Lack of capacity and shortage of funds: how does Tesla get out of the predicament?

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 Lack of capacity and shortage of funds: how does Tesla get out of the predicament?


Wen Yi Xiao Yi What is the disclosure of the newspaper? In May 3rd, Tesla released its first quarter results in 2018. The following intelligent bacteria for the analysis of the focus of financial report: 1, total revenue is up to a new high, and electric vehicle revenue accounts for 80%. Earnings report shows that Tesla Q1 total revenue of $3 billion 409 million, not only higher than the same period last years $2 billion 696 million, but also set a companys single quarter revenue records. 2, the loss surface has been expanded by more than two times Despite its record high revenue, Tesla Q1 is still losing money. In spite of the earnings of $456 million, Q1s operating expenditure exceeded $1 billion, plus other spending, which directly led to a net loss of $785 million for Teslas Q1 (the net loss attributable to common stock holders of $710 million), much higher than the net loss of $372 million in the same period of the year. The net loss to the common shareholders is US $330 million. 3, a total of nearly 30 thousand cars sold, Model3 gross margin is negative. Tesla Q1 sold 29997 cars, including 21815 ModelS/X and 8182 Model3. From the vehicle type, the gross profit margin of ModelS and ModelX has exceeded 25%, but the gross profit of Model3 is still negative. The final result is that under the generally accepted accounting standards, the gross profit margin of Q1 for Tesla motor business is 19.7%, while the non-public accounting standard is 18.8%. There is no doubt that Tesla must rapidly increase its Model3 capacity and gross profit margin in a short period of time if it wants to turn a profit this year. The good news is that Model3s weekly capacity has exceeded 2000 units for three consecutive weeks. What is the most anxious thing about musk? However, the conference could be called the most embarrassing moment, and not only did he refuse to answer the analysts questions, but also the analyst, who had not finished the conference. Next, the intelligent fungus combs the contents of the conference call to help you find out the most anxious place of musk. At a finance conference call, Mr musk said tteslas capital expenditure was less than $3 billion this year, while analysts asked that Teslas capital expenditure was $3 billion 400 million last year, and this year it would have to be reduced, worrying that such disbursement would have a negative impact on tteslas productivity growth. Tesla CFODeepakAhujas answer is that there is room for further reductions in Teslas capital expenditure. The analyst then asked for more detailed planning. But suddenly the signal was cut off and then came to Musks voice: sorry, next question. The problem is too bad (notcool). What is the next question? The scene was once very embarrassing. This reflects to some extent that musk is afraid of talking about capital expenditure, and also shows that Teslas funds are relatively tight at present. It is reported that Tesla has a cash reserve of $2 billion 700 million, a quarterly operating expenditure of $398 million and a net loss of $785 million, and Bloomberg analysts said it would be difficult to survive the end of this year if Tesla did not carry out additional financing. However, musk still insists that Tesla does not need financing at present. 2, refuse to answer Model3 delivery problem, capacity is still the biggest bottleneck. Therefore, Model3s capacity is still the biggest bottleneck for Tesla now. Although the current Model3 has been more than 2000 units per week for three weeks, Tesla has received more than 450 thousand orders for Model3, even though Tesla has reached 5000 per week at third and four seasons this year, and it is difficult to digest so many orders in a short period of time. How does Tesla and musk get out of the plight? 1. Rapidly increase the capacity of Model3 to 5000 stations If we analyze the capacity problem of Model3, the most important thing is overconfidence in automatic production. This is the view expressed in Teslas earnings. Because of the high cost of human cost in the United States, musk wants to automate the production of the Tesla car, but full automatic production is not so mature, and it is in trouble in battery module packaging and assembly. The capacity of Model3 has not been up to date, and it has been unable to deliver, and gross profit margins have always been negative. In the critical moment, musk entered the factory, presided over the adjustment of the production process, turned the production line to semi automation, and the man-machine collaboration made the production a lot easier. However, musk insisted that this is still temporary, and finally to fully automated production. Tesla will continue to build a new automated production line at the Gigafactory plant. If it can solve battery module packaging and assembly problems, the production efficiency of Tesla Model3 will be greatly improved. In the conference call, Mr musk said that at the end of the two quarter, the capacity of Model3 should be increased to 5000 vehicles per week. In this way, this is also the key to achieving a positive cash flow in the three quarter in the fourth quarter. 2. Building a factory in China and betting on the Asia Pacific market In a conference call, Mr. musk confirmed that the next super factory in Tesla will be built in China, and it still lies in the details of the Chinese government, where the location of the plant is to be announced in the next quarter. It can be confirmed that Teslas super factory in China will also have the capacity to produce batteries and electric cars. The industry generally believes that Tesla will be the biggest beneficiaries of Chinas auto joint venture than the open policy. It is noteworthy that Mask said Ren Yuxiang will succeed JonMcNeill as president of Tesla Asia Pacific region. That is to say, Tesla will strengthen its sales in the Chinese market. 3. Tesla began to reorganize in May In order to solve the problem of too fast, low production and difficult profit facing Tesla, Mask said that the company will be reorganized in May to achieve profit goals. However, musk did not reveal details about the restructuring plan, but pointed out that the company was overdependent on third party suppliers and had lost control of the number of the third party contract firms. Mask said Tesla will reassess the qualifications of these contractors to ensure that they comply with Teslas production standards, otherwise they will terminate the contract. 4. The next electric car ModelY Teslas next vehicle is ModelY, which is expected to start mass production in 2 years. To be sure, the ModelY vehicle architecture will be more integrated, less wiring harness and more advanced electrical architecture. The so-called design and manufacturing system will be far superior to Model3. Mask said that as the Fremont factory is saturated, ModelYs production will be built, the new site will be announced before Q4 this year, but it will not exclude the production of ModelY in a new factory in China. Finally, I hope MADIS musk can complete his self salvation at an early date. Pay attention to NetEase intelligent public address (smartman163), to interpret the big events, new ideas and new applications of large companies in AI field. Source: NetEase intelligent responsible editor: Pan Qingqing _NBJS5830 To be sure, the ModelY vehicle architecture will be more integrated, less wiring harness and more advanced electrical architecture. The so-called design and manufacturing system will be far superior to Model3. Mask said that as the Fremont factory is saturated, ModelYs production will be built, the new site will be announced before Q4 this year, but it will not exclude the production of ModelY in a new factory in China. Finally, I hope MADIS musk can complete his self salvation at an early date. Pay attention to NetEase intelligent public address (smartman163), to interpret the big events, new ideas and new applications of large companies in AI field.