Tesla (TSLA) Q4 2021 (USD): Adj. EPS 2.54 (exp. 2.36), revenue 17.719bln (exp. 16.41bln). FCF 2.78bln (exp. 1.67bln). Automotive gross margin +30.6% (exp. 29.9%); sees supply constraints through 2022

Adj. EBITDA 4.09bln (exp. 3.894bln).
Regulatory credit sales USD 314mln (prev. 401mln).
Aims to increase production as quickly as we can, also by maximising output from factories in Shanghai and Fremont.
Sees 50% average annual growth in vehicle deliveries.
Software-related profit should accelerate profitability.
Making progress on industrialisation of the Cybertruck which is planned for production in Austin subsequent to the Model Y.
Saw continuation of global supply chains and other manufacturing challenges which limited the ability to run factories at full capacity.
Fremont factory achieved record production in 2021.
Believes there is potential to extend overall capacity beyond 600k/year at the Fremont factory.
Aims to maximise output from Fremont while ramping new factories.