Shulou(Shulou.com)11/24 Report--

On October 20, Tesla, a US electric car manufacturer, released its results for the third quarter of fiscal year 2022 after trading on Wednesday local time. According to the financial report, Tesla's total revenue in the third quarter was $21.454 billion, up 56% from the same period last year, while net profit was $3.292 billion, up 103% from the same period last year. Tesla said that the production capacity and delivery volume of electric vehicles reached a single-quarter high in the third quarter.

After the announcement, Tesla chief executive Elon Musk (Elon Musk), chief financial officer (Zach Kirkhorn) and investor relations director Martin Martin Viecha and other executives attended the earnings conference call to introduce the company's third-quarter results and answer questions from investors and analysts.

Musk first reviewed the company's financial data for the third quarter. He said Tesla is looking forward to continuing to break the record in the fourth quarter. "God bless us, it looks like we're going to have an epic end," Musk said. "

Musk noted that production at the Fremont, Calif., plant hit an all-time high in the third quarter and continued to rise. He believes that the Fremont plant is already one of the most productive car manufacturing plants in the United States.

He thinks the artificial intelligence day held by Tesla in 2022 is a great success. As a recruitment campaign, artificial Intelligence Day played a role, Musk said. "We see a lot of world-class people submitting resumes."

Musk reiterated that Tesla's goal is to achieve a wide release of the beta FSD system by the end of this year. "this quarter, we expect the FSD system to be released on a large scale in the North American market." Musk said the large-scale release of FSD will take place in about a month. He also stressed that according to Tesla's data, it is safer for users to use FSD when driving Tesla's car than when they are not using it.

Musk stressed the strong demand for Tesla electric cars and refuted fears that the company had some kind of demand problem. He said that Tesla is working hard to deliver every electric vehicle produced, and the operating profit margin has been maintaining a strong growth momentum.

Musk revealed that Tesla is likely to carry out a total of about $5 billion to $10 billion in share buybacks. He also stressed that the most important thing is to focus on the long-term trend of Tesla. Even if the company encounters resistance in the short term, the long-term outlook is still very bright.

Musk said he firmly believes that Tesla can far exceed Apple's current market capitalization. "now everyone thinks we can far exceed Apple's current market capitalization," he said frankly. I think Tesla's market capitalization may exceed the market capitalization of Apple and Saudi Aramco combined. "

"this is a very exciting future, an unprecedented future," Musk said. Tesla's success is due to the company team. "you guys are amazing. You made everything possible."

Kirkhorn, the company's chief financial officer, also spoke, saying that operating costs at the Berlin and Texas superfactories had reduced Tesla's profit margins in the third quarter. He stressed that every electric car produced by the Berlin and Texas superfactories contributed greatly to Tesla's overall car sales.

Mr Kirkhorn said Tesla Energy also recorded its best gross profit ever, mainly driven by the Megapack battery pack business. Despite supply chain risks, Tesla hopes to achieve about 50 per cent growth this year, says Mr Kirkhorn.

Then Tesla executives began to answer questions from investors and analysts.

The first is the question of investors about the inflation reduction bill. Musk said that whether it is electric vehicles or energy products, Tesla believes he can meet the requirements of the bill. "We do want to meet the requirements of the IRS," Musk said. "

Investors also mentioned the backlog of Tesla's vehicles and the delivery of orders. Musk said that Tesla is confident to maintain a strong growth momentum in the fourth quarter. He admitted that although the company's production has increased by as much as 50% a year, delivery has not increased, mainly because there are not enough vehicles to transport these offline vehicles, after all, there is too much logistics to consider.

Referring to Tesla's 50 per cent annualised growth rate, Mr Musk replied: "as far as we know, Tesla will continue to grow." When asked what other products will be available in the future, Musk joked that he wouldn't talk about it. Theoretically, he could, but he wouldn't talk about it.

Musk stressed, "at Tesla, we have been committed to continuous improvement."

Investors asked about Germany's energy crisis and whether it would affect the planned plans of the Berlin superfactory. Kirkhorn replied that Tesla did not think the crisis would affect the Berlin superfactory. "We will wait and see," he said. "

Investors also asked about the pricing and final design of cyber electric pickup trucks. When investors asked when they would get a beta version of the cyber pickup, Musk made a joke. However, Tesla executives said, "the Texas Super Factory is preparing for the launch of cyber trucks."

Musk mentioned that Tesla Semi electric trucks could also be delivered around December 1. The Semi will not sacrifice any cargo capacity and will have a range of 500miles under full load, he said. Tesla's goal is to produce 50, 000 Semi trucks in the North American market.

Musk took the opportunity to joke that "heavy trucks obviously don't need hydrogen."

Some investors asked about the progress of the increase in battery capacity in 4680. Tesla executives point out that battery production is actually going well. The focus now is to further reduce costs and further increase production in the North American market. "it looks pretty good," Musk said. "

He added: "our goal is to achieve annual 1000GW battery production in North America."

Investors asked Tesla how to deal with a possible prolonged recession in the global economy. Musk responded: "frankly, we are moving forward at full speed, rain or shine." He explained that Tesla did not reduce production, nor did it decline. After all, the development of electric vehicles is now unstoppable.

"I wouldn't say it's recession-resistant, but it's recession-proof," Musk said. " He also said Tesla believes that the energy business will grow faster than the electric vehicle business.

Kirkhorn added, "We can withstand many factors of economic downturn."

Investors also asked questions about Tesla's third platform. Musk said that although Tesla did not announce the exact date, the company's car development team focused on developing the next generation of cars. Musk estimates that it costs half as much as the Model 3 and is likely to produce more than Tesla's current auto products combined.

If the cost and time for Tesla to produce two cars is only equivalent to producing one Model 3, it will undoubtedly change the rules of the game in the market.

Musk added that when he said he firmly believed that Tesla's market capitalization might be bigger than Apple and Saudi Aramco combined, he wasn't talking about Optimus Prime robot at all.

Investors are followed by analysts' questions. Morgan Stanley analysts asked Tesla if he would enter the mining industry. Mr Musk explained that Tesla could enter the mining industry himself, but if the company could find reliable suppliers, it would not have to do so. "We will do whatever we have to do," Musk said.... but if we have to dig, we will. "

He also talked about permits or requirements relating to mining operations, with particular emphasis on the importance of some materials to the company's business.

Wells Fargo analysts asked about the progress of the FSD system. Musk said Tesla plans to release a large-scale beta version of FSD by the end of this year. He believes that the FSD system will eventually free the driver's hands, adding that FSD rarely requires driver intervention in the course of its work.

Analysts at Oppenheimer, an investment bank, asked Tesla's operating expenses and where Tesla would invest. Mr. Kirkhorn said Tesla's operating leverage shows that the company can further optimize its operations. Tesla is growing so fast that it is difficult to keep it steady, but it should be normalized in the future. "operating leverage has increased significantly," Kirkhorn said. It was the lowest this quarter. "

"We are investing in every possible business we can think of, and we are still generating a lot of cash," Musk said. " Tesla executives also stressed that Optimus Prime robots are sure to change things.

Analysts at Canaccord Genuity, an investment bank, asked Tesla the price of his products. Mr Musk says the price of battery components such as lithium is rising, while costs such as transportation are falling. Musk stressed that different commodities need to consider different price trends.

Kirkhorn said that although commodity prices rose at their peak in the third quarter, Tesla believes that commodity prices in the manufacturing sector have fallen slightly. Musk said he hopes to continue to decline in 2023.

When asked about the deal to buy social media platform Twitter, Mr. Musk said he was more of a technologist or engineer than an investor. "I'm interested in the state of Twitter," Musk said. " He added that Twitter could be worth an order of magnitude higher than its current valuation.

Analysts at Xinjie Research asked Tesla about his products and their expansion. Company executives stressed that Tesla's growth targets took several years to achieve. It will take time, but Tesla is trying to work out details such as cost. The Tesla 4680 battery is a typical example, and its schedule runs until 2026. Tesla considered everything from cost to production, from mining to battery units.

Bernstein analysts asked where Tesla's 4680 battery was used. Musk revealed that the Semi electric truck does not currently use 4680 batteries. But Tesla is making a Model Y electric car with 4680 batteries in a Texas superfactory.

Musk also said that Tesla does not want the 4680 battery to become a bottleneck to increase the production capacity of cyber electric pickups.

Analysts at brokerage Truist asked questions about FSD and Optimus Prime robots. Musk reiterated his firm belief that Tesla can achieve full autopilot. 'The FSD system is about to be implemented, so what Tesla needs is to show regulators the real function of the FSD system, 'Mr. Musk said.

As for the Dojo supercomputer, Tesla needs to prove that it is better than the equipment of today's top technology companies such as Nvidia. "the situation of Dojo is still inconclusive," Musk said. However, he also said that Tesla believes that the Dojo architecture is the right one to win.

Musk also pointed out that the probability of success of Optimus Prime robot is "very high".

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.