Tesla beats by $0.18, beats on revs, automotive gross margin up 648 bps yr/yr, continues to expect to achieve 50% average annual growth in vehicle deliveries over multi-year horizon (937.41 +19.01)
- Reports Q4 (Dec) earnings of $2.54 per share, excluding non-recurring items, $0.18 better than the S&P Capital IQ Consensus of $2.36; revenues rose 65.6% year/year to $17.72 bln vs the $16.65 bln S&P Capital IQ Consensus.
- Automotive gross margin up 648 bps yr/yr to 30.6%.
- Energy storage deployments increased by 32% YoY in 2021, mainly driven by strong Megapack deployments. As demand remains substantially above capacity, growth has been limited by supply.
- Solar deployments were 345 MW in 2021, increasing by 68% YoY, with cash/loan purchases accounting for nearly all solar deployments. Solar Roof deployments nearly tripled YoY in 2021 and continued to grow sequentially in Q4.
- "We aim to increase our production as quickly as we can, not only through ramping production at new factories in Austin and Berlin, but also by maximizing output from our established factories in Fremont and Shanghai. We believe competitiveness in the EV market will be determined by the ability to add capacity across the supply chain and ramp production..."
- Outlook: "We plan to grow our manufacturing capacity as quickly as possible. Over a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries. The rate of growth will depend on our equipment capacity, operational efficiency and the capacity and stability of the supply chain. Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through 2022.