In 2021, Tesla got a remarkable report card.
Thanks to the increase of automobile delivery and the growth of other business segments, Tesla's total revenue in the fourth quarter of 2021 reached 17.7 billion US dollars (about 114.192 billion yuan), a year-on-year increase of 65%. Compared with the same period of last year, Tesla's operating profit in the fourth quarter increased to 2.6 billion US dollars (about 16.774 billion yuan), the operating profit rate reached 14.7%, and the GAAP net profit in the fourth quarter reached 2.3 billion US dollars (about 14.838 billion yuan). It is worth noting that this is the profit level maintained by Tesla after fulfilling its 2018 CEO equity incentive commitment in the fourth quarter and paying 245 million US dollars (about 1.581 billion yuan) to the corresponding senior managers.
In 2021, Tesla delivered about 940,000 products, and in the fourth quarter, the annual production capacity with efficiency exceeded 1.22 million. Although Tesla spent $6.5 billion (about 41.935 billion yuan) on building a new factory and other capital expenditures in 2021, it still created GAAP net profit of $5.5 billion (about 35.483 billion yuan) and free cash flow of $5 billion (about 32.258 billion yuan). It is foreseeable that 2021 is likely to be the best year of Tesla in the past decade and the worst year in the next decade.
Manufacturing has always been Tesla's core competitiveness. Tesla believes that the cost problem can be further solved by manufacturing innovative, well-planned products and self-built factories. In the third quarter of 2021, Tesla surpassed all mass car manufacturers and created the highest operating profit margin. In the third and fourth quarters of 2021, Tesla's bicycle cost has dropped to about 36,000 US dollars (about 232,254 yuan). At present, with the gradual deepening of large castings, structural batteries, 4680 batteries and other projects, Tesla will continue to reduce product costs.
For Tesla, 2021 is a decisive year. Tesla firmly believes that the market competitiveness of electric vehicles in the future will be determined by its overall supply chain and production climbing ability. In 2021, the output of Model 3 and Model Y continued to climb. Localized production is very important to reduce the cost of bicycles and improve the stability of global supply chain. Shanghai Super Factory is still Tesla's main export center.
Focusing on the future, Tesla plans to increase its production capacity as quickly as possible, including not only the output supply of new factories such as Austin and Berlin, but also the capacity increase of existing factories such as fremont and Shanghai.
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