Tesla's Earnings

A quick and visual overview

Hi

Before we go to Tesla’s earnings, if you don’t want to miss these updates, they are free.

Tesla announced its earnings tonight. I decided to share a very quick visual overview with you. Here is the income statement visualized:

Tesla also provides great graphs and I will share the most important here for you.

To me, this shows the financial story of Tesla in one great chart.

As you can see, while the ASP, the average selling price, went down considerably, the operating margins increased enormously, from negative 13% to positive 17.33% in 2022 or 16.8% on a GAAP basis.

That’s also why I think the recent panicky messages that Tesla has lowered its prices considerably don’t scare me: they have done that consistently, although the ASP in 2022 was up slightly, probably because of inflation.

This is another interesting graph.

As you can see, Tesla’s market share of the total vehicles keeps increasing.

Another very interesting graph is about energy storage capacity.

From my research on Stem, which I used to own, I know that Tesla is one of the biggest if not the biggest producer of energy storage solutions. I have the feeling that this part of Tesla is completely ignored, but it’s growing fast. In Q4, the energy storage capacity deployed in MWh was up 152% YoY.

Tesla could deliver more vehicles than ever before, 405,278 to be precise.

If you still think that Tesla is a money-losing company, like many still seem to do, just look at this chart. It shows Tesla has more than double the operating margin of the car industry.

In 2021, Tesla set a goal of increasing vehicle deliveries by 50% per year. They have exceeded that goal so far.

To round off this very short and visual overview of the earnings, Tesla had a good quarter. Initially, the stock was flat after hours, but it’s up about 5% now.

This is a quarter where you will hear ‘macro headwinds’ in many earnings calls, but despite this, Tesla chalks another good quarter.

In the meantime, keep growing!

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