2020年Q1特斯拉财报_PPT（英文）-2020.5-25页_6mb

报告摘要

Total Revenue: Increased by 32% YoY to $5,985M, marking the highest revenue for a seasonally slow first quarter.
Total Gross Profit: Rose by 118% YoY to $1,234M, with the highest gross margin in 18 months at 20.6%.
GAAP Net Income: Improved to $16M, the first positive GAAP net income in a first quarter in the company's history.
Non-GAAP Net Income: Reached $227M, showing strong performance despite the impact of government incentives.
Cash and Cash Equivalents: Increased by $1.8B QoQ to $8.1B, driven by a $2.3B capital raise and offset by negative free cash flow of $895M.
Free Cash Flow: Negative $895M in Q1, primarily due to inventory growth which reduced operating cash flow by $981M.

Vehicle Deliveries: Total deliveries reached 88,496 units, with a 21% QoQ decline due to operational interruptions.
Model Y Deliveries: Began in Q1, significantly ahead of schedule, contributing positively to profitability.
Model S Range: Extended to 391 miles with no increase in battery capacity.
Production Capacity: Gigafactory Shanghai is expected to reach ~4,000 units/week by mid-2020, with production ramping gradually.
Solar Roof: Reached a production milestone of 1,000 units in a single week, with positive feedback from owners.
Supercharger Network: Approaching 2,000 stations globally, with a 6% QoQ increase in connectors.

Q1 2020 marked the highest revenue for a first quarter, despite seasonal weakness.
Automotive gross margin reached 25.5%, the highest in 18 months, with Model Y contributing positively to profitability.
The shift in vehicle mix from higher-priced models to more affordable ones led to a decline in average selling price.
The company is on track to achieve industry-leading operating margins through capacity expansion and localization.

The increase in cash and cash equivalents was primarily due to a capital raise, but free cash flow remained negative.
Capital expenditures rose sequentially due to investments in Model Y preparations and Gigafactory Shanghai.
The company is focused on managing working capital and reducing non-critical spend to improve cash flow.

Model Y production began earlier than expected, with the company achieving more units in its first quarter than Model 3 in its first two quarters in 2017.
Global inventory levels increased to 20 days of supply due to operational interruptions at the end of the quarter.
The company is increasing production capacity and expects to grow deliveries as quickly as possible.

Model Y and Solar Roof production are progressing, with Model Y expected to start deliveries from Gigafactory Berlin in 2021.
The company is localizing production in Shanghai and Berlin to enhance efficiency and reduce costs.
The Model 3 Long Range and Performance versions are set to launch in April 2020.

Autopilot features such as stop sign and traffic light recognition were enabled for Early Access Program users and later for the general public.
The "DashCam Viewer" feature was launched, allowing customers to view Sentry Mode videos directly on the car screen.
The new heat pump system in Model Y improved EPA range while increasing vehicle weight by ~10%.

The Megapack battery is gaining traction, with demand exceeding current capacity.
The company is expanding its order book with multiple utility-level storage projects.
Over 40% of residential solar customers opted for at least one Powerwall, with the 100,000th Powerwall installed in Q1.

The company is revisiting 2020 guidance due to uncertainty in global supply chain recovery.
It has the capacity to exceed 500,000 vehicle deliveries this year.
Near-term focus is on Model Y production in Shanghai and Berlin, and the Tesla Semi is now expected to be delivered in 2021.
The company remains confident in its long-term plans and is well-positioned to manage near-term uncertainty.

The company is investing significantly in its product roadmap and long-term capacity expansion.
It continues to manage its working capital and reduce non-critical spend to improve productivity.
The company is coordinating with suppliers and governments to resume operations and ramp production quickly.

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