Tesla’s revenue in Q2 2022 was $16.934 billion, with a year-on-year increase of 42% From Tesla financial report

The following is the Tesla’s revenue in Q2 2022 was $16.934 billion, with a year-on-year increase of 42% From Tesla financial report recommended by recordtrend.com. And this article belongs to the classification: New energy automobile industry, Automobile industry.

Tesla released the financial data of the second quarter of 2022. Judging from the financial report data of this quarter, Tesla’s “aura of God” is fading.

According to the financial report data, Tesla achieved a revenue of US $16.934 billion in this quarter, a year-on-year increase of 42% over the second quarter of last year, exceeding the analysts’ forecast of US $16.88 billion; Net profit (GAAP) was US $2.259 billion, with a year-on-year increase of 98%.

Tesla’s share price also continued to rise after the opening of U.S. stocks on July 21, Beijing time, with the release of financial reports. As of the closing of U.S. stocks on July 22, Beijing time, Tesla closed at $815.12 per share, up 9.78%, with a total market capitalization of $844.8 billion.

However, in this seemingly “voluminous” answer sheet, there is a hidden crisis.

First, Tesla’s revenue and net profit growth fell sharply year-on-year, and both fell month on month.

According to the financial report data, Tesla achieved a revenue of US $16.934 billion in this quarter, a year-on-year increase of 42% compared with the same period last year, while the revenue in the previous quarter increased by 81% year-on-year. It can be seen that the growth rate of revenue in this quarter has slowed significantly, and compared with $18.756 billion in the previous quarter, the revenue in this quarter fell by 9.71% month on month.

In terms of net profit, Tesla achieved a net profit of $2.259 billion in the quarter, an increase of 98% over the same period last year, while the year-on-year increase in net profit in the previous quarter has reached 658%. Moreover, compared with the net profit of $3.318 billion in the previous quarter, the net profit in this quarter decreased by 31.91% month on month. It can be seen that while the growth rate of Tesla’s income growth slows, the increase in profits is also facing a slowdown.

Data source / financial screenshot of Tesla financial report

Secondly, Tesla’s delivery data is also worrying.

According to public reports, Tesla had estimated that the total annual vehicle delivery data in the first quarter of this year was 1.5 million. However, Tesla delivered 254700 vehicles this quarter, down 17.83% from the previous quarter. The total delivery volume in the first half of the year is 560000 vehicles. If you want to complete the delivery expectation of this year, the total delivery volume of Tesla in the second half of the year needs to exceed 900000 vehicles. Many people in the industry told fuel finance that even Tesla, this number is still full of challenges.

Not only that, Tesla has also rarely taken off the hat of “ten thousand year sales king” recently.

At the beginning of July, BYD released its production and sales express in June 2022. According to the data, BYD sold 641400 new energy vehicles in the first half of 2022, with a year-on-year increase of 315%, surpassing Tesla, and became the champion of global new energy vehicle sales in the first half of the year.

As soon as the news came out, the topic # BYD’s sales exceeded Tesla’s to become the first # instantly rushed to Weibo hot search, and netizens also launched a heated discussion about it. Some netizens said, “BYD is a dark horse of China’s new energy vehicles. Chinese people are becoming more and more rational in shopping, and they very much support domestic energy vehicles!” Of course, some rational netizens said, “this time, BYD’s anti oversupply has something to do with the impact of the epidemic on production capacity.”

Chai Daixuan, director of CIC insight consulting, said that there are two important factors in BYD’s anti overtaking this time. On the one hand, BYD announced in April this year that it would stop selling fuel vehicles and focus on the production of new energy vehicles. It is the first automaker in the world to announce that it would stop selling fuel vehicles.

“BYD’s policy has a positive impact on both internal enterprises and consumers. Internally, enterprises can focus on resources in the field of new energy. For external consumers, this has also strengthened their trust in BYD’s new energy vehicles, contributing to the sharp rise in sales of BYD in the second quarter of this year.”

On the other hand, the impact of the epidemic on Tesla is obvious. Tesla’s Shanghai plant was shut down for quite a long time during the epidemic this year, which led to a rapid reduction in Tesla’s delivery rate, thus providing an opportunity for other auto companies to counter oversupply.

But despite the short-term impact of the epidemic, Tesla’s revenue, gross profit margin and the decline of delivered vehicles month on month have exposed the core of its enterprise operation or problems have occurred.

Zhang Xiang, the president of the senior New Energy Vehicle Technology Research Institute, once said in a public speech that it is a high probability event that Tesla will be overtaken by new domestic car makers in terms of sales and delivery in the future.

Zhang Xiang summarized several important reasons. First, Tesla has always adhered to the brand positioning of building popular models to ensure the sales volume of popular models and the business model of high gross profit margin, which has resulted in less product types than its peers. Second, Tesla’s global production capacity. Although Tesla has four factories in the world, in fact, only Nevada and Shanghai factories in the United States have high production capacity. However, the production capacity of its plants in Berlin, Germany and Texas, the United States has not yet completed the acceleration.

Third, “Tesla’s early parts advantages are fading. In the early days, Tesla and Panasonic cooperated to produce ternary lithium batteries, with a density higher than the industry level, and the cost is low because of its high shipment volume. However, with the development of battery technology developed by BYD and other auto companies, the core advantages of Tesla parts are weakening.”

In addition, Tesla’s internal management has also fallen into the storm of layoffs.

As early as June, musk warned that he “felt very bad” about the economic situation, and said Tesla needed to cut about 10% of its staff and suspend global recruitment. Next, the news of Tesla’s global layoffs continued to spread.

According to public reports, since mid June, some Tesla software engineers in California have been laid off for poor performance. On the pulse, there is also news that Tesla China canceled the three online recruitment activities originally planned to be held on June 16, 23 and 30, and the reasons for the cancellation have not been explained.

On July 15, Tesla has decided to cut 229 employees in San Mateo, California, and permanently close an office in the region. It is reported that these employees belong to a very important autonomous driving assistance department.

On the one hand, there is slowing revenue growth and continuous layoffs, on the other hand, there are maturing domestic new power competitors. Will Tesla’s “boss” position be “replaced” by these factors?

“Mixed reputation”

“Mixed reputation” is the intuitive evaluation of Tesla’s old owners of products.

First, I started with model s, and then I started with replacing the old with the new. Xiaoshan, the owner of model x, told Caijing, “I will probably be like a loyal Apple product that can’t take off the powder, and I won’t take off the powder Tesla.”

The reason why Xiaoshan is loyal to Tesla may be closely related to the fact that his self driving once made him “escape”.

Xiaoshan drove Tesla Model x back to Shenzhen from Guangzhou last year at a speed of about 110km / h. Suddenly, a car approached him on the right side of Xiaoshan.

According to Xiao Shan’s memory, the driving speed of that car should exceed 130km / h. However, he didn’t notice the vehicle approaching from the dead corner on the right until the body was very close to Xiaoshan. Fortunately, at that time, Tesla system came from the right side of Xiaoshan crazily. Just when he wanted to see the right rear-view mirror, the autopilot had turned his car to the left, and the car on the right was rubbing against the body of Xiaoshan. “If there was no autopilot, I must have hit it.” Xiao Shan said.

Xiaoshan’s preference for autonomous driving has been recognized by buzz, who is also a Tesla owner and a senior automotive media person. “Tesla’s driving habits, system usage and other energy vehicles will be slightly different. Once such a habit is formed, these consumers will always choose Tesla. Just like Apple users, it is difficult to change Android.”

Buzz further said that Tesla has ushered in a new era of on-board OTA systems. The starting point of this design is consumer demand, not to add some designs that are not practical for operability in order to be cool.

“In addition, Tesla’s software upgrade has also made localized design to meet the Chinese market. For example, Tesla system was not compatible with entertainment software such as Tiktok or KTV at first, but it was compatible after the upgrade.” Buzz added.

With regard to Tesla’s software capabilities, CITIC Securities concluded in its recently released report “looking at the development trend of intelligent electric vehicles from the dismantling of model 3” that “the idea of standardizing automotive hardware and defining cars through software is well displayed. In addition, Tesla also chips some electrified components as much as possible. If a large number of HSD chips are used to replace relays and fuses, they have high reliability and can be programmed.”

Image source / screenshot of CITIC Securities Finance

However, Tesla, an intelligent pioneer, is often criticized by car owners for its lack of intelligence.

“The overall configuration price of my car is 920000 yuan, but the use experience really makes me feel that it is not worth the price.” A model s owner told Caijing.

It is understood that the owner’s model s was purchased around 2019, and the system crashed fiveorsix times in the first year, and the screen suddenly went black while driving. “It makes me feel insecure.”

In addition, the common problem “endurance problem” of new energy vehicles also exists in Tesla. “Although I don’t have statistics, Tesla’s endurance in winter is only half that in summer.” The owner added,

In fact, the auto information platform “chedi” once released a test on Tesla Model s standard endurance capability on Zhihu. The official endurance data of the model s is 490 kilometers. The endurance test results on two road conditions are as follows: first, the road test under the “City + highway” condition, and the final endurance is 306 kilometers. The second is to simulate the road test under the condition of “15 degrees below zero + high-speed” in winter, and the final endurance is only 147.2 kilometers (3% of electricity), that is, only 30% of the official endurance data.

Roast, a model y owner who lives in Northeast China, said, “it’s 110 kilometers to pick up people at the airport in winter. When you go there, about 93% of the electricity is consumed, and only 5% is left when you come back.”

“In fact, system crash, insufficient endurance in extreme weather, and even spontaneous combustion are the ‘common problems’ of new energy vehicles in recent years. However, as the’ ancestor ‘of new energy vehicles, Tesla has a high price and has been continuously marketing its product capabilities. Therefore, consumers will have a lower tolerance for these problems.” Xiao Yu, an auto analyst, said.

Perhaps, as the above car owners said, the product does not meet the psychological expectations of consumers at this price, which is the root cause of all criticism.

SUV or critical?

While being criticized by consumers, Tesla faces industry pressure that cannot be underestimated.

“From the current driving habits of Chinese people, SUV is the most popular model.” Buzz said that this is also why Tesla’s “hot” model y in the domestic market is an SUV.

The data supports Buzz’s statement. Weima automobile has disclosed the growth rate of different models in China in its IPO prospectus. From 2016 to 2021, the compound annual growth rate of SUV has reached 319.3%, while the compound annual growth rate of sedan in the same period is only 59.8%.

Image source / screenshot of Weima prospectus

Although model y has become Tesla’s popular SUV model in China, Tesla seems to be a little inferior in terms of SUV matrix and price diversification.

According to the statistics of autohome, up to now, Tesla has only two SUVs on sale, model y with a price of 316900-417900 yuan and model x with a price of 939900-999900 yuan. Taking the domestic leading new energy vehicle enterprises as an example, BYD sells five SUVs, and the price range ranges from 92800 yuan to 339800 yuan.

The new force of car making “Wei Xiaoli” began to layout SUVs at the beginning of listing.

Among them, the two models currently on the market are SUVs, with a price of 350000-450000 yuan. The price of es8 and ES6 series with high sales volume of Weilai is between 350000 and 600000 yuan. Although Xiaopeng’s speed in SUV is slightly slower than the first two, it already has g3i and will start booking the new SUV G9 in August.

However, although Tesla is indeed inferior to domestic new energy vehicles in terms of the number of models, it does not seem to have “lost” too badly in terms of sales.

According to the public data of the China Travel Service Association, in the first half of 2022, only 630000 BYD vehicles sold far more than 190000 Tesla China vehicles. Wei Xiaoli, which is endowed with a new power in car making, still sold between 50000 and 70000 vehicles in the first half of the year, with a large gap with Tesla.

Source of data / financial mapping of the passenger car Association

Xiaoyu said that in terms of sales, Tesla does have a great advantage over domestic car companies. However, in terms of the growth rate, BYD’s sales volume in the first half of the year has increased by more than 300% year-on-year, and xiaopenghe ideal has also exceeded 100%, while Tesla’s growth rate is only about 50%. “From the data, it can be seen that Tesla’s sales growth is climbing, and domestic car companies can use a variety of SUVs, especially models priced at 300000 yuan or less, to achieve ‘overtaking in corners’.”

Chai Daixuan expressed the same view on this. “The misplaced competition with Tesla at the SUV track is the most favorable positioning for the new forces of car making to create differentiated advantages.”

“In the future, with the continuous upgrading of domestic new power auto enterprises’ own products and technologies, and the gradual strengthening of supply chain capabilities, it may be expected to achieve a comprehensive anti oversupply.” Chaidaixuan added.

Vehicle ecology is the core of “complete victory”

In the Chinese market, it is time for Tesla to feel the pressure.

“From the perspective of the overall layout of the industry, there have been some new forces of car making in China, which have achieved ‘anti surpassing’ to Tesla.” Xiaoyu said to fuel economics, “the competition of car enterprises cannot only depend on the sales volume and model. The layout of supply chain and production ecology is the core of long-term competitiveness.”

Chaidaixuan also said that BYD, for example, like Tesla, has expanded upstream to establish its own three power R & D system; At the same time, it is also laying out downstream, adopting the direct sales model to cross the traditional dealers and build an integrated supply chain on core components.

Chai Daixuan further pointed out that at present, Tesla has automotive, energy production and storage businesses. By comparison, BYD is “better than others” – in the field of new energy, BYD has solar energy, energy storage and other industrial chains; In the field of electronics, BYD developed its own automotive intelligent system.

“Especially in the self-study of the three electric fields, which are very important for new energy vehicles, BYD has surpassed Tesla by virtue of its first mover advantage.”

Chai Daixuan said that BYD is an industry veteran and has been deeply involved in electric vehicle technology for many years. In the three major links of electric vehicles, “battery”, “motor” and “electronic control”, almost all of them have achieved self-development, and the market share of power battery installed capacity has also continued to increase significantly. In contrast, Tesla’s “battery”, “motor” and “electronic control” still rely on external procurement.

However, although domestic new energy vehicle enterprises have certain advantages in the field of three power, Tesla is better in the fields of autonomous driving and intelligent self-development.

“Tesla’s self driving research technology is leading in the world. A very important reason is Musk’s forward-looking technology and earlier layout. When Tesla began to study self driving, this technology was still in the exploratory stage in China.” Buzz admitted.

However, buzz also said that China has made great progress in the self driving technology of energy vehicles in recent years. “From my personal driving experience, the accuracy of Xiaopeng’s self driving has made great progress, including the improvement of the recognition accuracy of pedestrians, vehicles, road edges and other mobile and non mobile animals.”

Zhang Junyi, the managing partner of Aowei consulting and former Weilai capital management partner, said that the layout of advanced technologies such as autonomous driving is an important selling point of Tesla products, but it may not be the selling point of BYD, Wuling and other auto companies. “Therefore, car companies such as BYD only need to ‘not collapse’ at present.”

“Of course, in the long run, the research layout of intelligence and chips is indispensable.” But Zhang Junyi also said frankly that Tesla also has many problems to be solved in the field of automatic driving. Putting aside the technical defects, the unclear regulations on automatic driving are a common problem faced by all new energy vehicle enterprises.

Chai Daixuan added that due to the lack of ability to use Chinese scene data, Tesla’s fully automated assisted driving (FSD), which relies entirely on visual perception, cannot run smoothly through high-speed roads. At the same time, due to national data security requirements, Tesla data in China cannot “go abroad”, which means that Tesla needs to “rebuild” its organization in China to adapt to the Chinese scene.

At the same time, new domestic forces have also made further arrangements in the field of autonomous driving. For example, BYD has established a joint venture with momenta, the top self driving supplier in China, to lay out the field of intelligent driving. Wei Xiaoli is also increasing investment in autonomous driving research and development. Internet enterprises led by Baidu, Xiaomi, etc. are taking advantage of the advantages of artificial intelligence to start from the intelligent field.

In addition to the supply chain and self-developed technology, consumer intelligence is also the advantage of domestic new power car enterprises.

“The deepening of Chinese people’s recognition of domestic brands and the improvement of national pride will add a lot to domestic new energy vehicles.” Xiaoyu bluntly said that as a key area supported by the state, state-owned brands will have greater advantages in factory construction and government cooperation.

But at the same time, Zhang Junyi also pointed out another important problem sharply, “relatively speaking, Tesla is a pure tram enterprise that has been increasing revenue and profits so far.”

Zhang Junyi further analyzed that this is because Tesla has a relatively mature brand influence and self-research strength, so the leverage effect of its fees and costs is more obvious. “How to increase income and profits is an important lesson for domestic energy vehicles in the future.”

Many analysts expressed optimistic views on whether domestic energy vehicles can surpass or even “replace” Tesla in the future.

Zhang Xiaorong, President of the deep science and Technology Research Institute, said that it is possible for domestic cars to reach the level of being side by side with Tesla in the next three to five years. Especially in the domestic power battery and lidar fields, which are more prominent in China, it can even achieve “local anti overload”.

Lin Tao, a senior automotive analyst, also said that the overall “anti overtaking” of domestic cars Tesla is a high probability event, and the only problem is time.

*Buzz, Lin Tao, Xiaoshan and Xiaoyu are pseudonyms in the text.

Self ignition dimension read more: Tesla financial report: Q2 Tesla revenue of $16.93 billion in 2022, a year-on-year increase of 42%. Tesla financial report: Q3 Tesla lost $75million in 2014, an increase of 97% year-on-year. Tesla financial report: Q2 Tesla net profit of $104million in 2020, a year-on-year loss of $38.5 million Tesla financial report: Q3 Tesla revenue of $431 million in 2013, a net loss of $38.5 million Tesla financial report: Q3 Tesla revenue in China in 2021, a year-on-year increase of $3.113 billion 78.5% Tesla financial report: Tesla’s revenue in Q2 2021 was $6.036 billion, a year-on-year increase of 98%. Tesla financial report: Tesla’s loss in Q3 2017 was $619.4 million, which was greater than analysts’ expectations. Tesla financial report: Tesla’s net profit in Q4 2021 was $2.321 billion, a year-on-year increase of 760%. Tesla financial report: Tesla’s net loss in Q1 2019 was $710 million, a year-on-year decrease of 1%. Tesla: Tesla’s profit in 2020 was $721 million. Tesla financial report for the first year: Q 2016 3 Tesla’s delivery volume increased by more than 70% month on month. Tesla financial report: 2014 Q4 Tesla net loss of $100million, year-on-year expansion Tesla financial report: 2016 Q3 Tesla net profit of $22million, year-on-year turnaround Tesla financial report: 2016 Q2 Tesla net loss of $293million, year-on-year expansion of 59% Tesla financial report: 2016 Q2 Tesla shipment of 14370 vehicles was lower than expected

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