Tesla Posts Q4 Earnings, Record Revenue On Record Deliveries, Losses Continue
Tesla previously reported its Q4 deliveries, so this release today is focused more on financials and earnings. A bit less interesting than that SpaceX launch and the Roadster in outer space, but important nonetheless.
To recap on the delivery front, which is of more interest to us than money-making or lack thereof, Tesla previously stated:
“In Q4, Tesla delivered 29,870 vehicles, of which 15,200 were Model S, 13,120 were Model X, and 1,550 were Model 3. This was once again our all-time best quarter for combined Model S and X deliveries, representing a 27% increase over Q4 2016, and a 9% increase over Q3 2017, our previous best quarter.”
“In total, we exceeded our previously announced guidance by delivering 101,312 Model S and X vehicles in 2017. This was a 33% increase over 2016.”
“In addition to Q4 deliveries, about 2,520 Model S and X vehicles and 860 Model 3 vehicles were in transit to customers at the end of the quarter. These will be counted as deliveries in Q1 2018.”
“During Q4, we made major progress addressing Model 3 production bottlenecks, with our production rate increasing significantly towards the end of the quarter. In the last seven working days of the quarter, we made 793 Model 3s, and in the last few days, we hit a production rate on each of our manufacturing lines that extrapolates to over 1,000 Model 3s per week.”
2018 will surely be a delivery record year for Tesla, now that Model 3 volume and sales are increasing quite rapidly.
Our Scorecard details Tesla sales in the U.S. If those figures are of particular interest to you, then check them out here.
Moving on to financials, expectations leading up to the official announcement were that Tesla was expected to report an adjusted loss of $3.19 a share on revenue of $3.2 billion in the quarter.
Tesla’s actual reported results are:
- Revenue of ~$3.3 billion
- Loss of $3.04 per share (non-GAAP)
- Loss of $4.01 per share GAAP
- Net loss of $675 million
Comparatively, Q3 2017 results were:
- Revenue of ~$2.9 billion
- Loss of $3.70 per share GAAP
Some additional reported highlights include:
- Net Model 3 reservations increasing
- Upcoming autonomous coast-to-coast drive will showcase a major leap forward for our self-driving technology
- We continue to target weekly Model 3 production rates of 2,500 by the end of Q1 and 5,000 by the end of Q2.
Tesla adds this statement in regards to Model 3 production:
“What we can say with confidence is that we are taking many actions to systematically address bottlenecks and add capacity in places like the battery module line where we have experienced constraints, and these actions should result in our production rate significantly increased during the rest of Q1 and through Q2,”
We’ll have more details when the call wraps up, so stay tuned for some additional juicy info later this evening.
Full release from Tesla posted below: