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==Appendix== === Competition === ==== Automotive ==== {| class="wikitable" |+Model S competition comparison !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? | style="background: orange; color: white;" |Yes | style="background: orange; color: white;" |Yes |- |What's the top acceleration of the vehicle? | style="background: green; color: white;" |3.1 seconds | style="background: red; color: white;" |5.1 seconds |- |What's the maximum distance range of the vehicle on a single battery charge? | style="background: green; color: white;" |405 miles | style="background: red; color: white;" |200 miles |- |What's the top speed of the vehicle? | style="background: green; color: white;" |155 miles per hour | style="background: red; color: white;" |143 miles per hour |- |Which design type is the vehicle? | 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? | 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: 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 |- |Which drive wheel does the vehicle have? | style="background: green; color: white;" |All-wheel drive | style="background: red; color: white;" |Rear-wheel drive |- |What's the price of the vehicle? | style="background: red; color: white;" |$99,990 | style="background: green; color: white;" |$86,700 |- |What's the vehicle's price per cargo capacity? | style="background: green; color: white;" |$3,571 per cubic feet | style="background: red; color: white;" |$5,041 per cubic feet |- |What's the vehicle's price per seat? | style="background: green; color: white;" |$19,998 per seat | style="background: red; color: white;" |$21,675 per seat |} {| class="wikitable" |+Model 3 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 seat? | style="background: red; color: white;" |$9,398 per seat | style="background: green; color: white;" |$8,779 per seat |} {| class="wikitable" |+Model X competition comparison !Category !Model X<ref name=":13" /> !Audi e-tron<ref>https://www.audiusa.com/us/web/en/models/e-tron/e-tron/2022/overview.html#2022-Audi-e-tron%C2%AE</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: green; color: white;" |3.8 seconds | style="background: red; color: white;" |5.5 seconds |- |What's the maximum distance range of the vehicle on a single battery charge? | style="background: green; color: white;" |348 miles | style="background: red; color: white;" |222 miles |- |What's the top speed of the vehicle? | style="background: green; color: white;" |155 miles per hour | style="background: red; color: white;" |124 miles per hour |- |Which design type is the vehicle? | 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 |- |How many seats does the vehicle have? | style="background: green; color: white;" |7 seats | style="background: red; color: white;" |5 seats |- |What's the cargo capacity of the vehicle? | style="background: green; color: white;" |88 cubic feet | style="background: red; color: white;" |56 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 |- |What's the price of the vehicle? | style="background: red; color: white;" |$114,990 | style="background: green; color: white;" |$65,900 |- |What's the vehicle's price per cargo capacity? | style="background: red; color: white;" |$1,307 per cubic feet | style="background: green; color: white;" |$1,168 per cubic feet |- |What's the vehicle's price per seat? | style="background: red; color: white;" |$16,427 per seat | style="background: green; color: white;" |$13,180 per seat |} {| class="wikitable" |+Model Y competition comparison !Category !Model Y<ref name=":13" /> !Volkswagen ID.4 |- |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: green; color: white;" |4.8 seconds | style="background: red; color: white;" |8.5 seconds |- |What's the maximum distance range of the vehicle on a single battery charge? | style="background: green; color: white;" |330 miles | style="background: red; color: white;" |275 miles |- |What's the top speed of the vehicle? | style="background: green; color: white;" |135 miles per hour | style="background: red; color: white;" |100 miles per hour |- |Which design type is the vehicle? | 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 |- |How many seats does the vehicle have? | style="background: green; color: white;" |7 seats | style="background: red; color: white;" |5 seats |- |What's the cargo capacity of the vehicle? | style="background: green; color: white;" |76 cubic feet | style="background: red; color: white;" |55.6 cubic feet |- |Which drive wheel does the vehicle have? | style="background: green; color: white;" |All-wheel drive | style="background: red; color: white;" |Rear-wheel drive |- |What's the price of the vehicle? | style="background: red; color: white;" |$62,990 | style="background: green; color: white;" |$41,230 |- |What's the vehicle's price per cargo capacity? | style="background: red; color: white;" |$829 per cubic feet | style="background: green; color: white;" |$742 per cubic feat |- |What's the vehicle's price per seat? | style="background: red; color: white;" |$8,999 per seat | style="background: green; color: white;" |$8,248 per seat |} ==== Energy generation and storage ==== {| class="wikitable" |+All Tesla energy storage competition comparison |- ! !!Powerwall!!'''Megapack''' |- |Is the source of energy solar?||style="background: orange; color: white;" |Yes||style="background: orange; 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 |- |What's the energy capacity of the product? |style="background: red; color: white;" |13.5 kilowatt hour |style="background: green; color: white;" |3.5 megawatt hour |- |What’s the power of the product? |style="background: red; color: white;" |5 kilowatts |style="background: green; color: white;" |1.54 megawatts |- |How long does it take to charge the battery if there’s sufficient solar energy? |style="background: red; color: white;" |2.7 hours |style="background: green; color: white;" |2.3 hours |- |What's the price of the product? |style="background: green; color: white;" |$10,500 |style="background: red; color: white;" |$1,000,000 |- |What's the price per energy capacity? |style="background: red; color: white;" |$593 per kilowatt hour |style="background: green; color: white;" |$286 per kilowatt hour |} Note: 1 megawatt is equivalent to 1,000 kilowatts. {| class="wikitable" |+Powerwall competition comparison !What's the name of the product? !Powerwall !LG Chem !SonnenCore |- |Is the source of energy solar? |style="background: orange; color: white;" |Yes |style="background: orange; color: white;" |Yes |style="background: orange; color: white;" |Yes |- |What's the energy capacity of the product? |style="background: green; color: white;" |13.5 kilowatt hour |style="background: red; color: white;" |9.3 kilowatt hour |style="background: orange; color: white;" |10 kilowatt hour |- |What's the price of the product? |style="background: red; color: white;" |$10,500 |style="background: green; color: white;" |$7,000 |style="background: orange; color: white;" |$9,500 |- |What's the price per energy capacity? |style="background: green; color: white;" |$593 per kilowatt hour |style="background: orange; color: white;" |$753 per kilowatt hour |style="background: red; color: white;" |$950 per kilowatt hour |} {| class="wikitable" |+Solar Roof competition comparison |- ! !!Solar Roof!!Traditional roof tile !Other solar-energy generation roof tile |- |Does it generate electricity?|| style="background: green; color: white;" |Yes|| style="background: red; color: white;" |No | style="background: green; color: white;" |Yes |- |Is it aesthetically beautiful?|| style="background: green; color: white;" |Yes|| style="background: green; color: white;" |Yes | style="background: red; color: white;" |No |} === Financial statements === {| class="wikitable" |+Balance sheet !Year end date !31/12/2021 !31/12/2020 !31/12/2019 !31/12/2018 |- |'''Current Assets''' | | | | |- |Cash and Cash Equivalents ($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) |$331 | 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) |$54 |$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 |$29,740 |} {| class="wikitable" |+Cash flow !Year end date !31/12/2021 !31/12/2020 !31/12/2019 !31/12/2018 |- |Net Income ($million) |$5,519 |$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="color: red;" |-$130 | style="color: red;" |-$652 | style="color: red;" |-$367 | style="color: red;" |-$497 |- |Changes in Inventories ($million) | style="color: red;" |-$1,709 | style="color: red;" |-$422 | style="color: red;" |-$429 | style="color: red;" |-$1,023 |- |Other Operating Activities ($million) | style="color: red;" |-$3,676 | 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="color: red;" |-$5,732 | style="color: red;" |-$2,488 |$798 |$89 |- |Other Financing Activities ($million) | -- | -- | -- | -- |- |Net Cash Flows-Financing ($million) | style="color: red;" |-$5,203 |$9,973 |$1,529 |$574 |- |Effect of Exchange Rate ($million) | style="color: red;" |-$183 |$334 |$8 | style="color: red;" |-$23 |- |Net Cash Flow ($million) | style="color: red;" |-$1,757 |$13,118 |$2,506 |$312 |} {{Tesla income statement}} {| 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 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, the Stockhub users believe 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, the Stockhub users believe 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, the Stockhub users suggest valuing its company using the EV/sales ratio. However, the Stockhub users think 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, Inc.|Apple, Inc]]. [[Apple, Inc.|Apple, Inc]] 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, Inc.|Apple, Inc]]||Internet content & communication||7.27x<ref name=":0">Morningstar, Inc.</ref>||8.20%<ref name=":0" />|| style="background: blue; color: white;" |89x |} {| class="wikitable" |+Tesla peers !Peer !Three-year average COGS margin (%) !Three-year average SG&A margin (%) !Three-year average tax margin (%) !Three-year average depreciation rate (%) !Three-year average fixed capital margin (%) !Three-year average change in working capital ($000) !Three-year average growth stage !Discount rate |- |Rivian Automotive, Inc. |945% |6827% |0% |358% |3262% |7,569,000 |1 |NA |- |Tesla, Inc. |79% |15% |11% |7% |10% |3,121,828 |2 |14.96% |- |Apple, Inc |62% |13% |14% |4% |3% | -18,780,000 |3 |9.91% |- |Workhorse Group |938% | -6077% |0% |58% |411% | -2,978 |4 |18.75% |- |Cenntro Electric Group Limited |90% |209% |0% |37% |0% |138,382 |4 |10.44% |- |Liaoning SG Automotive Group Co |99% |15% |18% |8% |1% |154,153 |4 |6.39% |} {| class="wikitable" |+Growth stage !Growth stage !Three-year average COGS margin (%) !Three-year average SG&A margin (%) !Three-year average tax margin (%) !Three-year average depreciation rate (%) !Three-year average fixed capital margin (%) !Three-year average change in working capital ($000) !Discount rate |- |One |945% |6827% |0% |358% |3262% |7,569,000 |NA |- |Two |79% |15% |11% |7% |10% |3,121,828 |14.96% |- |Three |62% |13% |14% |4% |3% | -18,780,000 |9.91% |- |Four |99% |15% |0% |37% |1% |138,382 |10.44% |} ==== Apple Inc. ==== {| class="wikitable" |+Cost of equity (%) !Input !Input value !Additional information |- |Risk-free rate (%) |3.44% |Here, the risk free rate is the US 30 year treasury bond, and is calculated as at 15th September 2022. |- |Beta |1.23 |The asset’s beta measures its market or systematic risk, which in theory is the sensitivity of its returns to the returns on the “market portfolio” of risky assets. Concretely, beta equals the covariance of returns with the returns on the market portfolio divided by the market portfolio’s variance of returns. In typical practice for equity valuation, the market portfolio is represented by a broad value-weighted equity market index. The asset’s beta is estimated by a least squares regression of the asset’s returns on the index’s returns. In the typical case in which the equity risk premium is based on a national equity market index and estimated beta is based on sensitivity to that index, the assumption is being made implicitly that equity prices are largely determined by local investors. When equities markets are segmented in that sense (i.e., local market prices are largely determined by local investors rather than by investors worldwide), two issues with the same risk characteristics can have different required returns if they trade in different markets. The opposite assumption is that all investors worldwide participate equally in set- ting prices (perfectly integrated markets). That assumption results in the international CAPM (or world CAPM) in which the risk premium is relative to a world market portfolio. In practice, the international CAPM is not commonly relied on for required return on equity estimation. For estimating the required return on the equity using the Capital Asset Pricing Model, in terms of time period, and frequency of observations, the most common choice is five years of monthly data, yielding 60 observations. One study of U.S. stocks found support for five years of monthly data over alternatives. An argument can be made that the 2 years, weekly data can be especially appropriate in fast growing markets. The beta value in a future period has been found to be on average closer to the mean value of 1.0, the beta of an average-systematic-risk security, than to the value of the raw beta. Because valuation is forward looking, it is logical to adjust the raw beta so it more accurately predicts a future beta. The figure here is taken from Yahoo Finance (https://uk.finance.yahoo.com/quote/AAPL?p=AAPL&.tsrc=fin-srch), on 16th September 2022. |- |Equity risk premium (%) |{{#lst:Template:Regional weighted average equity risk premium|Global weighted average equity risk premium}} |The equity risk premium is the incremental return (premium) that investors require for holding equities rather than a risk-free asset (e.g., government bills or government bonds). Thus, it is the difference between the required return on equities and a specified expected risk-free rate of return. The equity risk premium, like the required return, depends strictly on expectations for the future because the investor’s returns depend only on the investment’s future cash flows. Note: the definition of risk-free asset used in estimating the equity risk premium should correspond to the one used in specifying the current expected risk-free return. Typically, analysts estimate the equity risk premium for the national equity market of the issues being analyzed (but if a global CAPM is being used, a world equity premium is estimated that takes into account the totality of equity markets). '''Historical estimates''' A historical equity risk premium estimate is usually calculated as the mean value of the differences between broad-based equity-market-index returns and government debt returns over some selected sample period. When reliable long-term records of equity returns are available, historical estimates have been a familiar and popular choice of estimation. If investors do not make systematic errors in forming expectations, then, over the long term, average returns should be an unbiased estimate of what investors expected. The fact that historical estimates are based on data also gives them an objective quality. In using a historical estimate to represent the equity risk premium going forward, the analyst is assuming that returns are stationary—that is, the parameters that describe the return-generating process are constant over the past and into the future. '''Forward-looking estimates''' Because the equity risk premium is based only on expectations for economic and financial variables from the present going forward, it is logical to estimate the premium directly based on current information and expectations concerning such variables. Such estimates are often called forward-looking or ex ante estimates. In principle, such estimates may agree with, be higher, or be lower than historical equity risk premium estimates. Ex ante estimates are likely to be less subject to an issue such as non-stationarity or data biases than historical estimates. However, such estimates are often subject to other potential errors related to financial and economic models and potential behavioural biases in forecasting. Here, the equity risk premium is in relation to the global region, and is calculated as at 1st January 2022 (<nowiki>https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html</nowiki>). |- |Cost of equity (%) |9.91% |Cost of equity = Risk-free rate + Beta x Equity risk premium. |} {| class="wikitable" |+Key financials !Description !Value !Commentary |- |Cost of goods sold as a proportion of revenue (%) |62% |The Stockhub users suggest that to account for one-off events, it's best to take the three-year average (median) amount. |- |Operating expenses as a proportion of revenue (%) |13% |The Stockhub users suggest that to account for one-off events, it's best to take the three-year average (median) amount. |- |Tax rate (%) |14% |The Stockhub users suggest that to account for one-off events, it's best to take the three-year average (median) amount. |- |Depreciation and amortisation as a proportion of revenue (%) |4% |The Stockhub users suggest that to account for one-off events, it's best to take the three-year average (median) amount. |- |Fixed capital as a proportion of revenue (%) |{{#expr:trunc(11085000/365817000*100)}}% |The Stockhub users suggest that to account for one-off events, it's best to take the three-year average (median) amount. |- |Working capital as a proportion of revenue (%) |{{#expr:trunc((134836000-125481000)/365817000*100)}}% |The Stockhub users suggest that to account for one-off events, it's best to take the three-year average (median) amount. |- |Net borrowing ($000) |${{formatnum:{{#expr:trunc(15613000+109106000-62639000)}}}} |The Stockhub users suggest that to account for one-off events, it's best to take the three-year average (median) amount. |- |Interest amount ($000) |$2,645,000 |The Stockhub users suggest that to account for one-off events, it's best to take the three-year average (median) amount. |} ==== Cenntro Electric Group Limited ==== {{Cenntro Electric Group Limited cost of equity calculation}} {{Cenntro Electric Group Limited key financials}} ===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;" |- |- |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="text-align:center;" | 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="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="text-align:center;" | 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="text-align:center;" | 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="text-align:center;" |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="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> |- style="text-align:center;" |Q2 2022 |2,925,192 |258,580 | colspan="2" |16,162 | colspan="2" |238,533 |254,695 | | |} === 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 |}
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