Tesla falls despite earnings smasher as supply chain issues crimp full growth story
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Tesla (NASDAQ:TSLA) trades lower despite topping estimates with revenue growth of 65% Y/Y to $17.7B. The EV giant may have rattled investors by noting that its factories have been running below capacity for several quarters with the supply chain being the main limiting factor. That partial headwind is seen continuing in 2022.
The company racked up $2.3B in GAAP net income during the quarter and $2.9B in non-GAAP net income.
The automaker reports it produced 305,840 vehicles in Q4 (+70% Y/Y) and delivered 308,650 vehicles (+71%).
Operating margin was 14.7% of sales to improve from last month and top analyst expectations. Automotive gross margin came in at 30.8% vs. 30.5% last quarter and the consensus mark of 29.9%.
Production update: Tesla (TSLA) says the company is still in the process of finalizing the manufacturing permit from local authorities for the Berlin gigafactory, which will allow it to start delivering German-made vehicles in Europe. After the final certification of Austin-made Model Y, Tesla plans to start deliveries to customers from that new gigafactory.
Solar deployments of 85 MW were down 1% in Q4 compared to last year.
As far as deliveries guidance, the electric vehicle juggernaut sticks with a multi-year deliveries view for 50% average annual growth. Of note, TSLA expects hardware-related profits to be accompanied with an acceleration of software-related profits this year.
Tesla (TSLA) ended the quarter with a cash position of $17.6B. Total debt excluding vehicle and energy product financing fell to $1.4B at the end of 2021.
Shares of Tesla (TSLA) are down 2.51% in after-hours trading to $913.88. The all-time high for Tesla is $1,243.49.
The conference call is scheduled for 5:30 p.m. ET and could feature more details on the production timeline.
Sector peers in after-hours trading: Lucid Motors (NASDAQ:LCID)
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