Tesla dazzles analysts with profit marks, Austin ramp and 4680 developments
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Tesla (NASDAQ:TSLA) is down slightly in premarket trading after its earnings topper is offset in part by a warning that supply chain issues will linger in 2022. Shares of TSLA are off 0.79% to $930.00. Looking at the setup for the year, the early reaction from analysts is largely positive on the report.
Evercore ISI analyst Chris McNally points to the "clean" beat on gross profit and EBIT after factoring out SBC/credits and the CEO payroll tax impact. He also notes that guidance for 50% to 60% unit growth implies deliveries of more than 1.4M units, which is above consensus expectations.
Wedbush analyst Dan Ives thinks that TSLA's quarter's deliveries would have been roughly 10% to 12% higher if not for the lingering supply chain and logistics issues globally. "Importantly, Tesla confirmed builds of Model Y started in late 2021 at Giga Austin in line with our thoughts, with deliveries to customers starting once final certification is achieved," he notes.
Morgan Stanley analyst Adam Jonas: "Tesla was already the most profitable major auto company in the world, but is now emerging as the most cash flow generative auto company in the world (pound for pound) as production costs may be in position to further gap down with the introduction of new plants and radically new manufacturing techniques."
Elon Musk announced on the conference call that the company's 4680 batteries will be delivered and that production ramp has started at the new Gigafactory in Austin, which are called game changes by Ives.
Read the full Tesla conference call transcript