Tesla said in the first quarter that despite many challenges such as seasonal effects, supply chain instability, and transition to the production of new Model S and Model X, Tesla still achieved the highest record production and delivery in its history. Quantity. GAAP net profit reached 438 million U.S. dollars, and non-GAAP net profit exceeded 1 billion U.S. dollars for the first time.

Specifically, Tesla’s GAAP operating profit in the first quarter was US$594 million, with an operating profit margin of 5.7%; GAAP net profit in the first quarter was US$438 million, and non-GAAP net profit (excluding share-based payment expenses) was 1.1 billion. U.S. dollars; share-based payment expenses for the first quarter were $614 million.

In terms of cash, operating cash flow (free cash flow) after deducting capital expenditures in the first quarter was US$293 million; borrowing and financing lease liabilities decreased by US$1.2 billion in the first quarter; and net cash outflows related to Bitcoin in the first quarter 12 Billion U.S. dollars; cash and cash equivalents in the first quarter were 17.1 billion U.S. dollars, a decrease of 2.2 billion U.S. dollars.

It is worth noting that Tesla Motors disclosed the production and delivery data of various models in the financial report. The production of Model 3 and Model Y models in the first quarter was 180,338, an increase of 107% compared to 87,282 in the same period last year; deliveries were 182,847, an increase of 140% compared to 76,266 in the same period last year.

Tesla said that although the average selling price of Tesla vehicles in the first quarter fell, because our costs fell faster, the gross profit margin of vehicle sales has achieved continuous growth, and reducing the average cost of vehicles is important for us to fulfill our energy mission. Said is crucial.

In 2017, when we started to produce Model 3, our average cost per car was approximately US$84,000. Due to the launch of new products and the establishment of new factories, as well as the reduction in the ratio of Model S to Model X, our average cost per vehicle fell below US$38,000 in the first quarter.

Although it has only been put into production for three and a half years, and even the European factory has not yet been completed, Model 3 has become the world's best-selling high-end sedan, with sales exceeding the long-term industry leaders such as the 3 series and E-class.

This shows that electric vehicles have the ability to lead products of the same level, and their sales can surpass that of fuel vehicles. We believe that Model Y can not only become a market leader, but also the world's best-selling car.

The first deliveries of the new Model S should start soon. The Model Y capacity of the Shanghai Super Factory is still rapidly increasing. The construction of two new factories in Berlin and Texas is also progressing steadily. There will be many exciting thing to occur in 2021.

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