[Financial Summary] Tesla warns of a slowdown in sales this year! Full-year profit falls for the first time since '17
![[Financial Summary] Tesla warns of a slowdown in sales this year! Full-year profit falls for the first time since '17](https://sgsnsimg.moomoo.com/feed_image/181250687/d676cdb0fe9a3f3da91a66257a075c93.png/bigmoo)
Major US electric vehicle (EV) $Tesla (TSLA.US)$Financial results for 2023/10-12 (fourth quarter) were announced after local closing on the 24th.Profit for the full year of '23 fell for the first time since 2017. Earnings per share and sales for the fourth quarterIt fell short of market expectations. Also, as efforts are being made to introduce next-generation cars this year, the number of units sold will increaseThere is a possibility that it will slow down drasticallyand warned,Specific targets for the number of cars delivered have not been presentedTherefore, stock prices are traded overtime after closingOver 6% at one timeHas the company's stock declined since the beginning of this yearabout 16%It has depreciated. Regarding the new model car following Cybertruck, Mr. Musk said at the financial results briefing, “Tesla is working on the development of next-generation models, and at the momentProduction began in the latter half of '25I'm predicting it,” he said.
Fourth quarter sales rose 3% to $25.17 billion.The lowest increase in over 3 yearsBiIt became. Earnings per share were $0.71.Sharp decrease of 40% compared to the same period last yearI did it. Both fell short of market expectations. The company reported a decline in profitability for the October-12 fiscal year, discountYaResearch projects on artificial intelligence (AI), etc.、Other costs associated with introducing cybertrucks, etc.It is explained according to
The gross profit margin was 17.6%Low levels since 2019Then, it fell below analysts' expectations of 18.1%. Operating profit was 2,064 billion dollars, down 47% from the same period last year. The deterioration in profitability due to price cuts has not stopped, and difficulties in mass production of the new model “Cybertruck” have also become a burden for improving profits. The operating margin was 8.2%, down 7.8 points from 16% in the same period last year. There was an improvement from the 23/7-9 fiscal year (7.6%), but it is less than half of the peak for the 22/1-3 fiscal year (19.2%).
The average EV unit price for the 23/10-12 fiscal year (calculated by dividing sales in the automobile division by the number of EVs sold) was approximately 44,500 dollars, down 15% from 1 year ago. Global sales volume increased 20% to 484,507 units, but the growth rate slowed from a 31% increase in the same period last year. Compared to the 27% increase in the previous quarter, it also fell 7 points.
Earnings per share for the full year of '23 were $3.12, down 23% from a record high of $4.07 in 2022. Adjusted EBITDA (profit before interest payment, before tax, before depreciation) was 16.6 billion dollars, 13% lower than 19.2 billion dollars in '22. However, net profit growth was sluggish, but sales for the full year of 2023 were 96.8 billion dollars, 19% higher than the previous year, which was a record high.
By sector, sales in the automotive sector reached 82.42 billion dollars, up 15% from 2022. The energy division, which sells solar power generation and energy storage systems, is smaller in scale than Tesla's core business, but sales increased 54% to 6.0.4 billion dollars, making it the center of financial results. Tesla's revenue from “services and others” was 8.32 billion dollars, up 37% from the previous year.
The company is currentlyIs in between two waves of increased salesIt showed that point of view. The first wave was due to the release of the “Model 3” in 17 and the “Model Y” in 20, and it is said that the second wave will begin in the future depending on next-generation car bodies.The increase in sales volume in '24 is significantly lower than in '23It suggested the possibility.
Also, this time, the companySpecific car delivery targets were not presented. That's unusual. Analysts say the company's sales volume this year is 2.2 million units, which is higher than in '23about 20%I expect it to increase. This is a long-term goal Musk set about 3 years agoIt is well below 50%。
Delivery and production of CybertruckExpected to increase in the full year of 24. According to the company, the increase in Cybertruck production will take longer than other models, and the current production capacity has reached 125,000 units or more per year, but the number of pickup trucks that have already been sold has not been disclosed. Cybertruck production of 250,000 units per year is expected to be monetized, but how will Chief Executive Officer Elon Musk (CEO) achieve thisAfter 25It is said that it will become
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Regarding the new model car following Cybertruck, Mr. MuskLow-cost mass-produced EVsIt indicated a policy to introduce it. The intention to launch low-cost EVs with prices starting at 25,000 dollars has also been previously expressed, and they are aiming to reduce manufacturing costs in half and develop EVs that can earn profits even at low prices. The new model will help renew Tesla's lineup and is expected to appeal to a new customer base.
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“If the number of units sold falls, Mr. Musk will probably cut prices and secure market share. There is a possibility that profit margins will continue to struggle for a while,” said Gary Bradshaw, portfolio manager at Hodges Capital Management
“The flat sales and drastic decline in profit margins once again showed that Tesla is losing its advantage as a leader and that brand leadership is weakening,” said Greg Silverman, global director in charge of brand economics at Interbrand
“I don't think the price reduction is over. The main reason is that demand for EVs is still weak.” Jesse Cohen, senior analyst at Investing.com
Source: MINKABU, Nihon Keizai Shimbun, Bloomberg, Reuters
This article uses automatic translation for some parts
ー MooMoo News Sherry
This article uses automatic translation for some parts
ー MooMoo News Sherry
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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ありがとう星 : EVs aren't... TOYOTA sees the future
181732735 : This summary is so easy to read!
TESLA Optimus : It would be nice if profits were reduced and spent on research and development. You don't have to pay taxes. Why are they selling stocks? Now is the time to buy it, right?
pinkotu : Even if the original car manufacturer says they will expand their market share because sales have not progressed, those who don't buy it now are waiting for the original. Me too. If Toyota takes it seriously, I think the situation will completely change. Can they beat Benz, BMW, VW, Toyota, Honda, GM?