Nope, EV credits were higher for Q4. So when that is taken into account, gross margin very slightly declined.
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Tesla, TSLA & the Investment World: the Perpetual Investors' Roundtable
- Thread starter AudubonB
- Start date
MTL_HABS1909
Active Member
Strange that there’s no talk of Semi in the slide deck, just a picture at the end.
It sounds like they started producing Y's in Austin in 2021 for customers where as the wording for Berlin is clearly sounding like tests.
US: California and Texas
Builds of Model Ys started in late 2021 at Gigafactory Texas. After final certification of Austin-made Model Y, we plan to start deliveries to customers. Fremont factory achieved record production in 2021. We believe there is potential to extend overall capacity beyond 600,000 per year. We aim to maximize output from our Fremont factory while ramping new factories.
Europe: Berlin-Brandenburg
Equipment testing through the vehicle production process started late 2021. We are still in the process of finalizing the manufacturing permit from local authorities, which will allow us to start delivering German-made vehicles in Europe. These first vehicles will be built using 2170 cells
US: California and Texas
Builds of Model Ys started in late 2021 at Gigafactory Texas. After final certification of Austin-made Model Y, we plan to start deliveries to customers. Fremont factory achieved record production in 2021. We believe there is potential to extend overall capacity beyond 600,000 per year. We aim to maximize output from our Fremont factory while ramping new factories.
Europe: Berlin-Brandenburg
Equipment testing through the vehicle production process started late 2021. We are still in the process of finalizing the manufacturing permit from local authorities, which will allow us to start delivering German-made vehicles in Europe. These first vehicles will be built using 2170 cells
Excluding EV credits GM was 29.2% compared to 28.8% in Q3
bkp_duke
Well-Known Member
Rob Maurer says OpEx increase is a one-time due to taxes on Elon's recognized 2012 options package, etc. Should be one-time, not actually part of the cost of production, which would have shown up as lower margin on vehicles.
Knightshade
Well-Known Member
Elon told us back in November he'd be on the call-- thought this was already covered earlier?
Not sure what you're looking at. Auto Margin ex-credit was 29.2% in Q4 and 28.8 in Q3. See page 33 of the deck.
Auto Margin inc. credit was also higher in Q4 (30.6% versus 30.5%).
ZachF
Active Member
If you back out the credits margin increased from 28.82% to 29.18%
RobDickinson
Active Member
They've guidance on record that the Semi wont be doing anything in volume until 2023? Do they need to say that again?
Rob Maurer calculates P/E at 187 with current price and 4Q EPS
edit : he also said this is the lowest in Tesla's history
edit : he also said this is the lowest in Tesla's history
Last edited:
Yup, sorry my bad on the gross margin. Ignore my comment
RobDickinson
Active Member
I think that was pretty well established already. Austin gets the Kato road cells and Berlin has to wait until local production is up.
The Accountant
Active Member
Positive Points I see thus far:
- If you exclude the one-time payroll taxes for the CEO options exercised, you get to $2.84 Non-GAAP EPS
- Free Cash Flow of $2.8B - this is truly amazing
- With the Cash Flow, Tesla paid down debt by $1.5B and increased cash by $1.5B
- It looks as if all tranches of the CEO award have now been deemed "probable" - going forward in 2022, there is a small amount remaining to be expensed - about $30m
- If you exclude the one-time payroll taxes for the CEO options exercised, you get to $2.84 Non-GAAP EPS
- Free Cash Flow of $2.8B - this is truly amazing
- With the Cash Flow, Tesla paid down debt by $1.5B and increased cash by $1.5B
- It looks as if all tranches of the CEO award have now been deemed "probable" - going forward in 2022, there is a small amount remaining to be expensed - about $30m
TheTalkingMule
Distributed Energy Enthusiast
So what's EPS without that big one-time tax hit? $2.7 or more?
If so, all other details are a home run IMO. This should eventually be blastoff if guidance is at all detailed rather than "somewhere around 50%". I think Zach knows this and hopefully will give a 2022 or at least 1Q figure.
I reeeeeeaaally hope some big boys are deeply short right now.
If so, all other details are a home run IMO. This should eventually be blastoff if guidance is at all detailed rather than "somewhere around 50%". I think Zach knows this and hopefully will give a 2022 or at least 1Q figure.
I reeeeeeaaally hope some big boys are deeply short right now.
The Accountant
Active Member
I computed $2.84
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