Editing Tesla, Inc.
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[[File:Tesla logo.jpg|150px]] | |||
Helping to accelerate the world's transition to sustainable energy. | |||
{| class="wikitable" | |||
|+ Key information | |||
|- | |||
| Risk/return|| High | |||
|- | |||
| Price per share|| $703.55<ref name=":1">https://uk.finance.yahoo.com/quote/TSLA/profile?p=TSLA</ref> | |||
|- | |||
| Asset class|| Equities<ref name=":2">https://sec.report/CIK/0001318605#:~:text=Tesla%2C%20Inc.%20is%20incorporated%20in,motor%20vehicles%20%26%20passenger%20car%20bodies.</ref> | |||
|- | |||
| Industry|| Consumer Cyclical<ref name=":1" /> | |||
|- | |||
| Country of incorporation|| United States<ref name=":2" /> | |||
|- | |||
| Minimum investment amount|| $10<ref name=":10">https://www.business2community.com/stocks/buy-tesla-stock</ref> | |||
|- | |||
| Maximum investment amount|| $728.88 billion<ref name=":1" /> | |||
|- | |||
| Current valuation|| $728.88 billion<ref name=":1" /> | |||
|- | |||
| Investor type|| All | |||
|- | |||
| Bid/ask spread (%)|| 0.0015063%<ref name=":1" /> | |||
|- | |||
| Commission amount|| Zero<ref name=":10" /> | |||
|- | |||
| Market|| Public<ref name=":1" /> | |||
|} | |||
==Summary== | |||
' | * Tesla is on a mission to accelerate the world's transition to sustainable energy.<ref name=":3">https://www.tesla.com/about</ref> | ||
*The company sells and leases high-performance fully electric vehicles and energy generation and storage systems, and offers services related to its products. It emphasises performance, attractive styling and the safety of its users in the design and manufacture of its products and is continuing to develop full self-driving technology for improved safety. It also strives to lower the cost of ownership for its customers through continuous efforts to reduce manufacturing costs and by offering financial and other services tailored to its products.<ref name=":4">https://www.sec.gov/Archives/edgar/data/1318605/000156459021004599/tsla-10k_20201231.htm</ref> | |||
* Assuming that Tesla increases its share of the automotive market to 10% (from 2%) and other assumptions, the expected return of an investment in the company over the next five years is 72%. In other words, an £1,000 investment in the company is expected to return £1,720 in five years time. | |||
* The degree of risk associated with an investment in Tesla is 'high'. | |||
==Operations== | ==Operations== | ||
Line 94: | Line 43: | ||
The idea of the company came about when the now founding team of the company realised that the current way that humankind is meeting its energy needs is unsustainable and bad for the planet.<ref name=":9">https://www.tesla.com/en_GB/blog/secret-tesla-motors-master-plan-just-between-you-and-me</ref> | The idea of the company came about when the now founding team of the company realised that the current way that humankind is meeting its energy needs is unsustainable and bad for the planet.<ref name=":9">https://www.tesla.com/en_GB/blog/secret-tesla-motors-master-plan-just-between-you-and-me</ref> | ||
Currently, an estimated 85% of the world's energy needs are met by burning fossil fuels<ref>https://wedocs.unep.org/bitstream/handle/20.500.11822/30797/EGR2019.pdf?sequence=1&isAllowed=y</ref>, and energy production and consumption are responsible for 76% of annual human-caused greenhouse gas emissions.<ref | Currently, an estimated 85% of the world's energy needs are met by burning fossil fuels<ref>https://wedocs.unep.org/bitstream/handle/20.500.11822/30797/EGR2019.pdf?sequence=1&isAllowed=y</ref>, and energy production and consumption are responsible for 76% of annual human-caused greenhouse gas emissions.<ref>https://www.climatewatchdata.org/ghg-emissions?breakBy=sector&chartType=percentage&end_year=2018§ors=total-including-lucf&start_year=1990</ref><ref>https://www.wri.org/insights/4-charts-explain-greenhouse-gas-emissions-countries-and-sectors</ref> | ||
Researching into a better way to meet the energy needs, the team concluded that the best way to do so is to move to a solar electric economy, from a mine-and-burn hydrocarbon economy.<ref name=":9" /> | Researching into a better way to meet the energy needs, the team concluded that the best way to do so is to move to a solar electric economy, from a mine-and-burn hydrocarbon economy.<ref name=":9" /> | ||
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Model S is the fastest accelerating and longest ranging car that Tesla provides, with a zero-to-60 miles per hour acceleration of 3.1 seconds and a maximum distance range on a single battery charge of 405 miles, respectively.<ref>https://www.tesla.com/</ref> The price of the car in the US is $99,990.<ref name=":8" /> | Model S is the fastest accelerating and longest ranging car that Tesla provides, with a zero-to-60 miles per hour acceleration of 3.1 seconds and a maximum distance range on a single battery charge of 405 miles, respectively.<ref>https://www.tesla.com/</ref> The price of the car in the US is $99,990.<ref name=":8" /> | ||
[[File:Model S.jpg]] | [[File:Model S.jpg|600px]] | ||
{| class="wikitable" | {| class="wikitable" | ||
|+ | |+Competition comparison | ||
!Category | !Category | ||
! | !Model S<ref name=":8">https://www.porsche.com/usa/models/taycan/taycan-models/taycan/</ref> | ||
!Porsche Taycan<ref name=":8" /> | |||
! | |||
|- | |- | ||
|Is the vehicle fully electric? | |Is the vehicle fully electric? | ||
| style="background: orange; color: white;" |Yes | | style="background: orange; color: white;" |Yes | ||
| style="background: orange; color: white;" |Yes | | style="background: orange; color: white;" |Yes | ||
|- | |- | ||
|What's the top acceleration of the vehicle? | |What's the top acceleration of the vehicle? | ||
| style="background: | | style="background: green; color: white;" |3.1 seconds | ||
| style="background: red; color: white;" |5.1 seconds | |||
| style="background: red; color: white;" |5 | |||
|- | |- | ||
|What's the maximum distance range of the vehicle on a single battery charge? | |What's the maximum distance range of the vehicle on a single battery charge? | ||
| style="background: green; color: white;" |405 miles | | style="background: green; color: white;" |405 miles | ||
| style="background: red; color: white;" |200 miles | |||
| style="background: red; color: white;" | | |||
|- | |- | ||
|What's the top speed of the vehicle? | |What's the top speed of the vehicle? | ||
| style="background: green; color: white;" |155 miles per hour | |||
|style="background: green | | style="background: red; color: white;" |143 miles per hour | ||
| style="background: red; color: white;" | | |||
|- | |- | ||
|Which design type is the vehicle? | |Which design type is the vehicle? | ||
| style="background: orange; color: white;" |Sedan (i.e. car) | | style="background: orange; color: white;" |Sedan (i.e. car) | ||
| style="background: orange; color: white;" |Sedan (i.e. car) | | style="background: orange; color: white;" |Sedan (i.e. car) | ||
|- | |- | ||
|What is the safety rating of the vehicle? | |What is the safety rating of the vehicle? | ||
| style="background: orange; color: white;" |5 out of 5 stars | | style="background: orange; color: white;" |5 out of 5 stars | ||
| style="background: orange; color: white;" |5 out of 5 stars | | style="background: orange; color: white;" |5 out of 5 stars | ||
|- | |- | ||
|How many seats does the vehicle have? | |How many seats does the vehicle have? | ||
| style="background: | | style="background: green; color: white;" |5 seats | ||
| style="background: red; color: white;" |4 seats | |||
|- | |||
|What's the cargo capacity of the vehicle? | |||
| style="background: green; color: white;" |28 cubic feet | |||
| style="background: red; color: white;" |17.2 cubic feet | |||
|style="background: red; color: white;" | | |||
|- | |||
|What's the cargo capacity of the vehicle? | |||
| style="background: | |||
|style="background: red; color: white;" | | |||
|- | |- | ||
|Which drive wheel does the vehicle have? | |Which drive wheel does the vehicle have? | ||
| style="background: | | style="background: green; color: white;" |All-wheel drive | ||
| style="background: red; color: white;" |Rear-wheel drive | | style="background: red; color: white;" |Rear-wheel drive | ||
|- | |- | ||
|What's the price of the vehicle? | |What's the price of the vehicle? | ||
| style="background: | | style="background: red; color: white;" |$99,990 | ||
| style="background: green; color: white;" |$86,700 | |||
| style="background: green; color: white;" |$ | |||
|- | |- | ||
|What's the vehicle's price per cargo capacity? | |What's the vehicle's price per cargo capacity? | ||
| style="background: | | style="background: green; color: white;" |$3,571 per cubic feet | ||
|style="background: red; color: white;" |$ | | style="background: red; color: white;" |$5,041 per cubic feet | ||
|- | |- | ||
|What's the vehicle's price per | |What's the vehicle's price per passenger? | ||
| style="background: | | style="background: green; color: white;" |$19,998 per passenger | ||
|style="background: red; color: white;" |$ | | style="background: red; color: white;" |$21,675 per passenger | ||
|} | |} | ||
{| class="wikitable" | {| class="wikitable" | ||
|+ | |+Competition comparison | ||
!Category | !Category | ||
! | !Model S<ref name=":8">https://www.tesla.com/models</ref> | ||
! | !Model S Plaid<ref name=":8">https://www.tesla.com/models</ref> | ||
!Model X<ref name=":13">https://www.tesla.com/modelx</ref> | |||
!Model X Plaid<ref name=":13" /> | |||
!Model 3 Rear-Wheel Drive<ref name=":14">https://www.tesla.com/model3</ref> | |||
!Model 3 Long Range<ref name=":14" /> | |||
!Model 3 Performance<ref name=":14" /> | |||
!Model Y Long Range<ref name=":15">https://www.tesla.com/modely</ref> | |||
!Model Y Performance<ref name=":15" /> | |||
|- | |- | ||
| | |Is the vehicle fully electric? | ||
| | | style="background: orange; color: white;" |Yes | ||
| | | style="background: orange; color: white;" | Yes | ||
| | | style="background: orange; color: white;" |Yes | ||
| | |style="background: orange; color: white;" | Yes | ||
| | | style="background: orange; color: white;" |Yes | ||
| | |style="background: orange; color: white;" |Yes | ||
|style="background: orange; color: white;" |Yes | |||
| style="background: orange; color: white;" |Yes | |||
|style="background: orange; color: white;" |Yes | |||
|- | |- | ||
| | |What's the top acceleration of the vehicle? | ||
| | | style="background: orange; color: white;" |3.1 seconds | ||
| | |style="background: green; color: white;" |1.99 seconds | ||
| style="background: orange; color: white;" |3.8 seconds | |||
|style="background: orange; color: white;" |2.5 seconds | |||
| style="background: red; color: white;" |5.8 seconds | |||
|style="background: orange; color: white;" |4.2 seconds | |||
|style="background: orange; color: white;" |3.1 seconds | |||
| style="background: orange; color: white;" |4.8 seconds | |||
|style="background: orange; color: white;" |3.5 seconds | |||
|- | |- | ||
| | |What's the maximum distance range of the vehicle on a single battery charge? | ||
| | | style="background: green; color: white;" |405 miles | ||
| | |style="background: orange; color: white;" |396 miles | ||
| style="background: orange; color: white;" |348 miles | |||
|style="background: orange; color: white;" |333 miles | |||
| style="background: red; color: white;" |272 miles | |||
|style="background: orange; color: white;" |358 miles | |||
|style="background: orange; color: white;" |315 miles | |||
| style="background: orange; color: white;" |330 miles | |||
|style="background: orange; color: white;" |303 miles | |||
|- | |- | ||
| | |What's the top speed of the vehicle? | ||
| | | style="background: orange; color: white;" |155 miles per hour | ||
| | |style="background: green; color: white;" |200 miles per hour | ||
| | | style="background: orange; color: white;" |155 miles per hour | ||
| | |style="background: orange; color: white;" |163 miles per hour | ||
| | | style="background: orange; color: white;" |140 miles per hour | ||
| | |style="background: orange; color: white;" |145 miles per hour | ||
|style="background: orange; color: white;" |162 miles per hour | |||
| style="background: red; color: white;" |135 miles per hour | |||
|style="background: orange; color: white;" |155 miles per hour | |||
|- | |- | ||
|Which | |Which design type is the vehicle? | ||
| | | style="background: orange; color: white;" |Sedan (i.e. car) | ||
| | |style="background: orange; color: white;" |Sedan (i.e. car) | ||
| style="background: orange; color: white;" |SUV (i.e. car) | |||
|style="background: orange; color: white;" |SUV (i.e. car) | |||
| style="background: orange; color: white;" |Sedan (i.e. car) | |||
|style="background: orange; color: white;" |Sedan (i.e. car) | |||
|style="background: orange; color: white;" |Sedan (i.e. car) | |||
| style="background: orange; color: white;" |SUV (i.e. car) | |||
|style="background: orange; color: white;" |SUV (i.e. car) | |||
|- | |- | ||
| | |What is the safety rating of the vehicle? | ||
| | | style="background: orange; color: white;" |5 out of 5 stars | ||
| | |style="background: orange; color: white;" |5 out of 5 stars | ||
| | | style="background: orange; color: white;" |5 out of 5 stars | ||
|style="background: orange; color: white;" |5 out of 5 stars | |||
===== | | style="background: orange; color: white;" |5 out of 5 stars | ||
|style="background: orange; color: white;" |5 out of 5 stars | |||
|style="background: orange; color: white;" |5 out of 5 stars | |||
====== | | style="background: orange; color: white;" |5 out of 5 stars | ||
|style="background: orange; color: white;" |5 out of 5 stars | |||
|- | |||
====== | |How many seats does the vehicle have? | ||
| style="background: red; color: white;" |5 seats | |||
|style="background: red; color: white;" |5 seats | |||
| style="background: orange; color: white;" |7 seats | |||
|style="background: red; color: white;" |6 seats | |||
| style="background: red; color: white;" |5 seats | |||
|style="background: red; color: white;" |5 seats | |||
|style="background: red; color: white;" |5 seats | |||
| style="background: orange; color: white;" |7 seats | |||
|style="background: red; color: white;" |5 seats | |||
|- | |||
|What's the cargo capacity of the vehicle? | |||
' | | style="background: red; color: white;" |28 cubic feet | ||
|style="background: red; color: white;" |28 cubic feet | |||
| style="background: orange; color: white;" |88 cubic feet | |||
|style="background: orange; color: white;" |88 cubic feet | |||
| style="background: red; color: white;" |23 cubic feet | |||
|style="background: red; color: white;" |23 cubic feet | |||
|style="background: red; color: white;" |23 cubic feet | |||
| style="background: red; color: white;" |76 cubic feet | |||
|style="background: red; color: white;" |76 cubic feet | |||
|- | |||
= | |Which drive wheel does the vehicle have? | ||
| style="background: orange; color: white;" |All-wheel drive | |||
====== | |style="background: orange; color: white;" |All-wheel drive | ||
| style="background: orange; color: white;" |All-wheel drive | |||
|style="background: orange; color: white;" |All-wheel drive | |||
| style="background: red; color: white;" |Rear-wheel drive | |||
|style="background: orange; color: white;" |All-wheel drive | |||
|style="background: orange; color: white;" |All-wheel drive | |||
| style="background: orange; color: white;" |All-wheel drive | |||
|style="background: orange; color: white;" |All-wheel drive | |||
|- | |||
|What's the price of the vehicle? | |||
| style="background: orange; color: white;" |$99,990 | |||
|style="background: orange; color: white;" |$135,990 | |||
| style="background: orange; color: white;" |$114,990 | |||
|style="background: red; color: white;" |$138,990 | |||
| style="background: green; color: white;" |$46,990 | |||
|style="background: orange; color: white;" |$55,990 | |||
|style="background: orange; color: white;" |$62,990 | |||
| style="background: orange; color: white;" |$62,990 | |||
|style="background: orange; color: white;" |$67,990 | |||
|- | |||
|What's the vehicle's price per cargo capacity? | |||
| style="background: orange; color: white;" |$3,571 per cubic feet | |||
|style="background: red; color: white;" |$4,857 per cubic feet | |||
| style="background: orange; color: white;" |$1,307 per cubic feet | |||
|style="background: orange; color: white;" |$1,579 per cubic feet | |||
| style="background: orange; color: white;" |$2,043 per cubic feet | |||
|style="background: orange; color: white;" |$2,434 per cubic feet | |||
|style="background: orange; color: white;" |$2,739 per cubic feet | |||
| style="background: green; color: white;" |$829 per cubic feet | |||
|style="background: orange; color: white;" |$895 per cubic feet | |||
|- | |||
|What's the vehicle's price per passenger? | |||
| style="background: orange; color: white;" |$19,998 per passenger | |||
|style="background: red; color: white;" |$27,198 per passenger | |||
| style="background: orange; color: white;" |$16,427 per passenger | |||
|style="background: orange; color: white;" |$23,165 per passenger | |||
| style="background: orange; color: white;" |$9,398 per passenger | |||
|style="background: orange; color: white;" |$11,198 per passenger | |||
|style="background: orange; color: white;" |$12,598 per passenger | |||
| style="background: green; color: white;" |$8,999 per passenger | |||
|style="background: orange; color: white;" |$13,598 per passenger | |||
|} | |||
{| class="wikitable" | |||
|+Which car is the winner in the following categories? | |||
!Category | |||
!Winner | |||
|- | |||
|Which Tesla car has the fastest acceleration? | |||
|Model S Plaid | |||
|- | |||
|Which Tesla car has the longest range? | |||
|Model S | |||
|- | |||
|Which Tesla car has the largest cargo capacity? | |||
|Model X | |||
|- | |||
|Which Tesla car is the lowest priced? | |||
|Model 3 Rear-Wheel Drive | |||
|- | |||
|Which Tesla car has the lowest price per cargo capacity? | |||
|Model Y Long Range | |||
|- | |||
|Which Tesla car has the lowest price per passenger? | |||
|Model Y Long Range | |||
|} | |||
'''Model 3''' | |||
Model 3 is the lowest priced car that Tesla provides, selling in the US at $46,990. | |||
[[File:Rhd-model-3-social.png|600px]] | |||
{| class="wikitable" | |||
|+Competition comparison | |||
!Category | |||
!Model 3<ref>https://www.tesla.com/model3</ref> | |||
!Mustang Mach-E<ref>https://www.ford.com/suvs/mach-e/?gnav=header-electrified-vhp</ref> | |||
|- | |- | ||
| | |Is the vehicle fully electric? | ||
| | | style="background: orange; color: white;" |Yes | ||
| | | style="background: orange; color: white;" |Yes | ||
|- | |||
|What's the top acceleration of the vehicle? | |||
| style="background: red; color: white;" |5.8 seconds | |||
| style="background: green; color: white;" |5.2 seconds | |||
|- | |- | ||
| | |What's the maximum distance range of the vehicle on a single battery charge? | ||
| | | style="background: green; color: white;" |272 miles | ||
| | | style="background: red; color: white;" |247 miles | ||
|- | |- | ||
| | |What's the top speed of the vehicle? | ||
| | | style="background: green; color: white;" |140 miles per hour | ||
| | | style="background: red; color: white;" |124 miles per hour | ||
|- | |- | ||
| | |Which design type is the vehicle? | ||
| | | style="background: orange; color: white;" |Sedan (i.e. car) | ||
| | | style="background: orange; color: white;" |SUV (i.e. car) | ||
| | |- | ||
|What is the safety rating of the vehicle? | |||
==== | | style="background: orange; color: white;" |5 out of 5 stars | ||
| style="background: orange; color: white;" |5 out of 5 stars | |||
|- | |||
|How many seats does the vehicle have? | |||
| style="background: orange; color: white;" |5 seats | |||
' | | style="background: orange; color: white;" |5 seats | ||
|- | |||
|What's the cargo capacity of the vehicle? | |||
| style="background: red; color: white;" |23 cubic feet | |||
| style="background: green; color: white;" |59.7 cubic feet | |||
|- | |||
|Which drive wheel does the vehicle have? | |||
| style="background: orange; color: white;" |Rear-wheel drive | |||
| style="background: orange; color: white;" |Rear-wheel drive | |||
|- | |||
|What's the price of the vehicle? | |||
| style="background: red; color: white;" |$46,990 | |||
| style="background: green; color: white;" |$43,895 | |||
|- | |||
|What's the vehicle's price per cargo capacity? | |||
| style="background: red; color: white;" |$2,043 per cubic feet | |||
| style="background: green; color: white;" |$735 per cubic feet | |||
|- | |||
|What's the vehicle's price per passenger? | |||
| style="background: red; color: white;" |$9,398 per passenger | |||
| style="background: green; color: white;" |$8,779 per passenger | |||
|} | |||
'''Model X''' | |||
The | Model X is the largest cargo capacity car that Tesla provides, with a cargo capacity of 88 cubic feet. The price of the car in the US is $114,990. | ||
[[File:MX-Hero-Desktop.jpg|600px]] | |||
'''Model Y''' | |||
Model Y is the lowest price per cargo capacity and lowest price per passenger car that Tesla provides, at $829 per cubic feet and $8,999 per passenger, respectively. The price of the car in the US is $62,990. | |||
[[File:Model y red.jpg|600px]] | |||
====== Automotive leasing ====== | |||
Tesla offers leasing and/or loan financing arrangements for its vehicles in certain jurisdictions in North America, Europe and Asia. Under certain programs, the company provides resale value guarantees or buyback guarantees, enabling customers to sell their vehicles back to the company at certain points in time at pre-determined amounts.<ref name=":4" /> | |||
====== Regulatory credits ====== | |||
The company earns tradable credits in the operation of its business under various regulations related to zero-emission vehicles, greenhouse gas, fuel economy and clean fuel. It sells those credits to other regulated entities that can use the credits to comply with emission standards and other regulatory requirements.<ref name=":4" /> | |||
== | ====== Other current offerings ====== | ||
'''Service and warranty''' | |||
<u>Service</u> | |||
Other offerings include the servicing of Tesla vehicles, at company-owned service locations and through Tesla Mobile Service technicians.<ref name=":4" /> | |||
<u>Extended service plans</u> | |||
The company offers extended service plans, which provide coverage beyond the new vehicle limited warranties for certain models in specified regions.<ref name=":4" /> | |||
'''Financial services''' | |||
<u>Purchase financing</u> | |||
== | The company offers loan financing arrangements for its vehicles in certain jurisdictions in North America, Europe and Asia.<ref name=":4" /> In certain situations, Tesla provides resale value guarantees or buyback guarantees, enabling customers to sell their vehicles back to the company at certain points in time at pre-determined amounts.<ref name=":4" /> | ||
<u>Insurance</u> | |||
As part of the company's ongoing effort to decrease the total cost of ownership, it offers insurance products on its vehicles.<ref name=":4" /> The products are currently available in five US states (Arizona, California, Illinois, Ohio and Texas), and the company plans to offer the products into new geographical markets.<ref name=":4" /> | |||
=====Future offerings===== | |||
=== | ======Automotive sales====== | ||
'''Cybertruck''' | |||
Cybertruck is a truck, a motor vehicle designed to transport cargo, carry specialised payloads, or perform other utilitarian work. What will be unique about the offering is that it will be the safest vehicle that Tesla provides. The price of the offering is expected to be $39,900.<ref>https://www.autoexpress.co.uk/tesla/cybertruck/96447/tesla-cybertruck-delayed-until-least-2023#:~:text=Tesla%20Cybertruck%3A%20performance%20and%20range&text=Entry%2Dlevel%2C%20Single%20Motor%2C,a%20top%20speed%20of%20110mph.</ref> | |||
[[File:Cybertruck-Hero-Desktop.jpg|600px]] | |||
'''Tesla Roadster''' | |||
The Tesla Roadster is a car. What will be unique about the offering is that it will be the fastest accelerating and longest ranging car that Tesla provides. The price of the offering is around $200,000.<ref>https://carbuzz.com/cars/tesla/roadster</ref> | |||
[[File:Tesla-roadster.jpg|600px]] | |||
'''Tesla Semi''' | |||
Tesla Semi is a semi-trailer truck, a motor vehicle that is designed to transport large cargo, via one or more of its attached trailers. What will be unique about the offering is that it will be the largest cargo capacity vehicle that Tesla provides. The price of the offering is around $150,000. | |||
[[File:Tesla-semi.jpg|600px]] | |||
==== | ======Ride-hailing service====== | ||
Tesla has said that it intends to establish an autonomous Tesla ride-hailing network, enabling people to hail a ride.<ref name=":4" /> What's unique about the ride-hailing service is that it's expected to be faster and cheaper than the alternatives. Information about the expected price of the service has yet to be disclosed. | |||
====Energy generation and storage ==== | |||
The energy generation and storage segment includes the sales and leasing of solar energy generation and energy storage products and related services and sales of solar energy systems incentives.<ref name=":4" /> | |||
==== | =====Current offerings ===== | ||
======Energy generation and storage sales====== | |||
'''Powerwall''' | |||
Powerwall is a energy storage system (i.e. a type of battery).<ref name=":4" /> What’s unique about the offering is that it's the lowest priced energy storage system that Tesla provides. A single Powerwall sells for $10,500. | |||
[[File:Powerwall2.jpg|600px]] | |||
{| class="wikitable" | |||
|+Competition comparison | |||
|- | |||
! !!Powerwall!!'''Megapack''' | |||
|- | |||
|Is the source of energy solar?||style="background: green; color: white;" |Yes||style="background: green; color: white;" |Yes | |||
|- | |||
|Is it designed for houses (i.e. smaller electricity demand)?||style="background: green; color: white;" |Yes||style="background: red; color: white;" |No | |||
|- | |||
|Is it designed for commercial buildings (i.e. greater electricity demand)?||style="background: red; color: white;" |No|| style="background: green; color: white;" |Yes | |||
|} | |||
''' | '''Megapack''' | ||
Megapack is an energy storage system.<ref name=":4" /> What’s unique about the offering is that it's the largest energy storage system that Tesla provides. A single Megapack sells for $1,000,000. | |||
[[File:Megapack-CleanerGrid-D.jpg|600px]] | |||
''' | '''Solar Roof''' | ||
Solar Roof is a roof tile.<ref name=":4" /> What makes the tile unique is that it's the most aesthetically-beautiful, energy generation roof tile. In other words, it's the most beautiful roof tile that generates electricity. There is no information on the price of the offering within the public domain. | |||
[[File:5c603e0d86d2c7c005d1df44a jVVOsV8.jpg|600px]] | |||
{| class="wikitable" | |||
|+Competition comparison | |||
|- | |||
! !!Solar Roof!!Traditional roof tile | |||
!Other solar-energy generation roof tile | |||
|- | |||
|Does it generate electricity?|| style="background: green; color: white;" |Yes|| style="background: red; color: white;" |No | |||
| style="background: green; color: white;" |Yes | |||
|- | |||
|Is it aesthetically beautiful?|| style="background: green; color: white;" |Yes|| style="background: green; color: white;" |Yes | |||
| style="background: red; color: white;" |No | |||
|} | |||
====== Other current offerings ====== | |||
'''Service and Warranty''' | |||
Other offerings include servicing and repairs, and extended limited warranties in certain regions.<ref name=":4" /> | |||
'''Financial services''' | |||
< | Tesla offers certain loan and power purchase agreement (PPA) options to residential or commercial customers who pair energy storage systems with solar energy systems.<ref name=":4" /> The company offers certain financing options to its solar customers, which enable the customer to purchase and own a solar energy system, Solar Roof or integrated solar and Powerwall system.<ref name=":4" /> Its solar PPAs, offered to commercial customers, charges a fee per kilowatt-hour based on the amount of electricity produced by its solar energy systems.<ref name=":4" /> | ||
===From which place(s) are the offerings able to be purchased?=== | |||
The main places that the offerings are able to be purchased is through the company's website (at www.tesla.com) and company's stores, which is estimated at around 400 stores in more than 35 countries. | |||
===From which place(s) are the offerings promoted?=== | |||
The main way that Tesla promotes the offering is through media coverage and word of mouth. | |||
=== What's the current strategy of the company? === | |||
According to a blog post in 2016 in which the CEO of Tesla detailed the company's master plan<ref>https://www.tesla.com/blog/master-plan-part-deux</ref>, the current strategy of Tesla consists of four milestones: | |||
''' | #Create stunning solar roofs with seamlessly integrated battery storage; | ||
# Expand the electric vehicle product line to address all major segments; | |||
# Develop a self-driving capability that is 10x safer than manual, via massive fleet learning; and | |||
# Enable your car to make money for you when you aren't using it. | |||
It's worth noting that 10 years earlier, Elon detailed the company's first master plan<ref name=":9" />, and the company has managed to achieve all of the milestones, which were as follows: | |||
#Build a sports car; | |||
#Use that money to build an affordable car; | |||
#Use that money to build an even more affordable car; and | |||
#Provide zero emission electric power generation options. | |||
== Market== | |||
===Total Addressable Market === | |||
Here, the total addressable market (TAM) is defined as the global automotive market, and based on a number of assumptions, it is estimated that the size of the market as of today (30th May 2022), in terms of revenue, is $3.0 trillion. | |||
===Serviceable Available Market=== | |||
Here, the serviceable available market (SAM) is defined as the global car market, and based on a number of assumptions, it is estimated that the size of the market as of today (30th May 2022), in terms of revenue, is $1.0 trillion. | |||
===Serviceable Obtainable Market=== | |||
Here, the serviceable obtainable market (SOM) is defined as the US car market, and based on a number of assumptions, it is estimated that the size of the market as of today (30th May 2022), in terms of revenue, is $262 billion. | |||
== Competition== | |||
===Automotive=== | |||
Tesla believes that its vehicles compete in the market both based on their traditional segment classification as well as based on their propulsion technology. For example, Model S and Model X compete primarily with premium sedans and premium SUVs, and Model 3 and Model Y compete with small to medium-sized sedans and compact SUVs, which are extremely competitive markets. Competing products typically include internal combustion vehicles from more established automobile manufacturers; however, many established and new automobile manufacturers have entered or have announced plans to enter the market for electric and other alternative fuel vehicles. Many major automobile manufacturers have electric vehicles available today in major markets including the US, China and Europe, and other current and prospective automobile manufacturers are also developing electric vehicles. In addition, several manufacturers offer hybrid vehicles, including plug-in versions. | |||
Tesla also believes that there is increasing competition for its vehicle offerings as a platform for delivering self-driving technologies, charging offerings and other features and services, and it expects to compete in this developing market through continued progress on its autopilot, full self-driving and neural network capabilities, Supercharger network and its infotainment offerings. | |||
===Energy generation and storage=== | |||
== | ====Energy Storage Systems==== | ||
The market for energy storage products is also highly competitive, and both established and emerging companies have introduced products that are similar to Tesla's product portfolio or that are alternatives to the elements of its systems. Tesla competes with these companies based on price, energy density and efficiency. Tesla believes that the things that give it a competitive advantage in its markets are: the specifications and features of its products, its strong brand and the modular, scalable nature of its energy storage products. | |||
==== | ====Solar Energy Systems==== | ||
The primary competitors to its solar energy business are the traditional local utility companies that supply energy to Tesla's potential customers. Tesla competes with these traditional utility companies primarily based on price and the ease by which customers can switch to electricity generated by Tesla's solar energy systems. Tesla also competes with solar energy companies that provide products and services similar to it. Many solar energy companies only install solar energy systems, while others only provide financing for these installations. | |||
==== | ==Team == | ||
| | ===Leadership=== | ||
| | |||
====Chief Executive Officer==== | |||
[[File:Elon Musk Royal Society (crop2).jpg|200px]] | |||
Elon Musk is the Chief Executive Officer of Tesla and has served the position since October 2008 and as a member of the Board since April 2004. Elon has also served as Chief Executive Officer, Chief Technology Officer and Chairman of Space Exploration Technologies Corporation, an advanced rocket and spacecraft manufacturing and services company (“SpaceX ”), since May 2002, and served as Chairman of the Board of SolarCity Corporation, a solar installation company, from July 2006 until its acquisition by Tesla in November 2016. Elon is also a founder of The Boring Company, an infrastructure company, and of Neuralink Corp., a company focused on developing brain-machine interfaces. Prior to SpaceX, Elon co-founded PayPal, an electronic payment system, which was acquired by eBay in October 2002, and Zip2 Corporation, a provider of Internet enterprise software and services, which was acquired by Compaq in March 1999. Elon has also served on the board of directors of Endeavor Group Holdings, Inc. since April 2021. Elon holds a B.A. in physics from the University of Pennsylvania and a B.S. in business from the Wharton School of the University of Pennsylvania. | |||
====Chief Financial Officer==== | |||
[[File:Zachary Kirkhorn.jpg|200px]] | |||
Zachary Kirkhorn is Chief Financial Officer of Tesla and served the position since March 2019. Previously, Zach served in various finance positions continuously since joining Tesla in March 2010, other than between August 2011 and June 2013 during which he attended business school, including most recently as Vice President, Finance, Financial Planning and Business Operations from December 2018 to March 2019. Zach holds dual B.S.E. degrees in economics and mechanical engineering and applied mechanics from the University of Pennsylvania and an M.B.A. from Harvard University. | |||
====Senior Vice President==== | |||
[[File:Drew.jpg|200px]] | |||
Andrew Baglino has served as Tesla's Senior Vice President, Powertrain and Energy Engineering since October 2019. Previously, Drew served in various engineering positions continuously since joining Tesla in March 2006. Drew holds a B.S. in electrical engineering from Stanford University. | |||
===Board of Directors=== | |||
'''Elon Musk''' | |||
For information about Elon Musk, see "Chief Executive Officer" section above. | |||
'''Robyn M. Denholm''' | |||
[[File:894px-2018-05-16-cebit-robyn-m-denholm-portrait.jpg|200px]] | |||
Robyn M. Denholm has served as a director since August 2014 and as Chair since November 2018. Since January 2021, Ms. Denholm has been an operating partner of Blackbird Ventures, a venture capital firm. From January 2017 through June 2019, Ms. Denholm was with Telstra Corporation Limited, a telecommunications company, as Chief Financial Officer and Head of Strategy from October 2018 through June 2019, and Chief Operations Officer from January 2017 to October 2018. Prior to Telstra, from August 2007 to February 2016, Ms. Denholm was with Juniper Networks, Inc., a manufacturer of networking equipment (“Juniper”), serving first as its Executive Vice President and Chief Financial Officer and then as its Executive Vice President and Chief Financial and Operations Officer. Prior to joining Juniper, Ms. Denholm served in various executive roles at Sun Microsystems, Inc. from January 1996 to August 2007. Ms. Denholm also served at Toyota Motor Corporation Australia for seven years and at Arthur Andersen & Company for five years in various finance assignments. Ms. Denholm is a Fellow of the Institute of Chartered Accountants of Australia/New Zealand, a member of the Australian Institute of Company Directors, and holds a Bachelor’s degree in Economics from the University of Sydney and a Master’s degree in Commerce and a Doctor of Business Administration (honoris causa) from the University of New South Wales. | |||
'''Ira Ehrenpreis''' | |||
[[File:1516155738122.jpg|200px]] | |||
Ira Ehrenpreis is Founder and Managing Partner of DBL Partners, a leading impact investing venture capital firm, currently managing more than $1 billion of capital. DBL invests in companies that can deliver top-tier financial returns, while simultaneously driving social or environmental change. | |||
Ira is a recognized leader in the venture capital industry, having served on the Board, Executive Committee, and as Annual Meeting Chairman of the National Venture Capital Association (NVCA). He currently serves as the President of the Western Association of Venture Capitalists (WAVC) and as the Chairman of the VCNetwork, the largest and most active California venture capital organization. | |||
Ira was awarded the 2018 NACD Directorship 100 for being “one of the most influential leaders in the boardroom and corporate governance community.” In 2007, he was named one of the “Top 50 Most Influential Men Under 45" and in 2014 was inducted into the International Green Industry Hall of Fame. | |||
Ira has served for several years as the Chairman of the Silicon Valley Technology Innovation & Entrepreneurship Forum (SVIEF). He is the Founder and Chairman of one of the most prominent annual energy innovation industry events, the World Energy Innovation Forum (WEIF), which has convened the who's-who in the industry to discuss the important energy issues and opportunities of our time. In addition, Ira has served on several industry Boards, including the Department of Energy’s (DOE) Energy Efficiency and Renewable Energy Advisory Committee (ERAC), the National Renewable Energy Laboratory (NREL) Advisory Council, the Clean-Tech Investor Summit (Chairman), the Renewable Energy Finance Forum (REFF) West (Co-Chairman), the Renewable Energy Finance Forum (REFF) Wall Street (Co-Chairman), the Cleantech Venture Network (Past Chairman of Advisory Board), and ACORE (American Council on Renewable Energy). | |||
Ira has served as the Chairman of the Silicon Valley Technology Innovation & Entrepreneurship Forum (SVIEF) for many years. He is also an active leader at Stanford University, where he has served on the Board of Visitors of Stanford Law School and is currently an advisory board member of the Stanford Global Climate and Energy Project (GCEP) and the Stanford Precourt Institute for Energy (PIE) Advisory Council. Ira has also been a guest lecturer, including helping to teach a course on Venture Capital. In addition, Ira served for many years on the Advisory Board of the Forum for Women Entrepreneurs (FWE). | |||
Ira received his JD/MBA from Stanford Graduate School of Business and Stanford Law School, where he was an Associate Editor of Stanford Law Review. He holds a B.A. from the University of California, Los Angeles, graduating Phi Beta Kappa and Summa Cum Laude. | |||
'''Larry Ellison''' | |||
[[File:1029px-Larry Ellison picture.png|200px]] | |||
Lawrence J. Ellison has been a member of the Board since December 2018. Mr. Ellison is the founder of Oracle Corporation, a software and technology company, has served as its Chief Technical Officer since September 2014 and previously served as its Chief Executive Officer from June 1977 to September 2014. Mr. Ellison has also served on Oracle’s board of directors since June 1977, including as its Chairman since September 2014 and previously from May 1995 to January 2004. | |||
'''Hiro Mizuno''' | |||
[[File:9H 8h7tW40QNtdH1Y ZsVOj-lnmRMD4R2MAuxy1ajM.jpg|200px]] | |||
Hiromichi Mizuno has been a member of Board since April 2020. Since January 2021, Mr. Mizuno has served as the United Nations Special Envoy on Innovative Finance and Sustainable Investments. From January 2015 to March 2020, Mr. Mizuno served as Executive Managing Director and Chief Investment Officer of Japan’s Government Pension Investment Fund, the largest pension fund in the world. Previously, Mr. Mizuno was a partner at Coller Capital, a private equity firm, from 2003. In addition to being a career-long finance and investment professional, Mr. Mizuno has served as a board member of numerous business, government and other organizations, currently including the Mission Committee of Danone S.A., a global food products company, and the World Economic Forum’s Global Future Council. Mr. Mizuno is also involved in academia, having been named to leadership or advisory roles at Harvard University, Oxford University, University of Cambridge, Northwestern University and Osaka University. Mr. Mizuno holds a B.A. in Law from Osaka City University and an M.B.A. from the Kellogg Graduate School of Management at Northwestern University. | |||
'''James Murdoch''' | |||
[[File:James Murdoch 2008- NRKbeta.jpg|200px]] | |||
James Murdoch has been a member of the Board since July 2017. Since March 2019, Mr. Murdoch has been the Chief Executive Officer of Lupa Systems, a private investment company that he founded. Previously, Mr. Murdoch held a number of leadership roles at Twenty-First Century Fox, Inc. (“21CF”), a media company, over two decades, including its Chief Executive Officer from 2015 to March 2019, its Co-Chief Operating Officer from 2014 to 2015, its Deputy Chief Operating Officer and Chairman and Chief Executive Officer, International from 2011 to 2014 and its Chairman and Chief Executive, Europe and Asia from 2007 to 2011. Previously, he served as the Chief Executive Officer of Sky plc from 2003 to 2007, and as the Chairman and Chief Executive Officer of STAR Group Limited, a subsidiary of 21CF, from 2000 to 2003. Mr. Murdoch also formerly served on the boards of News Corporation from 2013 to July 2020, of 21CF from 2017 to 2019, of Sky plc from 2016 to 2018, of GlaxoSmithKline plc from 2009 to 2012 and of Sotheby’s from 2010 to 2012. | |||
'''Kimbal Musk''' | |||
| | [[File:771px-KIMBAL MUSK OFFICIAL HEADSHOT.jpg|200px]] | ||
| | |||
Kimbal Musk is Co-Founder of The Kitchen, a growing family of businesses that pursues an America where everyone has access to real food. Kimbal is a 2017 Social Entrepreneur by the Schwab Foundation, a sister organization to the World Economic Forum, for his impactful, scalable work to bring Real Food to Everyone. | |||
His family of restaurant concepts serve real food at every price point. They source food from American farmers, stimulating the local farm economy to the tune of millions of dollars a year. His non-profit organization builds permanent, outdoor Learning Garden classrooms in underserved schools around the U.S. reaching over 125,000 students everyday. His urban, indoor vertical farming accelerator, seeks to empower thousands of young entrepreneurs to become real food farmers. | |||
| | |||
Kimbal is on the board for Chipotle, Tesla, and SpaceX. | |||
'''Kathleen Wilson-Thompson''' | |||
[[File:Kathleen-Wilson-Thompson-Most-Influential-HR-Leader.jpg|200px]] | |||
Kathleen Wilson-Thompson has been a member of the Board since December 2018. Ms. Wilson-Thompson previously served as Executive Vice President and Global Chief Human Resources Officer of Walgreens Boots Alliance, Inc., a global pharmacy and wellbeing company, from December 2014 to January 2021, and as Senior Vice President and Chief Human Resources Officer from January 2010 to December 2014. Prior to Walgreens, Ms. Wilson-Thompson held various legal and operational roles at The Kellogg Company, a food manufacturing company, from July 2005 to December 2009, including most recently as its Senior Vice President, Global Human Resources. Ms. Wilson-Thompson also serves on the boards of directors of Wolverine World Wide, Inc. Ms. Wilson-Thompson holds an A.B. in English Literature from the University of Michigan and a J.D. and L.L.M. (Corporate and Finance Law) from Wayne State University. | |||
==Financials== | |||
=== Historic === | |||
'''Most recent quarter''' | |||
During the three months ended 31st March 2022, net income increased to $3.32 billion on revenues of $18.76 billion, representing a respective increase of 7x and 81% compared to the prior year, and equating to a net income margin of 18%. The company ended the quarter with cash of $18.01 billion, representing an increase of 2% from the end of 2021. | |||
'''Most recent year''' | |||
For the fiscal (and calendar) year 2021, Tesla reported a net income of $5.52 billion.<ref name="Tesla4Q2021final" /> The annual revenue was $53.8 billion, an increase of 71% over the previous fiscal year.<ref name="Tesla4Q2021final" /> | |||
'''All periods''' | |||
{| class="wikitable" | |||
|+Historic financials<ref>Source: Stockhub Limited</ref><ref group="Note" name="Note04" /> | |||
|- | |||
!Year | |||
!'''1''' !!'''2'''!!'''3'''!!'''4'''!!'''5''' | |||
!'''6''' | |||
!'''7''' | |||
!'''8''' | |||
!'''9''' | |||
!'''10''' | |||
!'''11''' | |||
!'''12''' | |||
!'''13''' | |||
!'''14''' | |||
!'''15''' | |||
!'''16''' | |||
!'''17''' | |||
|- | |- | ||
|'''Year end date'''||'''31/12/2005'''||'''31/12/2006<ref name=":12">{{cite web|url=https://www.mercurynews.com/2014/07/14/2006-san-carlos-start-up-tesla-seeks-sexier-electric-car/|title=2006: San Carlos start-up Tesla seeks sexier electric car|date=July 14, 2014}}</ref><ref name="SEC">{{cite web | url=https://www.sec.gov/edgar/browse/?CIK=1318605 | title=Tesla, Inc. TSLA on Nasdaq | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>'''||'''31/12/2007'''||'''31/12/2008'''||'''31/12/2009''' | |||
|''' | |'''31/12/2010<ref name="SEC" />''' | ||
| | |'''31/12/2011<ref name="SEC" />''' | ||
|''' | |'''31/12/2012<ref name="SEC" />''' | ||
| | |'''31/12/2013<ref name="SEC" />''' | ||
|''' | |'''31/12/2014<ref name="SEC" />''' | ||
| | |'''31/12/2015<ref name="SEC" />''' | ||
| | |'''31/12/2016<ref name="SEC" />''' | ||
| | |'''31/12/2017<ref name="SEC" />''' | ||
| | |'''31/12/2018<ref name="SEC" />''' | ||
| | |'''31/12/2019<ref name="SEC" />''' | ||
|''' | |'''31/12/2020<ref name="SEC" />''' | ||
| | |'''31/12/2021<ref name="SEC" />''' | ||
|''' | |- | ||
| | | colspan="18" |'''Income statement''' | ||
|''' | |- | ||
| | |Revenues ($'million)|| 0||0||0.073||15||112 | ||
|''' | |117 | ||
|''' | |||
|''' | |||
|''' | |||
|''' | |||
|''' | |||
|''' | |||
|''' | |||
|''' | |||
|''' | |||
|''' | |||
|''' | |||
|''' | |||
|- | |||
| colspan=" | |||
|- | |||
|Revenues ($'million)|| 0||0||0.073||15||112 | |||
|117 | |||
|204 | |204 | ||
|413 | |413 | ||
Line 794: | Line 681: | ||
|31,536 | |31,536 | ||
|53,823 | |53,823 | ||
| | |- | ||
|$78 | |Net profits ($'million)||style="color: red;" |-12||style="color: red;" |-30||style="color: red;" |-78||style="color: red;" |-83|| style="color: red;" |−56 | ||
| | |style="color: red;" |−154 | ||
| | |style="color: red;" |−254 | ||
| | |style="color: red;" |−396 | ||
| | |style="color: red;" |−74 | ||
| | |style="color: red;" |−294 | ||
| | |style="color: red;" |−889 | ||
| | |style="color: red;" |−675 | ||
| | |style="color: red;" |−1,962 | ||
| | |style="color: red;" |−976 | ||
| | |style="color: red;" |−862 | ||
| | |721 | ||
| | |5,519 | ||
| | |- | ||
| | | colspan="18" |'''Balance sheet''' | ||
|$ | |- | ||
| | |Total assets<br />($'million) | ||
| | |8 | ||
| | |44 | ||
| | |34 | ||
| | |52 | ||
| | |130 | ||
| | |386 | ||
| | |713 | ||
| | |1,114 | ||
| | |2,417 | ||
| | |5,831 | ||
| | |8,068 | ||
| | |22,664 | ||
| | |28,655 | ||
| | |29,740 | ||
| | |34,309 | ||
| | |52,148 | ||
| | |62,131 | ||
| | |- | ||
| | | colspan="18" |'''Other''' | ||
| | |- | ||
| | |Employees | ||
| | |NA | ||
| | |70 | ||
| | |268 | ||
| | |252 | ||
| | |514 | ||
| | |899 | ||
| | |1,417 | ||
| | |2,914 | ||
| | |5,859 | ||
| | |10,161 | ||
| | |13,058 | ||
| | |17,782 | ||
| | |37,543 | ||
| | |48,817 | ||
| | |48,016 | ||
| | |70,757 | ||
| | |99,290 | ||
|} | |||
| | === Forward === | ||
| | |||
| | ====What are the financial forecasts?==== | ||
{| class="wikitable" | |||
|+Forward financials<ref>Source: Stockhub Limited</ref><ref group="Note" name="Note04" /> | |||
|- | |||
!Year | |||
!18 !!19!!20!!21!!22 | |||
| | !23 | ||
| | !24 | ||
| | !25 | ||
| | !26 | ||
| | !27 | ||
| | !28 | ||
| | !29 | ||
| | !30 | ||
| | !31 | ||
| | !32 | ||
| | !33 | ||
| | !34 | ||
| | !35 | ||
| | !36 | ||
| | !37 | ||
| | !38 | ||
| | !39 | ||
| | !40 | ||
| | !41 | ||
| | !42 | ||
| | !43 | ||
| | !44 | ||
| | !45 | ||
| | !46 | ||
| | !47 | ||
| | !48 | ||
| | !49 | ||
| | !50 | ||
| | !51 | ||
| | !52 | ||
| | !53 | ||
| | !54 | ||
| | !55 | ||
| | !56 | ||
| | !57 | ||
| | !58 | ||
| | !59 | ||
| | |- | ||
| | |'''Year end date'''||'''31/12/2022'''||'''31/12/2023'''||'''31/12/2024'''||'''31/12/2025'''||'''31/12/2026''' | ||
| | |'''31/12/2027''' | ||
| | |'''31/12/2028''' | ||
| | |'''31/12/2029''' | ||
| | |'''31/12/2030''' | ||
| | |'''31/12/2031''' | ||
| | |'''31/12/2032''' | ||
| | |'''31/12/2033''' | ||
| | |'''31/12/2034''' | ||
|'''31/12/2035''' | |||
|'''31/12/2036''' | |||
|'''31/12/2037''' | |||
|'''31/12/2038''' | |||
|'''31/12/2039''' | |||
|'''31/12/2040''' | |||
|'''31/12/2041''' | |||
|'''31/12/2042''' | |||
|'''31/12/2043''' | |||
|'''31/12/2044''' | |||
|'''31/12/2045''' | |||
|'''31/12/2046''' | |||
|'''31/12/2047''' | |||
|'''31/12/2048''' | |||
|'''31/12/2049''' | |||
|'''31/12/2050''' | |||
|'''31/12/2051''' | |||
|'''31/12/2052''' | |||
|'''31/12/2053''' | |||
|'''31/12/2054''' | |||
|'''31/12/2055''' | |||
|'''31/12/2056''' | |||
|'''31/12/2057''' | |||
|'''31/12/2058''' | |||
|'''31/12/2059''' | |||
|'''31/12/2060''' | |||
|'''31/12/2061''' | |||
|'''31/12/2062''' | |||
|'''31/12/2063''' | |||
| | | | ||
|- | |- | ||
| | | colspan="44" |'''Income statement''' | ||
| | |- | ||
| | |Revenues ($'million)|| $78,935||$112,257||$154,816||$207,049||$268,527 | ||
| | |$337,721 | ||
| | |$411,894 | ||
| | |$487,157 | ||
| | |$558,739 | ||
| | |$621,448 | ||
| | |$670,282 | ||
| | |$701,078 | ||
| | |$711,102 | ||
| | |$699,445 | ||
| | |$667,163 | ||
| | |$617,116 | ||
|$9, | |$553,551 | ||
|$ | |$481,510 | ||
|$ | |$406,171 | ||
|$ | |$332,253 | ||
|$ | |$263,564 | ||
|$ | |$202,749 | ||
|$ | |$151,247 | ||
|$ | |$109,414 | ||
|$ | |$76,757 | ||
|$ | |$52,217 | ||
|$ | |$34,448 | ||
|$ | |$22,038 | ||
|$ | |$13,673 | ||
|$ | |$8,226 | ||
|$ | |$4,799 | ||
|$ | |$2,715 | ||
|$ | |$1,490 | ||
|$ | |$793 | ||
|$ | |$409 | ||
|$ | |$205 | ||
|$ | |$99 | ||
|$ | |$47 | ||
|$ | |$21 | ||
|$ | |$9 | ||
|$ | |$4 | ||
|$ | |$2 | ||
|$ | |- | ||
|$ | |Gross profits ($'million)||$23,680||$33,677||$46,445||$62,115||$80,558 | ||
|$3, | |$101,316 | ||
|$ | |$185,352 | ||
|$1, | |$219,221 | ||
|$ | |$251,432 | ||
|$ | |$279,652 | ||
|$ | |$301,627 | ||
|$ | |$315,485 | ||
|$ | |$319,996 | ||
|$ | |$314,750 | ||
|$ | |$300,223 | ||
|$ | |$277,702 | ||
|$249,098 | |||
|$216,679 | |||
|$182,777 | |||
|$149,514 | |||
|$118,604 | |||
|$91,237 | |||
|$68,061 | |||
|$49,236 | |||
|$34,541 | |||
|$23,498 | |||
|$15,502 | |||
|$9,917 | |||
|$6,153 | |||
|$3,702 | |||
|$2,160 | |||
|$1,222 | |||
|$670 | |||
|$357 | |||
|$184 | |||
|$92 | |||
|$45 | |||
|$21 | |||
|$10 | |||
|$4 | |||
|$2 | |$2 | ||
|$1 | |$1 | ||
|- | |- | ||
| | |Operating profits ($'million)||$11,840||$16,839||$23,222||$31,057||$40,279 | ||
|$50,658 | |||
|$123,568 | |||
| | |$146,147 | ||
| | |$167,622 | ||
| | |$186,434 | ||
| | |$201,085 | ||
| | |$210,323 | ||
| | |$213,331 | ||
| | |$209,834 | ||
| | |$200,149 | ||
| | |$185,135 | ||
| | |$166,065 | ||
| | |$144,453 | ||
| | |$121,851 | ||
| | |$99,676 | ||
| | |$79,069 | ||
| | |$60,825 | ||
| | |$45,374 | ||
| | |$32,824 | ||
| | |$23,027 | ||
|$15,665 | |||
|$10,335 | |||
|$6,612 | |||
|$4,102 | |||
|$2,468 | |||
|$1,440 | |||
|$815 | |||
|$447 | |||
|$238 | |||
|$123 | |||
|$61 | |||
|$30 | |||
|$14 | |||
|$6 | |||
| | |$3 | ||
| | |$1 | ||
| | |$1 | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Net profits ($'million)||$9,354||$13,302||$18,346||$24,535|| $31,820 | ||
| | |$40,020 | ||
| | |$97,619 | ||
| | |$115,456 | ||
| | |$132,421 | ||
| | |$147,283 | ||
| | |$158,857 | ||
| | |$166,156 | ||
| | |$168,531 | ||
| | |$165,769 | ||
| | |$158,118 | ||
| | |$146,256 | ||
| | |$131,192 | ||
| | |$114,118 | ||
| | |$96,263 | ||
| | |$78,744 | ||
| | |$62,465 | ||
| | |$48,052 | ||
| | |$35,846 | ||
| | |$25,931 | ||
| | |$18,191 | ||
|$12,376 | |||
|$8,164 | |||
|$5,223 | |||
|$3,240 | |||
|$1,949 | |||
|$1,137 | |||
|$643 | |||
|$353 | |||
|$188 | |||
|$97 | |||
|$48 | |||
|$24 | |||
|$11 | |||
|$5 | |||
|$2 | |||
|$1 | |||
| | |$0 | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|} | |} | ||
=== What are the assumptions used to estimate the financial forecasts? === | ==== What are the assumptions used to estimate the financial forecasts?==== | ||
{| class="wikitable" | {| class="wikitable" | ||
Line 1,160: | Line 996: | ||
|What's the estimated current size of the total addressable market? | |What's the estimated current size of the total addressable market? | ||
|$2,975,000,000 | |$2,975,000,000 | ||
|Here, the total addressable market (TAM) is defined as the global automotive market, and based on a number of assumptions<ref group="Note" name="Note01" />, it is estimated that the size of the market as of today (30th May 2022), in terms of revenue, is $2.975 | |Here, the total addressable market (TAM) is defined as the global automotive market, and based on a number of assumptions<ref group="Note" name="Note01" />, it is estimated that the size of the market as of today (30th May 2022), in terms of revenue, is $2.975 billion. | ||
|- | |- | ||
|What's the estimated annual growth rate of the total addressable market | |What's the estimated terminal annual growth rate of the total addressable market? | ||
|3% | |3% | ||
|Research shows that the growth rate of the global automotive market (i.e. the total addressable market) is similar to the growth rate of global gross domestic product<ref>http://www.robertpicard.net/files/econgrowthandadvertising.pdf</ref>, which has averaged (medium) around 3% per year in the last 20 years (2001 to 2022)<ref>https://www.macrotrends.net/countries/WLD/world/gdp-growth-rate</ref>. | |Research shows that the growth rate of the global automotive market (i.e. the total addressable market) is similar to the growth rate of global gross domestic product<ref>http://www.robertpicard.net/files/econgrowthandadvertising.pdf</ref>, which has averaged (medium) around 3% per year in the last 20 years (2001 to 2022)<ref>https://www.macrotrends.net/countries/WLD/world/gdp-growth-rate</ref>. | ||
Line 1,175: | Line 1,004: | ||
|What's the estimated company peak market share? | |What's the estimated company peak market share? | ||
|10% | |10% | ||
| | |Stockhub estimates that the peak market share of Tesla is around 10%, and, therefore, suggests using the share amount here. As of 31st December 2021, Tesla's current share of the market is around 1.8%. | ||
|- | |- | ||
|Which distribution function do you want to use to estimate company revenue? | |Which distribution function do you want to use to estimate company revenue? | ||
|Gaussian | |Gaussian | ||
|Research suggests that the revenue pattern of companies is similar to the pattern produced by the Gaussian distribution function (i.e. the revenue distribution is bell shaped)<ref>http://escml.umd.edu/Papers/ObsCPMT.pdf</ref>, so | |Research suggests that the revenue pattern of companies is similar to the pattern produced by the Gaussian distribution function (i.e. the revenue distribution is bell shaped)<ref>http://escml.umd.edu/Papers/ObsCPMT.pdf</ref>, so Stockhub suggests using that function here. | ||
|- | |||
|What is the estimated company lifespan? | |||
|60 years | |||
| Tesla employs around 110,000, making the company a large organisation (more than 10,000 employees), and research shows that the average lifespan of a large corporation is around 50 years.<ref>Stadler, Enduring Success, 3–5.</ref> | |||
|- | |- | ||
|What's the estimated standard deviation of company revenue? | |What's the estimated standard deviation of company revenue? | ||
| 6 years | | 6 years | ||
|Another way of asking this question is this way: within how many years either side of the mean does 68% of revenue occur? Based on Tesla's current revenue amount (i.e. $54 billion) and Tesla's estimated lifespan (i.e. 60 years) and Tesla's estimated current stage of its lifecycle (i.e. growth stage), the Stockhub | |Another way of asking this question is this way: within how many years either side of the mean does 68% of revenue occur? Based on Tesla's current revenue amount (i.e. $54 billion) and Tesla's estimated lifespan (i.e. 60 years) and Tesla's estimated current stage of its lifecycle (i.e. growth stage), the Stockhub company suggests using 6 years (i.e. 68% of all sales happen within 6 years either side of the mean year), so that's what's used here. | ||
|- | |- | ||
| colspan="3" |'''<div style="text-align: center;">Growth stages</div>''' | | colspan="3" |'''<div style="text-align: center;">Growth stages</div>''' | ||
Line 1,191: | Line 1,024: | ||
|Research suggests that a company typically goes through four distinct stages of cash flow growth.<ref>Levie J, Lichtenstein BB (2010) A terminal assessment of stages theory: Introducing a dynamic approach to entrepreneurship. Entrepreneurship: Theory & Practice 34(2): 317–350. <nowiki>https://doi.org/10.1111/j.1540-6520.2010.00377.x</nowiki></ref> Research also shows that incorporating those stages into the discounted cash flow model improves the quality of the model and, ultimately, the quality of the value estimation.<ref>Stef Hinfelaar et al.:, 2019.</ref> | |Research suggests that a company typically goes through four distinct stages of cash flow growth.<ref>Levie J, Lichtenstein BB (2010) A terminal assessment of stages theory: Introducing a dynamic approach to entrepreneurship. Entrepreneurship: Theory & Practice 34(2): 317–350. <nowiki>https://doi.org/10.1111/j.1540-6520.2010.00377.x</nowiki></ref> Research also shows that incorporating those stages into the discounted cash flow model improves the quality of the model and, ultimately, the quality of the value estimation.<ref>Stef Hinfelaar et al.:, 2019.</ref> | ||
In addition, research shows that a key way to determine the stage which a company is in is by examining the cash flow patterns of the company.<ref>Dickinson, 2010.</ref> A summary of the economic links to cash flow patterns can be found in the appendix of this report. | |||
In addition, research shows that a key way to determine the stage which a company is in is by examining the cash flow patterns of the company.<ref>Dickinson, 2010.</ref> A summary of the economic links to cash flow patterns can be found in the appendix of this report. Stockhub estimates that with Tesla's operating cash flows positive (+), investing cash flows negative (-) and its financing cash flows positive (+), the company is in the second stage of growth (i.e. the 'growth' stage), and, therefore, it has a total of three main stages of growth. | |||
On 7th February 2022, Tesla said it currently expects: to continue to generate net positive operating cash flow as it has done in the last four fiscal years; its capital expenditures to be between $5.00 to $7.00 billion in 2022 and each of the next two fiscal years; and its ability to be self-funding to continue as long as macroeconomic factors support current trends in its sales. Accordingly, based on forward looking statements, it appears that the company is in stage two of the business lifecycle (i.e. the 'growth' stage), and, therefore, it has a total of three main stages of growth remaining. | On 7th February 2022, Tesla said it currently expects: to continue to generate net positive operating cash flow as it has done in the last four fiscal years; its capital expenditures to be between $5.00 to $7.00 billion in 2022 and each of the next two fiscal years; and its ability to be self-funding to continue as long as macroeconomic factors support current trends in its sales. Accordingly, based on forward looking statements, it appears that the company is in stage two of the business lifecycle (i.e. the 'growth' stage), and, therefore, it has a total of three main stages of growth remaining. | ||
Line 1,214: | Line 1,049: | ||
|- | |- | ||
|Cost of goods sold as a proportion of revenue (%) | |Cost of goods sold as a proportion of revenue (%) | ||
| | |70% | ||
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7">http://people.stern.nyu.edu/adamodar/pdfiles/papers/younggrowth.pdf</ref>, and the margin for its peers is | |Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7">http://people.stern.nyu.edu/adamodar/pdfiles/papers/younggrowth.pdf</ref>, and the margin for its peers is 70%. | ||
|- | |- | ||
|Operating expenses as a proportion of revenue (%) | |Operating expenses as a proportion of revenue (%) | ||
|15% | |15% | ||
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />, and the margin for its peers is 15% | |Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />, and the margin for its peers is 15%. | ||
|- | |- | ||
|Tax rate (%) | |Tax rate (%) | ||
| | |21% | ||
|Research suggests that it's best to use | |Research suggests that it's best to use the marginal tax rate of the country in which the company mainly operates. Tesla mainly operates in the United States, and the marginal tax rate there is 21%. | ||
|- | |- | ||
|Depreciation and amortisation as a proportion of revenue (%) | |Depreciation and amortisation as a proportion of revenue (%) | ||
| | |5% | ||
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />, and the margin for its peers is | |Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />, and the margin for its peers is 5%. | ||
|- | |- | ||
|Fixed capital as a proportion of revenue (%) | |Fixed capital as a proportion of revenue (%) | ||
| | |15% | ||
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />, and the amount for its peers is | |Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />, and the amount for its peers is 15%. | ||
|- | |- | ||
|Working capital as a proportion of revenue (%) | |Working capital as a proportion of revenue (%) | ||
Line 1,248: | Line 1,083: | ||
|- | |- | ||
|Cost of goods sold as a proportion of revenue (%) | |Cost of goods sold as a proportion of revenue (%) | ||
| | |55% | ||
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />, and the margin for its peers is | |Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />, and the margin for its peers is 55%. | ||
|- | |- | ||
|Operating expenses as a proportion of revenue (%) | |Operating expenses as a proportion of revenue (%) | ||
| | |15% | ||
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />, and the margin for its peers is | |Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />, and the margin for its peers is 15%. | ||
|- | |- | ||
|Tax rate (%) | |Tax rate (%) | ||
| | |21% | ||
|Research suggests that it's best to use | |Research suggests that it's best to use the marginal tax rate of the country in which the company mainly operates. Tesla mainly operates in the United States, and the marginal tax rate there is 21%. | ||
|- | |- | ||
|Depreciation and amortisation as a proportion of revenue (%) | |Depreciation and amortisation as a proportion of revenue (%) | ||
| | |5% | ||
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />, and the amount for its peers is | |Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />, and the amount for its peers is 5%. | ||
|- | |- | ||
|Fixed capital as a proportion of revenue (%) | |Fixed capital as a proportion of revenue (%) | ||
|3% | |3% | ||
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />, and the amount for its peers is 3% | |Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />, and the amount for its peers is 3%. | ||
|- | |- | ||
|Working capital as a proportion of revenue (%) | |Working capital as a proportion of revenue (%) | ||
|10% | |10% | ||
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the amount for its peers is 10% | |Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the amount for its peers is 10%. | ||
|- | |- | ||
|Net borrowing ($000) | |Net borrowing ($000) | ||
|Zero | |Zero | ||
| | |Stockhub suggests that for simplicity, the net borrowing figure is zero. | ||
|- | |- | ||
|Interest amount ($000) | |Interest amount ($000) | ||
|Zero | |Zero | ||
| | |Stockhub suggests that for simplicity, the interest amount figure is zero. | ||
|- | |- | ||
| colspan="3" |'''<div style="text-align: center;">Growth stage 4</div>''' | | colspan="3" |'''<div style="text-align: center;">Growth stage 4</div>''' | ||
|- | |- | ||
|Cost of goods sold as a proportion of revenue (%) | |Cost of goods sold as a proportion of revenue (%) | ||
| | |55% | ||
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the margin for its peers is | |Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the margin for its peers is 55%. | ||
|- | |- | ||
|Operating expenses as a proportion of revenue (%) | |Operating expenses as a proportion of revenue (%) | ||
|15% | |15% | ||
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the margin for its peers is 15% | |Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the margin for its peers is 15%. | ||
|- | |- | ||
|Tax rate (%) | |Tax rate (%) | ||
| | |21% | ||
|Research suggests that it's best to use | |Research suggests that it's best to use the marginal tax rate of the country in which the company mainly operates. Tesla mainly operates in the United States, and the marginal tax rate there is 21%. | ||
|- | |- | ||
|Depreciation and amortisation as a proportion of revenue (%) | |Depreciation and amortisation as a proportion of revenue (%) | ||
| | |5% | ||
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the amount for its peers is | |Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the amount for its peers is 5%. | ||
|- | |- | ||
|Fixed capital as a proportion of revenue (%) | |Fixed capital as a proportion of revenue (%) | ||
| | | 3% | ||
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the amount for its peers is | |Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the amount for its peers is 3%. | ||
|- | |- | ||
|Working capital as a proportion of revenue (%) | |Working capital as a proportion of revenue (%) | ||
| 10% | | 10% | ||
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the amount for its peers is 10% | |Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the amount for its peers is 10%. | ||
|- | |- | ||
|Net borrowing ($000) | |Net borrowing ($000) | ||
|Zero | |Zero | ||
| | |Stockhub suggests that for simplicity, the net borrowing figure is zero. | ||
|- | |- | ||
|Interest amount ($000) | |Interest amount ($000) | ||
|Zero | |Zero | ||
| | |Stockhub suggests that for simplicity, the interest amount figure is zero. | ||
|} | |} | ||
==Risks== | ==Risks== | ||
As with any investment, investing in Tesla carries a level of risk. | As with any investment, investing in Tesla carries a level of risk. Overall, based on the key risks highlighted below, the degree of risk associated with an investment in Tesla is high. | ||
===Risks related to the ability to grow the business=== | ===Risks related to the ability to grow the business=== | ||
Line 1,381: | Line 1,212: | ||
===What's the expected return of an investment in the company?=== | ===What's the expected return of an investment in the company?=== | ||
Stockhub estimates that the expected return of an investment in the company over the next five years is 72%. In other words, an £1,000 investment in the company is expected to return £1,720 in five years time. The assumptions used to estimate the return figure can be found in the table below. | |||
Assuming that a suitable return level over five years is 10% per year and Tesla achieves its expected return level (of | Assuming that a suitable return level over five years is 10% per year and Tesla achieves its expected return level (of 72%), then an investment in the company is considered to be a 'suitable' one. | ||
===What are the assumptions used to estimate the return?=== | ===What are the assumptions used to estimate the return?=== | ||
Line 1,399: | Line 1,230: | ||
#By comparing the investment to other similar investments (i.e. relative valuation). | #By comparing the investment to other similar investments (i.e. relative valuation). | ||
Research suggests that in terms of estimating the expected return of an investment over a period of 12-months or more, the approach that is more accurate is the discounted cash flow approach<ref name=":5">Demirakos et al., 2010; Gleason et al., 2013</ref>, so that's the approach that | Research suggests that in terms of estimating the expected return of an investment over a period of 12-months or more, the approach that is more accurate is the discounted cash flow approach<ref name=":5">Demirakos et al., 2010; Gleason et al., 2013</ref>, so that's the approach that Stockhub suggests to use here; nevertheless, for completeness purposes, separately, the valuation of the company is also estimated using the using the relative valuation approach (the valuation based on the relative approach can be found in the appendix of this report). | ||
Tesla has never paid cash dividends, and on 7th February 2022, it said that it currently does not anticipate paying any cash dividends in the foreseeable future. Accordingly, | Tesla has never paid cash dividends, and on 7th February 2022, it said that it currently does not anticipate paying any cash dividends in the foreseeable future. Accordingly, Stockhub suggests using the free cash flow valuation method (rather than the dividend discount model). | ||
|- | |- | ||
|Which financial forecasts to use? | |Which financial forecasts to use? | ||
| Stockhub | | Stockhub | ||
|The only available long-term forecasts (i.e. >15 years) are the ones that are supplied by the Stockhub | |The only available long-term forecasts (i.e. >15 years) are the ones that are supplied by the Stockhub company (the forecasts can be found in the financials section of this report), so Stockhub suggests using those. | ||
|- | |- | ||
| colspan="3" |'''<div style="text-align: center;">Growth stage 2</div>''' | | colspan="3" |'''<div style="text-align: center;">Growth stage 2</div>''' | ||
|- | |- | ||
|Discount rate (%) | |Discount rate (%) | ||
| | | 8% | ||
|There are two key risk parameters for a firm that need to be estimated: its cost of equity and its cost of debt. A key way to estimate the cost of equity | |There are two key risk parameters for a firm that need to be estimated: its cost of equity and its cost of debt. A key way to estimate the cost of equity by looking at the beta (or betas) of the company in question, the cost of debt from a measure of default risk (an actual or synthetic rating) and apply the market value weights for debt and equity to come up with the cost of capital. | ||
|- | |- | ||
|Probability of success (%) | |Probability of success (%) | ||
| | | 100% | ||
| Research suggests that a suitable rate for a company in this growth stage (i.e. stage 2) is | | Research suggests that a suitable rate for a company in this growth stage (i.e. stage 2) is 100%. | ||
|- | |- | ||
Line 1,421: | Line 1,252: | ||
|- | |- | ||
|Discount rate (%) | |Discount rate (%) | ||
| | | 8% | ||
|There are two key risk parameters for a firm that need to be estimated: its cost of equity and its cost of debt. A key way to estimate the cost of equity | |There are two key risk parameters for a firm that need to be estimated: its cost of equity and its cost of debt. A key way to estimate the cost of equity by looking at the beta (or betas) of the company in question, the cost of debt from a measure of default risk (an actual or synthetic rating) and apply the market value weights for debt and equity to come up with the cost of capital. | ||
|- | |- | ||
|Probability of success (%) | |Probability of success (%) | ||
Line 1,432: | Line 1,263: | ||
|- | |- | ||
|Discount rate (%) | |Discount rate (%) | ||
| | | 8% | ||
|There are two key risk parameters for a firm that need to be estimated: its cost of equity and its cost of debt. A key way to estimate the cost of equity | |There are two key risk parameters for a firm that need to be estimated: its cost of equity and its cost of debt. A key way to estimate the cost of equity by looking at the beta (or betas) of the company in question, the cost of debt from a measure of default risk (an actual or synthetic rating) and apply the market value weights for debt and equity to come up with the cost of capital. | ||
|- | |- | ||
|Probability of success (%) | |Probability of success (%) | ||
Line 1,443: | Line 1,274: | ||
|- | |- | ||
|What's the current value of the company? | |What's the current value of the company? | ||
|$ | |$728.88 billion | ||
|As at 5th June 2022, the current value of the Tesla company is $ | |As at 5th June 2022, the current value of the Tesla company is $728.88 billion. | ||
|- | |- | ||
|Which time period do you want to use to estimate the expected return? | |Which time period do you want to use to estimate the expected return? | ||
| Between now and five years time | | Between now and five years time | ||
| | |Stockhub suggests that to account for general market cyclicity, it's best to estimate the expected return of the company between now and five years time. | ||
|} | |} | ||
Line 1,457: | Line 1,288: | ||
#The size of the total addressable market (the default size is $3.0 trillion); | #The size of the total addressable market (the default size is $3.0 trillion); | ||
#Tesla peak market share (the default share is 10%); and | #Tesla peak market share (the default share is 10%); and | ||
#The discount rate (the default time-weighted average rate is | #The discount rate (the default time-weighted average rate is 8%). | ||
The impact of a 50% change in those main inputs to the expected return of the Tesla investment is shown in the table below. | The impact of a 50% change in those main inputs to the expected return of the Tesla investment is shown in the table below. | ||
Line 1,469: | Line 1,300: | ||
|- | |- | ||
|The size of the total addressable market | |The size of the total addressable market | ||
| | |(14%) | ||
| | |72% | ||
| | |158% | ||
|- | |- | ||
|Tesla peak market share | |Tesla peak market share | ||
| | |(14%) | ||
| | | 72% | ||
| | | 158% | ||
|- | |- | ||
|The discount rate | |The discount rate | ||
| | |30% | ||
| | |72% | ||
| | | 136% | ||
|} | |} | ||
Line 1,488: | Line 1,319: | ||
==Appendix== | ==Appendix== | ||
=== | === Financial statements === | ||
{| class="wikitable" | {| class="wikitable" | ||
|+ | |+Balance sheet | ||
! | !Year end date | ||
! | !31/12/2021 | ||
! | !31/12/2020 | ||
!31/12/2019 | |||
!31/12/2018 | |||
|- | |- | ||
| | |'''Current Assets''' | ||
| | | | ||
| | | | ||
| | |||
| | |||
|- | |- | ||
| | |Cash and Cash Equivalents ($million) | ||
| | |$17,576 | ||
| | |$19,384 | ||
|$6,268 | |||
|$3,879 | |||
|- | |- | ||
| | |Short-Term Investments ($million) | ||
| | |$131 | ||
| | | -- | ||
| -- | |||
| -- | |||
|- | |- | ||
| | |Net Receivables ($million) | ||
| | |$1,913 | ||
| | |$1,886 | ||
|$1,324 | |||
|$949 | |||
|- | |- | ||
| | |Inventory ($million) | ||
| | |$5,757 | ||
| | |$4,101 | ||
|$3,552 | |||
|$3,113 | |||
|- | |- | ||
| | |Other Current Assets ($million) | ||
| | |$1,723 | ||
| | |$1,346 | ||
|$959 | |||
|$366 | |||
|- | |- | ||
| | |Total Current Assets ($million) | ||
| | |$27,100 | ||
| | |$26,717 | ||
|$12,103 | |||
|$8,307 | |||
|- | |- | ||
| | |'''Long-Term Assets''' | ||
| | | | ||
| | | | ||
| | |||
| | |||
|- | |- | ||
| | |Long-Term Investments ($million) | ||
| | | -- | ||
| | | -- | ||
| -- | |||
|$422 | |||
|- | |- | ||
| | |Fixed Assets ($million) | ||
| | |$25,411 | ||
| | |$17,396 | ||
|$14,061 | |||
|$13,420 | |||
|- | |- | ||
| | |Goodwill ($million) | ||
| | |$200 | ||
| | |$207 | ||
|$198 | |||
|$68 | |||
|- | |- | ||
| | |Intangible Assets ($million) | ||
|$257 | |||
|$313 | |||
| | |$339 | ||
|$282 | |||
|- | |- | ||
| | |Other Assets ($million) | ||
| | |$9,163 | ||
| | |$7,515 | ||
|$7,608 | |||
|$7,241 | |||
|- | |- | ||
| | |Deferred Asset Charges ($million) | ||
| | | -- | ||
| | | -- | ||
| -- | |||
| -- | |||
|- | |- | ||
| | |Total Assets ($million) | ||
| | |$62,131 | ||
| | |$52,148 | ||
|$34,309 | |||
|$29,740 | |||
|- | |- | ||
| | |'''Current Liabilities''' | ||
| | | | ||
| | | | ||
| | |||
| | |||
|- | |- | ||
| | |Accounts Payable ($million) | ||
| | |$15,744 | ||
| | |$9,906 | ||
|$6,993 | |||
|$5,499 | |||
|- | |- | ||
| | |Short-Term Debt / Current Portion of Long-Term Debt ($million) | ||
| | |$1,589 | ||
| | |$2,132 | ||
|$1,785 | |||
|$2,568 | |||
|- | |- | ||
| | |Other Current Liabilities ($million) | ||
| | |$2,372 | ||
| | |$2,210 | ||
|$1,889 | |||
|$1,926 | |||
|- | |- | ||
| | |Total Current Liabilities ($million) | ||
| | |$19,705 | ||
| | |$14,248 | ||
|$10,667 | |||
|$9,993 | |||
|- | |- | ||
| | |Long-Term Debt ($million) | ||
| | |$5,245 | ||
| | |$9,556 | ||
|$11,634 | |||
|$9,404 | |||
|- | |- | ||
| | |Other Liabilities ($million) | ||
| | |$3,546 | ||
| | |$3,330 | ||
|$2,691 | |||
|$3,039 | |||
|- | |- | ||
| | |Deferred Liability Charges ($million) | ||
| | |$2,052 | ||
| | |$1,284 | ||
|$1,207 | |||
|$991 | |||
|- | |- | ||
| | |Misc. Stocks ($million) | ||
|$826 | |||
|$850 | |||
| | |$849 | ||
|$834 | |||
|- | |- | ||
| | |Minority Interest ($million) | ||
| | |$568 | ||
| | |$655 | ||
|$643 | |||
|$556 | |||
|- | |- | ||
| | |Total Liabilities ($million) | ||
| | |$31,374 | ||
|$29,268 | |||
|$27,048 | |||
| | |$24,261 | ||
| | |||
| | |||
|- | |- | ||
| | |'''Stock Holders Equity''' | ||
| | | | ||
| | | | ||
| | |||
| | |||
|- | |- | ||
| | |Common Stocks ($million) | ||
| | |$1 | ||
| | |$1 | ||
|$1 | |||
| -- | |||
|- | |- | ||
| | |Capital Surplus ($million) | ||
| style=" | |$331 | ||
| style=" | | style="color: red;" |-$5,399 | ||
| style="color: red;" |-$6,083 | |||
| style="color: red;" |-$5,318 | |||
|- | |- | ||
| | |Retained Earnings | ||
| | | -- | ||
| | | -- | ||
| -- | |||
| -- | |||
|- | |- | ||
| | |Treasury Stock ($million) | ||
| | |$29,803 | ||
| | |$27,260 | ||
|$12,736 | |||
|$10,249 | |||
|- | |- | ||
| | |Other Equity ($million) | ||
| style=" | |$54 | ||
| style=" | |$363 | ||
| style="color: red;" |-$36 | |||
| style="color: red;" |-$8 | |||
|- | |- | ||
| | |Total Equity ($million) | ||
| | |$30,189 | ||
| | |$22,225 | ||
|$6,618 | |||
|$4,923 | |||
|- | |- | ||
| | |Total Liabilities & Equity ($million) | ||
|$62,131 | |||
|$52,148 | |||
|$34,309 | |||
|$29,740 | |||
|} | |} | ||
{| class="wikitable" | {| class="wikitable" | ||
|+ | |+Cash flow | ||
! | !Year end date | ||
! | !31/12/2021 | ||
! | !31/12/2020 | ||
!31/12/2019 | |||
!31/12/2018 | |||
|- | |- | ||
| | |Net Income ($million) | ||
| style=" | |$5,519 | ||
| style=" | |$721 | ||
| style="color: red;" |-$862 | |||
| style="color: red;" |-$976 | |||
|- | |- | ||
| | |'''Cash Flows-Operating Activities''' | ||
| | | | ||
| | | | ||
| | |||
| | |||
|- | |- | ||
| | |Depreciation ($million) | ||
| | |$2,911 | ||
| | |$2,322 | ||
|$2,154 | |||
|$2,060 | |||
|- | |- | ||
| | |Net Income Adjustments ($million) | ||
|$2,424 | |||
| $2,575 | |||
| | | $1,375 | ||
| | | $1,043 | ||
| | |||
| | |||
|- | |- | ||
| | |'''Changes in Operating Activities''' | ||
| | | | ||
| | | | ||
| | |||
| | |||
|- | |- | ||
| | |Accounts Receivable ($million) | ||
| style=" | | style="color: red;" |-$130 | ||
| style=" | | style="color: red;" |-$652 | ||
| style="color: red;" |-$367 | |||
| style="color: red;" |-$497 | |||
|- | |- | ||
| | |Changes in Inventories ($million) | ||
| style=" | | style="color: red;" |-$1,709 | ||
| style=" | | style="color: red;" |-$422 | ||
| style="color: red;" |-$429 | |||
| style="color: red;" |-$1,023 | |||
|- | |- | ||
| | |Other Operating Activities ($million) | ||
| style=" | | style="color: red;" |-$3,676 | ||
| style=" | | style="color: red;" |-$1,667 | ||
| style="color: red;" |-$937 | |||
| style="color: red;" |-$504 | |||
|- | |- | ||
| | |Liabilities ($million) | ||
| | |$6,033 | ||
| | |$2,925 | ||
|$1,384 | |||
|$2,082 | |||
|- | |- | ||
| | |Net Cash Flow-Operating ($million) | ||
| | | $11,497 | ||
| | | $5,943 | ||
| $2,405 | |||
|$2,098 | |||
|- | |- | ||
| | |'''Cash Flows-Investing Activities''' | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
|- | |- | ||
|Capital Expenditures ($million) | |||
| style="color: red;" |-$6,514 | |||
| style="color: red;" |-$3,232 | |||
| style="color: red;" |-$1,432 | |||
| style="color: red;" |-$2,319 | |||
|- | |- | ||
| | |Investments ($million) | ||
| style="color: red;" |-$132 | |||
| -- | |||
| -- | |||
| -- | |||
|- | |- | ||
| | |Other Investing Activities ($million) | ||
| style="color: red;" |-$1,222 | |||
|$100 | |||
| style="color: red;" |-$4 | |||
| style="color: red;" |-$18 | |||
|- | |- | ||
| | |Net Cash Flows-Investing ($million) | ||
| style="color: red;" |-$7,868 | |||
| style="color: red;" |-$3,132 | |||
| style="color: red;" |-$1,436 | |||
| style="color: red;" |-$2,337 | |||
|- | |- | ||
| | |'''Cash Flows-Financing Activities''' | ||
| | | | ||
| | | | ||
| | |||
| | |||
|- | |- | ||
| | |Sale and Purchase of Stock ($million) | ||
| | |$699 | ||
| | |$12,675 | ||
|$1,555 | |||
|$727 | |||
|- | |- | ||
| | |Net Borrowings ($million) | ||
|style=" | | style="color: red;" |-$5,732 | ||
|style=" | | style="color: red;" |-$2,488 | ||
|$798 | |||
|$89 | |||
|- | |- | ||
| | |Other Financing Activities ($million) | ||
|style=" | | -- | ||
| | | -- | ||
| -- | |||
| -- | |||
|- | |||
|Net Cash Flows-Financing ($million) | |||
| style="color: red;" |-$5,203 | |||
|$9,973 | |||
|$1,529 | |||
|$574 | |||
|- | |- | ||
| | |Effect of Exchange Rate ($million) | ||
|style=" | | style="color: red;" |-$183 | ||
|style=" | |$334 | ||
|$8 | |||
| style="color: red;" |-$23 | |||
|- | |||
|Net Cash Flow ($million) | |||
| style="color: red;" |-$1,757 | |||
|$13,118 | |||
|$2,506 | |||
|$312 | |||
|} | |} | ||
{| class="wikitable" | {| class="wikitable" | ||
|+ | |+Income statement | ||
! | !Year end date | ||
! | !31/12/2021 | ||
! | !31/12/2020 | ||
! | !31/12/2019 | ||
!31/12/2018 | |||
|- | |- | ||
| | |Total Revenue | ||
| | |$53,823 | ||
| | |$31,536 | ||
| | |$24,578 | ||
|$21,461 | |||
|- | |- | ||
| | |Cost of Revenue | ||
| | |$40,217 | ||
| | |$24,906 | ||
| | |$20,509 | ||
|$17,419 | |||
|- | |- | ||
| | |'''Gross Profit''' | ||
| | |'''$13,606''' | ||
| | |'''$6,630''' | ||
| | |'''$4,069''' | ||
|'''$4,042''' | |||
|- | |- | ||
| | |'''Operating Expenses''' | ||
| | | | ||
| | | | ||
Line 1,800: | Line 1,706: | ||
| | | | ||
|- | |- | ||
| | |Research and Development | ||
|$ | |$2,593 | ||
|$ | |$1,491 | ||
|$ | |$1,343 | ||
|$3, | |$1,460 | ||
|- | |||
|Sales, General and Admin. | |||
|$4,517 | |||
|$3,145 | |||
|$2,646 | |||
|$2,835 | |||
|- | |- | ||
| | |Non-Recurring Items | ||
|$ | | style="color: red;" |-$27 | ||
| -- | |||
|$149 | |||
|$135 | |||
|- | |||
|Other Operating Items | |||
| -- | |||
| -- | | -- | ||
| -- | | -- | ||
| -- | | -- | ||
|- | |- | ||
| | |'''Operating Income''' | ||
|$ | |'''$6,523''' | ||
|$1, | |'''$1,994''' | ||
|$ | |style="color: red;" |'''-$69''' | ||
|$ | |style="color: red;" |'''-$388''' | ||
|- | |- | ||
| | |Add'l income/expense items | ||
|$ | | $191 | ||
|$ | | style="color: red;" |-$92 | ||
|$ | | $89 | ||
|$ | |$46 | ||
|- | |- | ||
| | |Earnings Before Interest and Tax | ||
|$ | |$6,714 | ||
|$1, | |$1,902 | ||
|$ | |$20 | ||
|$ | | style="color: red;" |-$342 | ||
|- | |- | ||
| | |Interest Expense | ||
|$ | |$371 | ||
|$ | |$748 | ||
|$ | |$685 | ||
|$ | |$663 | ||
|- | |- | ||
| | |Earnings Before Tax | ||
| | |$6,343 | ||
| | |$1,154 | ||
| | | style="color: red;" |-$665 | ||
| | | style="color: red;" |-$1,005 | ||
|- | |- | ||
| | |Income Tax | ||
|$699 | |||
|$292 | |||
|$110 | |||
|$58 | |||
|- | |||
|Minority Interest | |||
| -- | |||
| -- | | -- | ||
| -- | | -- | ||
| -- | | -- | ||
|- | |- | ||
| | |Equity Earnings/Loss Unconsolidated Subsidiary | ||
|$ | | style="color: red;" |-$125 | ||
|$ | | style="color: red;" |-$141 | ||
|$ | | style="color: red;" |-$87 | ||
|$ | |$87 | ||
|- | |- | ||
| | |Net Income-Cont. Operations | ||
|$ | |$5,519 | ||
|$ | |$721 | ||
|$ | | style="color: red;" |-$862 | ||
|$ | | style="color: red;" |-$976 | ||
|- | |- | ||
| | |'''Net Income''' | ||
|$ | |'''$5,519''' | ||
|$ | |'''$721''' | ||
|$ | | style="color: red;" |'''-$862''' | ||
|$ | | style="color: red;" |'''-$976''' | ||
|- | |- | ||
| | |'''Net Income Applicable to Common Shareholders''' | ||
|$ | |'''$5,519''' | ||
|$ | |'''$721''' | ||
|$ | | style="color: red;" |'''-$862''' | ||
|$ | | style="color: red;" |'''-$976''' | ||
|} | |||
{| class="wikitable" | |||
|+Financial ratios | |||
!Year end date | |||
!31/12/2021 | |||
!31/12/2020 | |||
!31/12/2019 | |||
!31/12/2018 | |||
|- | |- | ||
| | | colspan="5" |'''Liquidity Ratios''' | ||
| | |||
|- | |- | ||
| | |Current Ratio | ||
| | |138% | ||
| | | 188% | ||
| | | 113% | ||
| | | 83% | ||
|- | |- | ||
| | |Quick Ratio | ||
| | |108% | ||
| | |159% | ||
| | |80% | ||
| | |52% | ||
|- | |- | ||
| | |Cash Ratio | ||
| | |90% | ||
| | |136% | ||
| | |59% | ||
| | |39% | ||
|- | |- | ||
| | | colspan="5" |'''Profitability Ratios''' | ||
| | |||
|- | |- | ||
| | |Gross Margin | ||
| | |25% | ||
| | |21% | ||
| | |17% | ||
| | |19% | ||
|- | |- | ||
| | |Operating Margin | ||
| | |12% | ||
| | |6% | ||
| | |0% | ||
| | |0% | ||
|- | |- | ||
| | |Pre-Tax Margin | ||
| | | 12% | ||
| | | 4% | ||
| | | 0% | ||
| | |0% | ||
|- | |- | ||
| | |Profit Margin | ||
| | |10% | ||
| | |2% | ||
| | |0% | ||
| | |0% | ||
|- | |- | ||
| | |Pre-Tax ROE | ||
| | |21% | ||
| | |5% | ||
| | |0% | ||
| | |0% | ||
|- | |- | ||
| | |After Tax ROE | ||
| | |18% | ||
| | |3% | ||
|0% | |||
|0% | |||
|} | |||
===Relative valuation approach=== | |||
As noted earlier in this report, research suggests that in terms of estimating the expected return of an investment over a period of 12-months or more, the approach that is more accurate is the discounted cash flow approach, so that's the approach that Stockhub suggests using to determine the estimated value of the company (the valuation based on the discounted cash flow approach can be found in the valuation section of this report); nevertheless, for completeness purposes, separately, the valuation of the company is also estimated using the using the relative valuation approach. | |||
====What's the expected return of an investment in Tesla using the relative valuation approach?==== | |||
Accordingly, Stockhub estimates that the expected return of an investment in Tesla Inc over the next five years is 4.4x. In other words, an £1,000 investment in the company is expected to return £4,400 in five years time. The assumptions used to estimate the return figure can be found in the table below. | |||
Assuming that a suitable return level over five years is 10% per year and Tesla achieves its expected return level (of 4.4x), then an investment in the company is considered to be a 'suitable' one. | |||
====What are the assumptions used to estimate the return figure?==== | |||
{| class="wikitable" | |||
|+Key inputs | |||
!Description | |||
!Value | |||
!Commentary | |||
|- | |- | ||
| | | Which type of multiple do you want to use? | ||
| | | Growth-adjusted EV/sales | ||
| | | For the numerator, Stockhub believes that to account for the different financial leverage levels of its peers, it's best to use enterprise value (EV), rather than price. For the denominator, Stockhub believes that because it expects Tesla to reinvest almost all of its revenue back into the business over the five year forecast period and therefore its earnings are expected to be abnormally low over the period, it's best to use sales. Accordingly, Stockhub suggests valuing its company using the EV/sales ratio. However, Stockhub feels that to take into account the different business lifecycle stages of its peers, the most suitable valuation multiple to use is the growth-adjusted EV/sales multiple<ref group="Note" name="Note15" />, rather than the EV/sales multiple. | ||
| | |- | ||
| | |In regards to the growth-adjusted EV/sales multiple, for the sales figure, which year to you want to use? | ||
|Year 5 | |||
|Stockhub suggests that with sales forecast to grow exponential over the five year forecast period, it's best to use forward-looking data, rather than historic data. | |||
In regards to the growth-adjusted EV/sales multiple, for the sales figure, Stockhub suggests that in order to account for the forecasted exponential growth of the business, it's best to use one at the end of the forecast period (i.e. Year 5). | |||
|- | |- | ||
| | |In regards to the growth-adjusted EV/sales multiple, for the sales growth figure, which year(s) do you want to use? | ||
| | |Year 6 to 8, from now | ||
|Stockhub suggests that for the sales growth figure, it's best to use Year 6 to 8. | |||
| | |||
|- | |- | ||
| | |In regards to the growth-adjusted EV/sales multiple, what multiple figure do you want to use? | ||
|89x | |||
|In Stockhub's view, Tesla closest peer is [[Apple]]. [[Apple]] trades on a multiple of 89x. | |||
| | |||
| | |||
|- | |- | ||
| | |Which financial forecasts to use? | ||
| | |Stockhub | ||
| | |The only available forecasts are the ones that are supplied by the Stockhub company (the forecasts can be found in the financials section of this report), so Stockhub suggests using those. | ||
|$ | |- | ||
| | | What's the current value of the Stockhub company? | ||
|$688 billion | |||
|As at 21st May 2022, the current value of its company at $688 billion. | |||
|- | |- | ||
| | |Which time period do you want to use to estimate the expected return? | ||
| | |Between now and five years time | ||
| | |Stockhub suggests that to account for general market cyclicity, it's best to estimate the expected return of the company between now and five years time. | ||
| | |} | ||
| | |||
===Tesla peer(s)=== | |||
{| class="wikitable sortable" | |||
|+Valuation table | |||
|- | |- | ||
!Investments!! Industry !!Enterprise value/sales!!1-year forward revenue growth rates (%)!!Growth-adjusted enterprise value/sales ratio | |||
|- | |- | ||
| | | [[Apple]]||Internet content & communication||7.27x<ref name=":0">Morningstar, Inc.</ref>||8.20%<ref name=":0" />|| style="background: blue; color: white;" |89x | ||
| | |} | ||
| | |||
| | ===Economic links to cash flow patterns === | ||
| | {| class="wikitable" | ||
|+Economic links to cash flow patterns | |||
|- | |||
!Cash flow type!!Introduction!!Growth!!Shake out!!Mature!!Decline | |||
|- | |- | ||
| | |Operating|| style="background: red; color: white;" |-|| style="background: green; color: white;" |+ | ||
| | | style="background: orange; color: white;" | +/-|| style="background: green; color: white;" |+|| style="background: red; color: white;" |- | ||
| | |||
| style="color: | |||
| style="color: red;" |- | |||
|- | |- | ||
| | |Investing|| style="background: red; color: white;" |-|| style="background: red; color: white;" |-|| style="background: orange; color: white;" |+/-|| style="background: red; color: white;" |- | ||
| | | style="background: green; color: white;" | + | ||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Financing|| style="background: green; color: white;" |+|| style="background: green; color: white;" |+|| style="background: orange; color: white;" |+/-|| style="background: red; color: white;" |-|| style="background: orange; color: white;" |+/- | ||
| | |||
| | |||
| | |||
| | |||
|} | |} | ||
{| | === Timeline of production and sales === | ||
| | |||
In 2020, Tesla ranked as the world's best-selling plug-in and battery electric passenger car manufacturer, with a market share of 16% of the plug-in segment and 23% of the battery electric segment 2020 sales.<ref>{{cite web|last=Kane|first=Mark |date=February 6, 2020|title=World's Top 5 EV Automotive Groups Ranked By Sales: Q1-Q4 2020|url=https://insideevs.com/news/486325/world-top-ev-automotive-groups-2020/|access-date=February 7, 2021|website=InsideEVs|language=en}}</ref> Tesla reported 2021 vehicle deliveries of 936,222 units, up 87% from 2020.<ref name=Tesla4Q2021final>{{cite web| title=Tesla Fourth Quarter & Full Year 2021 Update | url=https://tesla-cdn.thron.com/static/WIIG2L_TSLA_Q4_2021_Update_O7MYNE.pdf?xseo=&response-content-disposition=inline%3Bfilename%3D%22tsla-q4-and-fy-2021-update.pdf%22 |publisher=Tesla |location=[[Palo Alto]] | date=January 26, 2022 | access-date=January 27, 2022}} See table "Operational Summary" pp. 7 and 8 for revised and final production and sales numbers.</ref> At the end of 2021, Tesla's global sales since 2012 totalled 2.3 million units.<ref name=Tesla2021>{{cite web|url=https://insideevs.com/news/563407/tesla-2021q4-final-delivery-numbers/ |title=Tesla Q4 2021 Final EV Delivery Numbers And Outlook |first=Mark |last=Kane |work=InsideEVs |date=January 27, 2022 |access-date=January 27, 2022 |quote=Cumulatively, Tesla sold over 2.3 million electric cars.}}</ref> | |||
{| class="wikitable"<!-- display data as diagram too --> | |||
|- style="text-align:center;" | |||
! Quarter !! Cumulative<br />production !! Total<br />production !! Model S<br />sales !! Model X<br />sales !! Model 3<br />sales | |||
! Model Y<br />sales!! Total<br />sales !! In transit || Source | |||
|- style="text-align:center;" | |||
| Q3 2012 || N/A || 350 || 250+ || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 250+ || ||<ref>{{cite web |url=https://tesla-cdn.thron.com/static/ZRLLWN_Q2_2012_Shareholder_Letter_Final_FN3CKV.pdf |title=Tesla Motors, Inc. – Third Quarter 2012 Shareholder Letter |author=Tesla Motors |publisher=Tesla Motors |date=November 5, 2012 |access-date=November 21, 2020}} ''Over 250 Model S deliveries in Q3, exceeding target upper bound ''</ref> | |||
|- style="text-align:center;" | |||
| | | Q4 2012 || N/A || 2,750+ || 2,400 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 2,400 || ||<ref>{{cite web |url=https://tesla-cdn.thron.com/static/P8DUMV_Q4_12_SHL_022013_final_QUVRKE.pdf|title=Tesla Motors, Inc. – Fourth Quarter & Full Year 2012 Shareholder Letter |author=Tesla Motors |publisher=Tesla Motors |date=February 20, 2013 |access-date=November 21, 2020}} ''Achieved 20,000 annualized production rate''</ref> | ||
| | |- style="text-align:center;" | ||
| | | Q1 2013 || N/A || 5,000+ || 4,900 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 4,900 || ||<ref>{{cite web |url=https://ir.tesla.com/static-files/26b677b6-a22c-4222-a3c6-4bb516bfdac8 |title=Tesla Motors – First Quarter 2013 Shareholder Letter |author=Tesla Motors |publisher=Tesla Motors |date=May 8, 2013 |access-date=September 23, 2019}} ''Record sales of $562 million, up 83% from last quarter''</ref> | ||
|- style="text-align:center;" | |||
| Q2 2013 || N/A || N/A || 5,150 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 5,150 || ||<ref>{{cite web |url=https://ir.tesla.com/static-files/8a80aee7-ca20-4ff2-9d5b-e25aae776331 |title=Tesla Motors – Second Quarter 2013 Shareholder Letter |author=Tesla Motors |publisher=Tesla Motors |date=August 7, 2013 |access-date=September 23, 2019}} ''Record Q2 Model S deliveries of 7,579 vehicles.''</ref> | |||
| | |- style="text-align:center;" | ||
| | | Q3 2013 || N/A || N/A || 5,500+ || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 5,500+ || ||<ref>{{cite web |url=https://ir.tesla.com/static-files/6496fc94-630f-41c7-96c6-94d4cafe4e86 |title=Tesla Motors – Third Quarter 2013 Shareholder Letter |author=Tesla Motors |publisher=Tesla Motors |location=Palo Alto, California |date=November 5, 2013 |access-date=September 23, 2019}} ''Record 5,500 Model S deliveries''</ref> | ||
| | |- style="text-align:center;" | ||
| Q4 2013 || ~34,851 || 6,587 || 6,892 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 6,892 || ||<ref>{{cite web |url=https://ir.tesla.com/static-files/dcbd65a8-c7aa-4538-8a81-49b1b1971a14 |title=Tesla Motors - Fourth Quarter & Full Year 2013 Shareholder Letter |date=February 19, 2014 |publisher=Tesla Motors |access-date=September 23, 2019}} ''Record 6,892 Model S vehicles sold and delivered in Q4''</ref> | |||
|- | |- style="text-align:center;" | ||
| Q1 2014 || ~41,438 || 7,535 || 6,457 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 6,457 || ||<ref>{{cite web |url=https://ir.tesla.com/static-files/a6276682-8422-4150-bb10-c9d701220537 |title=Tesla Motors – First Quarter 2014 Shareholder Letter |author=Tesla Motors |publisher=Tesla Motors |date=May 7, 2014 |access-date=September 20, 2019}} ''Record Q1 Model S production of 7,535 vehicles.''</ref> | |||
|- style="text-align:center;" | |||
| Q2 2014 || ~48,973 || 8,763 || 7,579 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 7,579 || ||<ref>{{cite web |url=https://ir.tesla.com/static-files/b818e6ca-a8ba-4189-8b5d-a64b90307917 |title=Tesla Motors – Second Quarter 2014 Shareholder Letter |author=Tesla Motors |publisher=Tesla Motors |date=July 31, 2014 |access-date=September 20, 2019}} ''Record Q2 Model S deliveries of 7,579 vehicles.''</ref> | |||
| | |- style="text-align:center;" | ||
| | | Q3 2014 || ~57,736 || ~7,075 || 7,785 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 7,785 || ||<ref>{{cite web |url=https://ir.tesla.com/static-files/53e161cf-e04f-495c-9fa5-60dcd79231fd |title=Tesla Motors – Third Quarter 2014 Shareholder Letter |author=Tesla Motors |publisher=Tesla Motors |location=Palo Alto, California |date=November 5, 2014 |access-date=September 20, 2019}} ''Highest ever quarterly deliveries at 7,785 vehicles, despite factory shutdown in July''</ref> | ||
| | |- style="text-align:center;" | ||
| | | Q4 2014 || 64,811 || 11,627 || 9,834 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 9,834 || ||<ref>{{cite web |url=https://ir.tesla.com/static-files/be63b49e-c7ff-4c02-a5ea-2545f60e5b79 |title=Tesla Motors - Fourth Quarter & Full Year 2014 Shareholder Letter |date=February 11, 2015 |publisher=Tesla Motors |access-date=September 20, 2019}}</ref> | ||
| | |- style="text-align:center;" | ||
| | | Q1 2015 || 76,438 || 11,160 || 10,045 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 10,045 || ||<ref>{{cite web |url=http://files.shareholder.com/downloads/ABEA-4CW8X0/202903254x0x827135/90332B15-F6AE-4F44-B634-624BE548291E/Tesla_Motors_Q1_15_Shareholder_Letter.pdf |title=Tesla Motors – First Quarter 2015 Shareholder Letter |author=Tesla Motors |publisher=Tesla Motors |date=May 6, 2015 |access-date=August 4, 2016}} ''A total of 10,045 Model S cars were delivered globaly during the first quarter of 2015.''</ref> | ||
| | |- style="text-align:center;" | ||
| | | Q2 2015 || 89,245 || 12,807 || 11,532 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 11,532 || ||<ref>{{cite web |url=http://files.shareholder.com/downloads/ABEA-4CW8X0/380261427x0x843991/DCDCCFDA-0709-405B-931A-B2F48A224CE8/Tesla_Q2_2015_Shareholder_Letter.pdf |title=Tesla Motors – Second Quarter 2015 Shareholder Letter |author=Tesla Motors |publisher=Tesla Motors |date=August 5, 2015 |access-date=August 4, 2016}} ''A total of 11,532 Model S cars were delivered globally during the second quarter of 2015.''</ref> | ||
|- | |- style="text-align:center;" | ||
| | | Q3 2015 || 102,336 || 13,091 || 11,597 || 6 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 11,603 || ||<ref>{{cite press release |url=http://files.shareholder.com/downloads/ABEA-4CW8X0/380261427x0x858516/F50A9FAF-BA73-4263-8E16-DE1FAC0BABDF/Q3_15_Shareholder_Letter.pdf |title=Tesla Motors – Third Quarter 2015 Shareholder Letter |author=Tesla Motors |publisher=Tesla Motors |location=Palo Alto, California |date=August 4, 2016 |access-date=November 3, 2015}} ''Tesla global electric car sales totaled 11,603 units during the third quarter of 2015, including six Tesla Model X units.''</ref> | ||
|- style="text-align:center;" | |||
| | | Q4 2015 || 116,373 || 14,037 || 17,272 || 206 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 17,478 || ||<ref>{{cite web |url=http://files.shareholder.com/downloads/ABEA-4CW8X0/456867397x0x874449/945B9CF5-86DA-4C35-B03C-4892824F058D/Q4_15_Tesla_Update_Letter.pdf |title=Tesla Fourth Quarter & Full Year 2015 Update |date=February 10, 2016 |publisher=Tesla Motors |access-date=February 10, 2016}}</ref> | ||
| | |- style="text-align:center;" | ||
| | | Q1 2016 || 131,883 || 15,510 || 12,420 || 2,400 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 14,820 || 2,615 ||<ref name="Tesla1Q2016">{{cite web |url=http://files.shareholder.com/downloads/ABEA-4CW8X0/2007076272x0x889927/27EE2FDA-9C77-4D6A-8CEE-E8DFE45227BA/Q1_2016_Tesla_Shareholder_Letter.pdf |title=Tesla shareholders letter:Tesla First Quarter 2016 Update |author=Tesla Motors |publisher=Tesla Motors |date=May 4, 2016 |access-date=August 4, 2016 |archive-url= https://web.archive.org/web/20160601053039/http://files.shareholder.com/downloads/ABEA-4CW8X0/2007076272x0x889927/27EE2FDA-9C77-4D6A-8CEE-E8DFE45227BA/Q1_2016_Tesla_Shareholder_Letter.pdf |archive-date=June 1, 2016 |url-status=dead}}</ref> | ||
| | |- style="text-align:center;" | ||
| | | Q2 2016 || 150,228 || 18,345 || 9,764 || 4,638|| style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 14,402 || 5,150 ||<ref>{{cite press release |url=http://files.shareholder.com/downloads/ABEA-4CW8X0/2563692152x0x903036/562D56A1-5426-4D79-8B99-3408D1B60226/Q2_16_Update_Letter_-_final.pdf |title=Tesla Second Quarter 2016 Update |publisher=Tesla Motors |location=[[Palo Alto]] |date=August 3, 2016 |access-date=August 3, 2016}} ''During the second quarter of 2016 Tesla Motors delivered 14,402 new vehicles consisting of 9,764 Model S and 4,638 Model X. Production during 2Q 2016 totaled 18,345 vehicles.''</ref><ref>{{cite press release |url=http://ir.tesla.com/releasedetail.cfm?ReleaseID=978031 |title=Tesla Q2 2016 Vehicle Production and Deliveries |publisher=Tesla Motors |location=[[Palo Alto]] |date=July 3, 2016 |access-date=August 3, 2016}}</ref> | ||
| style=" | |- style="text-align:center;" | ||
| style=" | | Q3 2016 || 175,413 || 25,185 || 16,047 || 8,774 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 24,821 || 5,065 ||<ref>{{cite web |url=http://files.shareholder.com/downloads/ABEA-4CW8X0/3100729770x0x913801/F9E5C36A-AFDD-4FF2-A375-ED9B0F912622/Q3_16_Update_Letter_-_final.pdf |title=Tesla Third Quarter 2016 Update |work=Tesla Motors |location=[[Palo Alto]] |date=October 26, 2016 |access-date=October 27, 2016}}</ref> | ||
| style=" | |- style="text-align:center;" | ||
| | | Q4 2016 || 200,295 || 24,882 || 12,700 || 9,500 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 22,254 || 6,450 ||<ref>{{cite web |url=http://ir.tesla.com/releasedetail.cfm?ReleaseID=1006161 |title=Tesla Q4 2016 Production and Deliveries |work=Tesla Motors |location=[[Palo Alto]] |date=January 3, 2017 |access-date=January 3, 2017}}</ref><ref name="Tesla4Q2016final">{{cite web |url=http://files.shareholder.com/downloads/ABEA-4CW8X0/3853068125x0x929284/22C29259-6C19-41AC-9CAB-899D148F323D/TSLA_Update_Letter_2016_4Q.pdf |title=Tesla Fourth Quarter & Full Year 2016 Update |work=Tesla Inc. |location=[[Palo Alto]] |date=February 22, 2017 |access-date=February 22, 2017 |archive-url= https://web.archive.org/web/20170223212145/http://files.shareholder.com/downloads/ABEA-4CW8X0/3853068125x0x929284/22C29259-6C19-41AC-9CAB-899D148F323D/TSLA_Update_Letter_2016_4Q.pdf |archive-date=February 23, 2017 |url-status=dead |df=mdy-all}} ''Production totaled 24,882 vehicles in 4Q 2016 and vehicle deliveries totaled 22,252 units. No breakdown by model was provided.''</ref> | ||
| | |- style="text-align:center;" | ||
| | | Q1 2017 || 225,713 || 25,418 || ~13,450 || ~11,550 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 25,051 || ~4,650 ||<ref name="Tesla1Q2017">{{cite press release |title=Tesla Q1 2017 Vehicle Production and Deliveries |date=April 2, 2017 |publisher=Market Wired |location=[[Palo Alto]] |url=http://ir.tesla.com/releasedetail.cfm?ReleaseID=1019685 |quote=Tesla (NASDAQ: TSLA) delivered just over 25,000 vehicles in Q1, of which approx 13,450 were Model S and approx 11,550 were Model X. |access-date=April 4, 2017 |work=Tesla Motors}}</ref> | ||
| | |- style="text-align:center;" | ||
| | | Q2 2017 || 251,421 || 25,708 || ~12,000 || ~10,000 || style="background:#f1f5fa;" | || style="background:#f1f5fa;" | || 22,026 || ~3,500 ||<ref name="Tesla2Q2017">{{cite web |url=http://ir.tesla.com/releasedetail.cfm?ReleaseID=1032479 |title=UPDATE – Tesla Q2 2017 Vehicle Production and Deliveries |publisher=Tesla |date=July 7, 2017 |access-date=July 10, 2017}}</ref><ref>{{cite web |url=http://files.shareholder.com/downloads/ABEA-4CW8X0/4934165653x0x952053/F302D22F-FC9B-41A3-9534-60D0032673CC/TSLA_Update_Letter_2017-2Q.pdf |title=Tesla Second Quarter 2017 Update (Letter to shareholders) |publisher=Tesla |date=August 2, 2017 |access-date=August 5, 2017 |quote=We delivered 22,026 Model S and Model X vehicles in Q2, for a total of 47,077 in the first half of the year. |archive-url= https://web.archive.org/web/20170805101731/http://files.shareholder.com/downloads/ABEA-4CW8X0/4934165653x0x952053/F302D22F-FC9B-41A3-9534-60D0032673CC/TSLA_Update_Letter_2017-2Q.pdf |archive-date=August 5, 2017 |url-status=dead}}</ref> | ||
| style=" | |- style="text-align:center;" | ||
| style=" | | Q3 2017 || 276,757 || 25,336 || 14,065 || 11,865 || 222 || style="background:#f1f5fa;" | || 26,137 || 4,820 ||<ref name="Tesla3Q2017">{{cite web |url=http://ir.tesla.com/releasedetail.cfm?ReleaseID=1042449 |title=Tesla Q3 2017 Vehicle Deliveries and Production |publisher=Tesla |date=October 2, 2017}}</ref><ref name="3Q2017Tesla250K">{{cite web |url=http://files.shareholder.com/downloads/ABEA-4CW8X0/5846881552x0x962149/00F6EB90-2695-44E6-8C03-7EC4E06DF840/TSLA |title=_Update_Letter_2017-3Q.pdf Tesla Third Quarter 2017 Update |publisher=Tesla |date=November 1, 2017 |access-date=January 10, 2018 |archive-url= https://web.archive.org/web/20180111165022/http://files.shareholder.com/downloads/ABEA-4CW8X0/5846881552x0x962149/00F6EB90-2695-44E6-8C03-7EC4E06DF840/TSLA |archive-date=January 11, 2018 |url-status=dead}}</ref> | ||
|- style="text-align:center;" | |||
| | | Q4 2017 || 301,322 || 24,565 || ~15,200 || ~13,120|| 1,542 || style="background:#f1f5fa;" | || 29,967 || 3,380 ||<ref name="Tesla4Q2017">{{cite web |url=http://ir.tesla.com/releasedetail.cfm?ReleaseID=1053245 |title=Tesla Q4 2017 Vehicle Production and Deliveries |publisher=Tesla |date=January 3, 2018}}</ref><ref name="Tesla4Q2017_AggProduction">{{cite web |url=https://electrek.co/2018/02/14/tesla-delivered-300000th-vehicle/ |title=Tesla confirms having produced its 300,000th electric car |publisher=Tesla |date=February 14, 2018}}</ref><ref name="Tesla4Q2017final">{{cite press release |url=http://files.shareholder.com/downloads/ABEA-4CW8X0/4934165653x0x970775/34923C55-6853-4223-ADDA-CB3CDC1B919F/TSLA_Update_Letter_2017-4Q.pdf |title=Tesla Fourth Quarter & Full Year 2017 Update |publisher=Tesla |work=Tesla |location=[[Palo Alto]] |date=February 7, 2017 |access-date=February 7, 2018 |quote=In Q4, we delivered 28,425 Model S and Model X vehicles and 1,542 Model 3 vehicles, totaling 29,967 deliveries. |archive-url= https://web.archive.org/web/20180208182745/http://files.shareholder.com/downloads/ABEA-4CW8X0/4934165653x0x970775/34923C55-6853-4223-ADDA-CB3CDC1B919F/TSLA_Update_Letter_2017-4Q.pdf |archive-date=February 8, 2018 |url-status=dead}}</ref> | ||
| style=" | |- style="text-align:center;" | ||
| style=" | | Q1 2018 || 335,816 || 34,494 || 11,730 || 10,070|| 8,182 || style="background:#f1f5fa;" | || 29,997 || 6,100 ||<ref name="Tesla1Q2018">{{cite web |url=http://files.shareholder.com/downloads/ABEA-4CW8X0/3853068125x0x979026/44C49236-1FC2-4FD9-80B1-495ED74E4194/TSLA_Update_Letter_2018-1Q.pdf |title=Tesla First Quarter 2018 Update |publisher=Tesla |access-date=May 27, 2018 |archive-url= https://web.archive.org/web/20180527202413/http://files.shareholder.com/downloads/ABEA-4CW8X0/3853068125x0x979026/44C49236-1FC2-4FD9-80B1-495ED74E4194/TSLA_Update_Letter_2018-1Q.pdf |archive-date=May 27, 2018 |url-status=dead}}</ref> | ||
| | |- style="text-align:center;" | ||
| | | Q2 2018 || 389,155 || 53,339 || 10,930 || 11,370|| 18,440 || style="background:#f1f5fa;" | || 40,740 || 15,058 || <ref name="Tesla2Q2018">{{cite web |url=http://ir.tesla.com/news-releases/news-release-details/tesla-q2-2018-vehicle-production-and-deliveries |title=Tesla Second Quarter 2018 Delivery |publisher=Tesla |access-date=July 22, 2018}}</ref><ref name="Tesla2Q2018final">{{cite report|url=http://ir.tesla.com/static-files/7235e525-db16-470c-8dce-9ecac0ad7712 |page=2|title=Automotive Products|work=Tesla Second Quarter 2018 Update|date=August 1, 2018|access-date=August 2, 2018|first=RR|last1=Donnelley|quote=We produced 53,339 vehicles in Q2 and delivered 22,319 Model S and Model X vehicles and 18,449 Model 3 vehicles, totaling 40,768 deliveries.}}</ref> | ||
|- | |- style="text-align:center;" | ||
| | | Q3 2018 || 469,297 || 80,142 || 14,470 || 13,190|| 56,065 || style="background:#f1f5fa;" | || 83,725 || 11,824 || <ref name="Tesla3Q2018">{{cite web |url=http://ir.tesla.com/news-releases/news-release-details/tesla-q3-2018-vehicle-production-and-deliveries |title=Tesla Third Quarter 2018 Delivery |publisher=Tesla |access-date=October 2, 2018}}</ref><ref name="Tesla3Q2018final">{{cite web| title=Tesla Third Quarter 2018 Update | url=http://ir.tesla.com/static-files/725970e6-eda5-47ab-96e1-422d4045f799 |publisher=Tesla |location=[[Palo Alto]] | date=October 24, 2018 |access-date=October 24, 2018}} | ||
| | </ref> | ||
| | |- style="text-align:center;" | ||
| | | Q4 2018 || 555,852 || 86,555 || 13,500 || 14,050 || 63,359 || style="background:#f1f5fa;" | || 90,700 || 2,907 || <ref name="Tesla4Q2018">{{cite web |url=http://ir.tesla.com/news-releases/news-release-details/tesla-q4-2018-vehicle-production-deliveries-also-announcing-2000 |title=Tesla Fourth Quarter 2018 Delivery |publisher=Tesla |access-date=January 2, 2019}}</ref><ref name="Tesla4Q2018final">{{cite web| title=Tesla Fourth Quarter & Full Year 2018 Update | url=http://ir.tesla.com/static-files/0b913415-467d-4c0d-be4c-9225c2cb0ae0 |publisher=Tesla |location=[[Palo Alto]] | date=January 30, 2019| access-date=January 30, 2019|quote=In Q4, we delivered 63,359 Model 3 vehicles to customers in North America. }}</ref> | ||
| | |- style="text-align:center;" | ||
| | | Q1 2019 || 632,952 || 77,100 || colspan="2" | 12,100 || 50,900 || style="background:#f1f5fa;" | || 63,000 || 10,600 || <ref name="Tesla1Q2019">{{cite press release|publisher=Tesla |url=http://ir.tesla.com/news-releases/news-release-details/tesla-q1-2019-vehicle-production-deliveries |title=Tesla Q1 2019 Vehicle Production & Deliveries |location=Palo Alto |date=April 4, 2019 |access-date=April 4, 2019}}</ref> | ||
| | |- style="text-align:center;" | ||
| | | Q2 2019 || 720,000 || 87,048 || colspan="2" | 17,650 || 77,550 || style="background:#f1f5fa;" | || 95,200 || 7,400 || <ref name="Tesla2Q2019">{{cite press release|publisher=Tesla |url=https://ir.tesla.com/news-releases/news-release-details/tesla-q2-2019-vehicle-production-deliveries |title=Tesla Q2 2019 Vehicle Production & Deliveries |location=Palo Alto |date=July 2, 2019 |access-date=July 2, 2019}}</ref><ref name="wired20190703">{{cite magazine |url=https://www.wired.com/story/tesla-model-3-can-survive-crash-avoid-one-too/ |title=Tesla Model 3 Can Survive a Crash—and Avoid One, Too |first=Alex |last=Davies |magazine=Wired |location=US |date=July 3, 2019 |access-date=July 9, 2019}}</ref> | ||
| | |- style="text-align:center;" | ||
| | | Q3 2019 || 816,155 || 96,155 || colspan="2" | 17,483 || 79,703 || style="background:#f1f5fa;" | || 97,186 || || <ref name="Tesla3Q2019">{{cite press release|publisher=Tesla |url=https://ir.tesla.com/static-files/47313d21-3cac-4f69-9497-d161bce15da4 |title=Q3 2019 Update|location=Palo Alto |date=Oct 23, 2019 |access-date=Jan 7, 2020}}</ref> | ||
| | |- style="text-align:center;" | ||
| | | Q4 2019 || 921,046 || 104,891 || colspan="2" | 19,475 || 92,620 || style="background:#f1f5fa;" | || 112,095 || || <ref name="Tesla4Q2020" /> | ||
| | |- style="text-align:center;" | ||
| | |Q1 2020 || 1,023,718 || 102,672 || colspan="2" | 12,230 || colspan="2" | 76,266 || 88,496 || || |<ref name="Tesla4Q2020" /> | ||
| | |- style="text-align:center;" | ||
| | |Q2 2020 || 1,105,990 || 82,272 || colspan="2" | 10,614 || colspan="2" | 80,277 || 90,891 || || <ref name="Tesla4Q2020" /> | ||
| | |- style="text-align:center;" | ||
| | |Q3 2020 || 1,251,026 || 145,036 || colspan="2" | 15,275 || colspan="2" | 124,318 || 139,593 || || <ref name="Tesla4Q2020" /> | ||
| | |- style="text-align:center;" | ||
| | |Q4 2020 || 1,430,783 || 179,757 || colspan="2" | 18,966 || colspan="2" | 161,701 || 180,667 || || <ref name="Tesla4Q2020">{{cite web| title=Tesla Fourth Quarter & Full Year 2020 Update | url=https://tesla-cdn.thron.com/static/1LRLZK_2020_Q4_Quarterly_Update_Deck_-_Searchable_LVA2GL.pdf |publisher=Tesla |location=[[Palo Alto]] | date=2021-01-27 | access-date=2021-02-07}}</ref> | ||
| style=" | |- style="text-align:center;" | ||
| style=" | |Q1 2021 || 1,611,121 || 180,338 || colspan="2" | 2,030 || colspan="2" | 182,847 || 184,877 || || <ref name="Tesla1Q2021">{{cite web| title=Tesla Q1 2021 Quarterly Update | url=https://tesla-cdn.thron.com/delivery/public/document/tesla/a1ab64e7-7c18-421c-a898-9b60397b017b/S1dbei4/WEB/TSLA-Q1-2021-Update |publisher=Tesla |location=[[Palo Alto]] | date=2021-04-26 | access-date=2021-04-26}}</ref> | ||
| style=" | |- style="text-align:center;" | ||
|Q2 2021 || 1,817,542 || 206,421 || colspan="2" | 1,895 || colspan="2" | 199,409 || 201,304 || || <ref name="Tesla2Q2021">{{cite web| title=Tesla Q2 2021 Quarterly Update | url=https://tesla-cdn.thron.com/delivery/public/document/tesla/915a0dab-11c4-4d81-9526-52995afb67ee/S1dbei4/WEB/q2_2021 |publisher=Tesla |location=[[Palo Alto]] | date=2021-07-26 | access-date=2021-07-26}}</ref> | |||
|- style="text-align:center;" | |||
|Q3 2021 || 2,055,365 || 237,823 || colspan="2" | 9,289 || colspan="2" | 232,102 || 241,391 || || <ref name="Tesla3Q2021">{{cite web| title=Tesla Q3 2021 Quarterly Update | url=https://tesla-cdn.thron.com/delivery/public/document/tesla/c7f38479-c161-4ddb-8e09-31211aa8078d/S1dbei4/WEB/TSLA-Q3-2021-Quarterly-Update |publisher=Tesla |location= [[Austin]] | date=2021-10-20 | access-date=2021-10-21}}</ref> | |||
|- style="text-align:center;" | |||
|Q4 2021 || 2,361,205 || 305,840 || colspan="2" | 11,766 || colspan="2" | 296,884 || 308,650 || || <ref name="Tesla4Q2021">{{cite web| title=Tesla Fourth Quarter & Full Year 2021 Update | url=https://tesla-cdn.thron.com/delivery/public/document/tesla/99573663-409d-442d-b1f6-50bfc75cb41c/S1dbei4/WEB/tsla-q4-and-fy-2021-update |publisher=Tesla |location= [[Austin]] | date=2022-01-27 | access-date=2022-01-27}}</ref> | |||
|- style="text-align:center;" | |||
|Q1 2022 || 2,666,612 || 305,407 || colspan="2" | 14,724 || colspan="2" | 295,324 || 310,048 || || <ref name="Tesla1Q2022">{{cite web| title=Tesla Vehicle Production & Deliveries for First Quarter 2022 | url=https://ir.tesla.com/press-release/tesla-vehicle-production-deliveries-and-date-financial-results-webcast-first-quarter |publisher=Tesla |location= [[Austin]] | date=2022-04-02 | access-date=2022-04-03}}</ref> | |||
|} | |||
=== Global greenhouse gas emissions by sector<ref name=":11">https://ourworldindata.org/emissions-by-sector</ref> === | |||
The 'energy use in industry' category relates to the energy used to manufacture products connected to the industry sector, such as iron and steel (7.2%), chemicals & petrochemicals (3.6%) and tobacco products and food processing (1%). | |||
The transport category relates to the emissions generated from the 'powering' of transport activities. Note, the transport category does not include emissions from the manufacturing of motor vehicles or other transport equipment (those emissions are included in the ‘energy use in industry’ category). | |||
According to the Global Change Data Lab charity, to reach net-zero emissions, there is no single fix; innovations across many sectors are needed<ref name=":11" />. For example, even if we could fully decarbonize our electricity supply, we would also need to electrify all of our heating and road transport.<ref name=":11" /> | |||
{| class="wikitable sortable" | |||
|+'''Global greenhouse gas emissions by sector''' | |||
!Processes | |||
!Contributions to global greenhouse gas emissions (%) | |||
!Sector | |||
|- | |- | ||
| | |Energy use in industry | ||
| | |24.2% | ||
|Energy | |||
| | |||
|- | |- | ||
| | |Transport | ||
| | |16.2% | ||
|Energy | |||
| | |||
|- | |- | ||
| | |Energy use in buildings | ||
| | |17.5% | ||
|Energy | |||
| | |||
|- | |- | ||
| | |Unallocated fuel combustion | ||
|7.8% | |||
|Energy | |||
| | |||
| | |||
|- | |- | ||
| | |Fugitive emissions from energy production | ||
| | |5.8% | ||
| | |Energy | ||
|- | |- | ||
| | |Energy use in agriculture and fishing | ||
| | |1.7% | ||
|Energy | |||
| | |||
|- | |- | ||
| | |Cement | ||
| | |3.0% | ||
| | |Industry | ||
|- | |- | ||
| | |Chemicals & petrochemicals | ||
| | |2.2% | ||
|Industry | |||
| | |||
|- | |- | ||
| | |Wastewater | ||
| | |1.3% | ||
|Waste | |||
| | |||
|- | |- | ||
| | |Landfills | ||
| | |1.9% | ||
|Waste | |||
| | |||
|- | |- | ||
| | |Grassland | ||
|0.1% | |||
|Agriculture, Forestry and Land Use | |||
|- | |- | ||
| | |Cropland | ||
| | |1.4% | ||
| | |Agriculture, Forestry and Land Use | ||
|- | |- | ||
| | |Deforestation | ||
| | |2.2% | ||
| | |Agriculture, Forestry and Land Use | ||
|- | |- | ||
| | |Crop burning | ||
| | |3.5% | ||
| | |Agriculture, Forestry and Land Use | ||
|- | |- | ||
| | |Rice cultivation | ||
|1.3% | |||
|Agriculture, Forestry and Land Use | |||
|- | |- | ||
| | |Agricultural soils | ||
| | |4.1% | ||
| | |Agriculture, Forestry and Land Use | ||
|- | |- | ||
|Livestock & manure | |||
|5.8% | |||
|Agriculture, Forestry and Land Use | |||
|Livestock & manure | |||
|5.8% | |||
|Agriculture, Forestry and Land Use | |||
|} | |} | ||
== Notes== | == Notes== | ||
Line 3,024: | Line 2,150: | ||
A power purchase agreement (PPA) is a contract between two parties, one which generates electricity (the seller) and one which is looking to purchase electricity (the buyer). The agreement defines all of the commercial terms for the sale of electricity between the two parties, including when the project will begin commercial operation, schedule for delivery of electricity, penalties for under delivery, payment terms, and termination. | A power purchase agreement (PPA) is a contract between two parties, one which generates electricity (the seller) and one which is looking to purchase electricity (the buyer). The agreement defines all of the commercial terms for the sale of electricity between the two parties, including when the project will begin commercial operation, schedule for delivery of electricity, penalties for under delivery, payment terms, and termination. | ||
{| class="wikitable" | {| class="wikitable" | ||
Line 3,094: | Line 2,171: | ||
==References== | ==References== | ||
<references /> | <references /> | ||