points

Financial Highlights

Total Revenue: Increased by 98% YoY to $11.958B, driven by vehicle deliveries and other business growth.
GAAP Net Income: Reached $1.142B, a 998% increase YoY.
Non-GAAP Net Income: Increased by 258% YoY to $1.616B.
Free Cash Flow: Generated $619M, a 48% increase YoY.
Cash and Cash Equivalents: Decreased to $16.2B at the end of Q2, primarily due to net debt and finance lease repayments of $1.6B.
Operating Income: Reached $1.312B, with an operating margin of 11.0%, up from 5.4% in Q2 2020.
GAAP Gross Margin: Improved to 24.1%, up from 21.0% in Q2 2020.
Non-GAAP Gross Margin: Improved to 28.4%, up from 25.8% in Q2 2020.
Adjusted EBITDA: Increased to $2.487B, up from $1.209B in Q2 2020.

Operational Highlights

Vehicle Production and Deliveries: Exceeded 200,000 units in Q2, with total deliveries reaching 201,304 units.
Model S/X Production: Decreased by 63% YoY to 2,340 units.
Model 3/Y Production: Increased by 169% YoY to 204,081 units.
Gigafactory Progress: Gigafactory Texas and Shanghai continued production, while Berlin's Model Y factory construction advanced.
FSD Subscription Launch: Successfully launched in July, with positive user feedback.
Tesla Vision: Launched in Q2, leveraging data from over a million vehicles.

Other Highlights

Energy Storage: Deployments more than tripled YoY, with Megapack projects contributing significantly.
Solar Deployments: Reached 85 MW, a 215% increase YoY.
Services & Other: Achieved nearly breakeven gross margin, the best result in four years.
Global Inventory: Global vehicle inventory (days of supply) decreased to 9 days, indicating strong demand.

Key Information

Financial Summary

Automotive Revenues: Grew 97% YoY to $10.206B.
Automotive Gross Profit: Increased 120% YoY to $2.899B.
Automotive Gross Margin: Improved to 28.4%, up from 25.8% excluding credits.
Total Revenues: Grew 98% YoY to $11.958B.
Total Gross Profit: Increased 128% YoY to $2.884B.
Total GAAP Gross Margin: Improved to 24.1%, up from 21.0% in Q2 2020.
Operating Expenses: Decreased to $1.572B, with a 67% YoY increase.
Income from Operations: Increased 301% YoY to $1.312B.
Net Income: Increased 998% YoY to $1.142B.
EPS (Diluted): Increased to $1.02, up from $0.10 in Q2 2020.

Operational Summary

Model S/X Deliveries: Decreased by 82% YoY to 1,895 units.
Model 3/Y Deliveries: Increased by 148% YoY to 199,409 units.
Total Deliveries: Increased by 121% YoY to 201,304 units.
Gigafactory Capacity: Continued to expand, with Gigafactory Shanghai becoming the primary export hub.
Production Constraints: Supply chain issues, including semiconductor shortages and port congestion, limited production growth, but the team managed to maintain high production rates.

Product Development

FSD V9 Beta: Launched in July, with positive feedback from early users.
Tesla Vision: Enabled by extensive data collection from Tesla vehicles.
Battery and Powertrain: Validated performance of 4680 cells, with ongoing improvements to manufacturing processes.
Solar and Storage: Continued growth in solar and energy storage deployments, with a focus on efficiency improvements.

Outlook

Volume Growth: Expected to achieve 50% average annual growth in vehicle deliveries, with potential for faster growth in 2021.
Profitability: Anticipated continued growth in operating margin due to capacity expansion and cost optimization.
Product Roadmap: Model Y production in Berlin and Austin is on track for 2021, while the Semi truck program is delayed to 2022.
Liquidity: Sufficient cash reserves to support product development and expansion plans.

Key Metrics

Vehicle Deliveries: 201,304 units (up 121% YoY)
Free Cash Flow: $619M (up 48% YoY)
GAAP Net Income: $1.142B (up 998% YoY)
Non-GAAP Net Income: $1.616B (up 258% YoY)
Operating Margin: 11.0% (up 555 bp YoY)
Gross Margin (Automotive): 28.4% (up 298 bp YoY)
Total Gross Margin: 24.1% (up 313 bp YoY)
Global Vehicle Inventory (Days of Supply): 9 days (down 47% YoY)

Financial Statements

Statement of Operations

Total Revenues: $11.958B (up 98% YoY)
Total Cost of Revenues: $9.074B (up 128% YoY)
Gross Profit: $2.884B (up 128% YoY)
Operating Expenses: $1.572B (up 67% YoY)
Income from Operations: $1.312B (up 301% YoY)
Net Income: $1.178B (up 998% YoY)
Net Income Attributable to Common Stockholders: $1.142B (up 998% YoY)

Balance Sheet

Total Assets: $55.146B (up 34% YoY)
Total Liabilities: $28.896B (up 34% YoY)
Total Stockholders' Equity: $24.804B (up 34% YoY)
Cash and Cash Equivalents: $16.229B (down 88% YoY)
Debt and Finance Leases: $7.871B (down 176% YoY)

Cash Flows

Net Cash Provided by Operating Activities: $2.124B (up 120% YoY)
Capital Expenditures: $1.505B (up 176% YoY)
Net Cash Used in Investing Activities: $1.515B (up 176% YoY)
Net Cash Provided by Financing Activities: $1.549B (up 176% YoY)
Net Increase in Cash and Cash Equivalents: $-898M (down 48% YoY)

Conclusion

Tesla demonstrated strong financial performance in Q2 2021, with significant increases in revenue, net income, and operating margin. Despite supply chain challenges, the company managed to maintain high production levels and successfully launched new products like FSD V9 Beta. The company also continued to expand its global production capacity and improve its energy storage and solar deployments. The outlook remains positive, with expectations of continued growth in vehicle deliveries and profitability.

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