特斯拉第四季度和2018年全年数据（英文）-2019.1-10页_647kb

报告摘要

Q4 Operating Income: Remained stable at $414 million, with an operating margin of 5.7%.
Operating Cash Flow: Improved to $910 million in Q4, despite higher capital expenditures.
Cash Position: Increased by $718 million in Q4, ending the year with $3.7 billion in cash and cash equivalents.
GAAP Net Income: $139 million in Q4, impacted by a $54 million non-cash charge related to non-controlling interests.
Model 3 Performance:
- Became the best-selling premium car in the US in Q3 and Q4 of 2018.
- Delivered 63,359 units in North America in Q4.
- Production ramped up significantly, with December 2018 being the highest volume month ever.
- Gross margin remained above 20% in Q4, despite challenges such as import duties and price reductions.
Global Expansion:
- Model 3 started production in Europe and China in January 2019.
- Gigafactory Shanghai will produce Model 3 at a lower cost per unit than Fremont.
- Model 3 is designed for global markets, with over 98% common parts across regional variants.

Production Efficiency:
- Fremont facility has passed the steep portion of the production S-curve.
- Model 3 production can reach 7,000 units per week on a sustained basis.
- Labor hours per vehicle declined by 65% in the second half of 2018.
Cost Reduction:
- Continued cost reductions are critical to maintaining profitability and affordability.
- Model S and Model X production efficiency improved by 15% in 2018.
- Standardization of options and simplification of processes help reduce manufacturing costs.

Service Network:
- Opened 27 new store and service locations, reaching 378 globally by the end of Q4.
- Mobile Service fleet grew to 411 service vehicles on the road.
- Service centers are moving to two-shift operations to increase capacity.
Customer Experience:
- Improved service scheduling via the Tesla App.
- Enhanced parts distribution to ensure timely availability at service centers.

Supercharger Network:
- Expanded to 1,421 stations globally by the end of Q4.
- Plan to roll out V3 Supercharger technology early in 2019, enabling faster charge times.
- V3 Superchargers are expected to reduce operational and capital expenditures.

Energy Storage:
- Deployed 1.04 GWh of energy storage in 2018, nearly tripling from 2017.
- Q4 energy storage deployments reached 225 MWh, up 57% from Q4 2017.
- Target to more than double energy storage deployments to over 2 GWh in 2019.
Solar and Roof Products:
- Deployed 73 MW of retrofit solar systems in Q4.
- Solar Roof installations continue at a slow pace to gather insights.
- Cash and loan sales for residential solar increased significantly in 2018.

Automotive Revenue:
- Q4 revenue increased by 4% sequentially and 134% YoY, driven by Model 3 deliveries.
- GAAP gross margin decreased slightly to 24.3%, while non-GAAP gross margin remained stable at 24.7%.
Energy Revenue:
- Q4 revenue decreased by 7% sequentially but increased by 25% YoY.
- GAAP gross margin dropped to 11.5% due to seasonal solar production and lower margin storage business.

Service and Other Revenue:
- Increased by 63% in Q4, driven by used car sales and service revenue.
- Gross margin for Service and Other improved to -26%.
Operating Expenses:
- Total GAAP operating expenses decreased to $1.03 billion in Q4.
- Non-cash items accounted for $87 million of total interest expense.
Shares Outstanding:
- Approximately 172 million basic shares outstanding at the end of Q4.

Model 3 Production:
- Expected to grow gradually in 2019, reaching a sustained rate of 7,000 units per week in Fremont.
- Gigafactory Shanghai aims for 3,000 units per week, with a goal of 10,000 units per week on a global scale.
- Annualized Model 3 output expected to exceed 500,000 units between Q4 2019 and Q2 2020.
Deliveries:
- North American deliveries will decrease in Q1 2019 due to increased international shipments.
- Model S and Model X deliveries expected to be slightly lower in Q1 due to the pull-forward of demand from the EV tax credit reduction.
Financial Targets:
- Target to deliver 360,000 to 400,000 vehicles in 2019, representing 45% to 65% growth compared to 2018.
- Expect positive GAAP net income and free cash flow in every quarter beyond Q1 2019.
- Target a 25% non-GAAP gross margin for Model 3 in 2019.
Capex and Expansion:
- 2019 capex expected to be around $2.5 billion, primarily for capacity growth and new vehicle development.
- Financing for Gigafactory Shanghai will be arranged through local banks in China.

Model Y:
- Tooling is expected to begin in 2019 for volume production by the end of 2020.
- Built on the Model 3 platform, sharing 75% of its components.
Autopilot:
- "Navigate on Autopilot" launched in Q4, enhancing highway driving capabilities.
- Plans to expand Autopilot functionality to more complex environments.
Market Opportunities:
- EVs in the US outperformed HEVs for the first time in Q4.
- EV market share remains low at 2%, with substantial growth potential globally.

Non-GAAP measures are used to supplement GAAP financial statements.
These include non-GAAP gross margin, net income, and operating cash flows.
Non-GAAP information provides transparency into Tesla's internal financial metrics and decision-making.

Statements about future performance, production, and financial results are forward-looking.
These are subject to risks and uncertainties, including production delays, supply chain issues, and market competition.
Tesla disclaims any obligation to update forward-looking information unless required by law.

Tesla will host a live webcast of its Q4 and full year 2018 results on January 30, 2019, at ir.tesla.com.
The webcast will be available for replay for approximately one year.

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