Home » What’s new in Tesla’s earnings report! Revenue and net profit hit a record high, but Bitcoin can’t play it anymore_model

What’s new in Tesla’s earnings report! Revenue and net profit hit a record high, but Bitcoin can’t play it anymore_model

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Original title: What’s new in Tesla’s earnings report!Revenue and net profit hit a record high, but Bitcoin can’t play

[Smart Car Pie]Tesla has made another financial report. Like the performance of previous quarters, the figures on Tesla’s earnings report this time are even more eye-catching.

On October 21, Tesla announced the third quarter of 2021 financial report. According to data, Tesla’s quarterly revenue was US$13.76 billion (approximately RMB 88 billion), a year-on-year increase of 57%; net profit was US$1.618 billion (approximately RMB 10.3 billion), a surge of 389% year-on-year, operating profit margin Up to 14.6%. This is the 9th consecutive quarter that Tesla has achieved profitability.

In the past two years, Tesla’s electric vehicles have been reducing prices as a whole. According to relevant statistics, from October 2019 to October 2020, Model 3 has dropped five times in one year, causing many Tesla owners to complain. But Tesla is very happy because sales of electric cars are steadily increasing while prices are being cut.

Tesla’s road to price cuts has not yet come to an end. The financial report shows that in the near future, the standard battery life version Model 3 and Model Y will all switch to lithium iron phosphate batteries. As we all know, compared with ternary lithium batteries, lithium iron phosphate batteries have advantages in terms of safety and price. Tesla’s move is obviously to further control the cost of electric vehicles. This means that there is room for further price reductions in Tesla electric vehicles equipped with lithium iron phosphate batteries in the future.

Tesla Model Y

Despite the price cuts of Tesla’s electric vehicles, through the financial report, Tesla’s profit in the third quarter has soared. Its net profit reached 1.618 billion US dollars, a year-on-year increase of 389%. You should know that in the third quarter of this year, in addition to lowering the average selling price of Tesla’s cars, there are also increased operating expenses, reduced point income, and Bitcoin impairment. If these are not enough to offset the profits made by the electric vehicle business, it can only show that Tesla’s electric vehicles are too good to sell.

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In fact, Tesla’s electric vehicles did “kill mad” this quarter. According to the latest financial report, in terms of vehicle delivery, Tesla produced 237,823 vehicles in the third quarter and delivered a total of 241,300 vehicles. Among them, the output of Tesla Model 3 and Model Y was 228,882, and the delivery was 232,025; the output of Model S and Model X was 8,941, and the delivery was 9,275. It is worth noting that Model 3 has become the fastest selling electric car in history, with more than 24 sold per hour.

This is because the scale of production and sales of Tesla cars is constantly improving, the most obvious of which is the strong output of the Shanghai Super Factory. According to data from the Passenger Association, after the transformation of the Shanghai factory into a major automobile export center, Tesla’s August wholesale sales soared to 44,264 vehicles (including 31,379 vehicles exported), an increase of 34% from the previous month. At the same time, the cost of Tesla’s electric vehicles is constantly compressing. It is these two factors that have driven Tesla’s profits soaring.

Selling cars and buying insurance, what does Tesla do?

Tesla’s idea of ​​selling insurance began in 2019, and at the time it also attracted criticism from Buffett, who believed that Tesla’s entry into the insurance industry has a similar success rate to that of insurance companies’ entry into the automotive industry.

car insurance

In early October of this year, Tesla launched its telematics insurance product for the first time in Texas, announcing that Tesla has officially entered the insurance industry. Now, Tesla has launched a “safety score” function, which will be used in its telematics insurance products. It can be seen that Tesla’s insurance system is slowly being established.

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Tesla has seen a lot of the drawbacks of traditional auto insurance. CFO Zach Kirkhorn said when interpreting the financial report that the data that can be collected by the insurance pricing tools of traditional car companies is limited and inaccurate. It makes some car owners bear excessive insurance costs. Tesla Think this is unfair. Indeed, the price of traditional car insurance is calculated by the insurance company based on the pricing of the car model, the age and gender of the car owner, and it cannot accurately identify the difference between car owners.

From the perspective of the car owner, this is reasonable, but from the perspective of Tesla, the huge prospects of the auto insurance industry may be the key. It is the traditional auto insurance that has the above-mentioned problems, so the average profit rate of auto insurance is generally not high. Tesla’s approach is to differentiate insurance, that is, tailor-made auto insurance products for users based on vehicle usage time, mileage, driver behavior and other indicators, and different prices have different insurance coverage. Tesla believes that this new auto insurance product is more profitable than traditional auto insurance products.

Tesla

Seeing this, we also understand that the biggest reason for Tesla’s entry into the insurance industry is actually driven by its huge profits. According to related news, Tesla’s auto insurance products are 30% to 40% lower than current auto insurance, which can generate more revenue for Tesla.

In fact, Tesla has the confidence to gain a foothold in the auto insurance industry. Tesla is not a traditional car manufacturer, it is one of the few new energy car companies that can integrate vehicle data. Therefore, the data that Tesla can mobilize is much richer than that of traditional insurance companies. If Tesla’s insurance products and traditional insurance products are placed in front of car owners, the results can be imagined.

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Bitcoin is devalued, can’t play with coins?

After the announcement of the third quarter earnings report, Tesla may only be secretly sad by Musk, because Tesla’s Bitcoin was impaired during the quarter. According to the financial report, Tesla’s bitcoin-related assets were impaired by $51 million in the third quarter, but it did not sell any digital assets.

Musk

This is completely different from what Tesla reported in the first quarter of this year.

In the first quarter of this year, Tesla’s profits were not reflected in the electric car business, but in Bitcoin. In February of this year, Tesla purchased $1.5 billion in Bitcoin. Since then, Tesla has brought in $101 million in revenue through the sale of 272 million Bitcoin assets, which has driven Tesla’s net profit growth. Of course, Tesla’s net profit in the first quarter was driven more by selling carbon credits. If you don’t sell carbon credits and bitcoin, Tesla’s net profit for the quarter is actually a negative number. In the third quarter, Tesla’s electric car business completely “bringed” Bitcoin.

Bitcoin

In fact, in the second quarter of this year, Tesla’s bitcoin assets have been impaired by $23 million, and this figure has further expanded in the third quarter. Perhaps it was because of the volatility of Bitcoin that Musk decided not to play currency, so he drastically reduced his holdings of Bitcoin.

But what is quite dramatic is that shortly after Tesla’s financial report was announced, the price of Bitcoin broke through $66,000, creating the highest price in history. If Musk did not reduce his holdings of bitcoin assets, calculated at the current price of 65,000 US dollars per coin, the total value of Tesla’s initial holdings of US$1.5 billion in bitcoin would approach US$3 billion, a growth rate close to 100%.Return to Sohu to see more

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