Tesla (TSLA) CEO Elon Musk and the corporate’s prime executives performed the 12 months 2023 and This fall 2023 earnings name yesterday (pay attention under).
The auto manufacturing and power firm additionally launched its 12 months 2023 and This fall monetary outcomes on its investor relations web site simply earlier than the earnings name commenced.
2023 was Tesla’s greatest 12 months but. Along with delivering a report 1.8 million autos final 12 months, Tesla’s power storage and photo voltaic enterprise grew greater than double final 12 months in comparison with 2022.
“I’ve stated for a few years that [energy] storage enterprise would develop a lot sooner than the automobile enterprise,” Musk stated throughout his This fall 2023 earnings name opening remarks.
Regardless of all of the success Tesla achieved final 12 months, Musk’s slower development prediction for 2024 impacted the corporate’s inventory worth at market open at present. Tesla’s (TSLA) share worth dropped from a $207.83 shut yesterday to $182.63 (down by -$25.20 or 12.13%) at market shut at present.
TSLA Yr 2023 Monetary Replace
Tesla reported the next figures in its 2023 shareholder report PDF:
Profitability
– $8.9B GAAP working earnings in 2023; $2.1B in This fall– $15.0B GAAP web earnings in 2023; $7.9B in This fall– $10.9B non-GAAP web income1 in 2023; $2.5B in This fall– One-time non-cash tax good thing about $5.9B recorded in This fall for therelease of valuation allowance on sure deferred tax property
CashOperating money stream of $13.3B; free money stream of $4.4B in 2023Operating money stream of $4.4B; free money stream of $2.1B in This fall$3.0B enhance in our money and investments3 in This fall to $29.1B
OperationsModel Y turned the best-selling automobile within the worldEnergy storage deployment of 14.7 GWh in 2023, 125% development.
This fall 2023 vs. This fall 2022
In comparison with the identical quarter final 12 months, Tesla didn’t make a large leap in revenues in This fall 2023. In truth, Tesla solely grew 1% in automotive revenues in This fall 2023 vs. This fall 2022 ($21.3B vs. $21.65B).
As Musk defined within the earnings name, the power storage facet of the corporate made good progress. Vitality era and storage income grew by 10% in This fall in comparison with the final 12 months ($1.31B in This fall 2022 vs. $1.44B in This fall 2023).
Tesla’s income era from providers and different venues grew by a staggering 27% in This fall 2022 vs. This fall 2023.
Nevertheless, Tesla’s Working Margin dropped massively in This fall 2023 in comparison with the identical quarter final 12 months. It went downhill from 16.0% to eight.2% — an enormous drop of -784 bp.
Above: Tesla (TSLA) unaudited monetary abstract from This fall 2022 to This fall 2023. Supply: Tesla IR web site.
Tesla produced 13% extra autos in This fall 2023 in comparison with the final 12 months’s This fall 2022. Equally, the corporate’s automobile deliveries grew by 20% in This fall YoY as properly.
Curiously, whereas Tesla’s Photo voltaic Panel/Photo voltaic Roof deployment declined by -59%, its battery power storage system (BESS) noticed a development of 30% in contrast between This fall 2023 and This fall 2022. Tesla deployed a complete of three,202 MWh (3.2 GWh) of power storage in This fall 2023 alone.
Above: Tesla (TSLA) Operational Abstract (manufacturing and deliveries) from This fall 2022 to This fall 2023. Supply: Tesla IR web site.
Tesla’s Progress within the Final 5 Years
Tesla (TSLA) shared an attention-grabbing knowledge desk in its 2023 shareholder deck PDF. This desk exhibits Tesla’s exponential development when it comes to income, working margin, and revenue from 2019 to 2023.
Despite the fact that in 2019, Tesla launched its Tesla Mannequin Y crossover SUV, the automaker generated a complete of solely $20.821 billion in automotive revenues. In 2023, Tesla’s whole automotive income was $82.419 billion. This can be a huge development of round 400% over the past 5 years.
Tesla’s working margin additionally elevated from a unfavorable -0.3% in 2019 to 9.2% in 2023. The 12 months 2022 was one of the best for Tesla, as the corporate generated round 17% working margin.
Above: Tesla’s monetary development comparability chart for the final 5 years (from 2019 to 2023). Supply: Tesla IR web site.
Tesla achieved phenomenal operational development within the final 5 years. The automaker made 3 Gigafactories operational since 2019 — Giga Shanghai, Giga Berlin, and Giga Texas.
Tesla’s manufacturing and deliveries grew by greater than 500% over the past 5 years. The automaker produced solely 365,232 vehicles in 2019 vs. 1,845,985 in 2023. Tesla (TSLA) delivered 367,656 autos in the whole 12 months 2019 in comparison with 1,808,581 in 2023.
The variety of autos Tesla used to supply in a complete 12 months 5 years in the past is even lower than 1 / 4’s manufacturing now. Tesla has mastered the artwork of scaling automobile manufacturing in as little time as attainable.
Tesla achieved round 900% development within the power storage deployment enterprise over the last 5 years. Tesla delivered 1.65 GWh of battery storage in 2019 which is dwarfed by the 14.7 GWh of BESS deployment in 2023.
Vitality storage deployments reached 14.7 GWh in 2023, greater than double in comparison with the earlier 12 months, whereas Vitality Era and Storage enterprise income almost quadrupled in 2023. Gross revenue of our Companies & Different enterprise elevated from a ~$500M loss in 2019 to a ~$500M revenue in 2023.
Tesla 2023 Replace
Based on Tesla CEO Elon Musk, the automaker has already achieved a 2 million automobile manufacturing charge on the finish of 2023 (hearken to earnings name under). He additionally introduced that the automaker’s Fremont automobile manufacturing unit in California alone produced 560,000 vehicles final 12 months. The Fremont manufacturing unit is now North America’s largest auto manufacturing facility.
Tesla Delivered 1.2 Million Mannequin Ys in 2023
Tesla often doesn’t report separate manufacturing and supply numbers of the Mannequin 3 sedan and Mannequin Y SUV. It’s the first time within the final 5 years that Tesla launched the Mannequin Y that the automaker has printed separate 2023 supply figures for the Tesla Mannequin Y.
Tesla Mannequin Y gross sales in 2023 are virtually equal to the whole 12 months’s Tesla gross sales of Mannequin S, X, 3, and Y in 2022. This tells us how Tesla has discovered to exponentially scale automobile manufacturing.
Reportedly, Tesla is engaged on a Mannequin Y design refresh mannequin. This undertaking is codenamed Juniper. Just like the Mannequin 3 Highland, Tesla is holding this a secret until the automaker is able to begin manufacturing.
Earlier than the Mannequin Y’s launch in 2019, Elon Musk used to say that this automobile could be the best-selling Tesla ever made and time has confirmed his prediction to be appropriate.
In 2023, we delivered over 1.2 million Mannequin Ys, making it the best-selling automobile, of any sort, globally. For a very long time, many doubted the viability of EVs. Immediately, the best-selling automobile on the planet is an EV.
Tesla 2023 Replace
Let’s hearken to what Elon Musk stated in the course of the Tesla (TSLA) This fall 2023 earnings name yesterday.
Above: Audio: Tesla (TSLA) This fall 2022 and Yr 2023 Earnings Name with Elon Musk audio recording.
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Featured picture: Courtesy of Tesla, Inc.
Notice: An earlier model of this text was printed at Tesla Oracle. Writer: Iqtidar Ali.