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.

via Tesla IR

Reaction details (21:22)

• TSLA -6% in after market trade after cautious commentary on supply chains.

Analysis details (21:06)

INDEX WEIGHT:

• 2.5% SPX weight


• 5.2% NDX weight


• Sector/Industry: Consumer Discretionary/Automobiles

BROKER RATING:

• Avg Rating: 'Hold'


• Avg Price Target: USD 946.92


• Price Target Changes (last 30 days): 24 upward vs 0 downward

26 Jan 2022 - 21:05- - Source: Newswires/Tesla IR