01—Abstract
Summary
Summary of the 10-K filed February 7, 2022. Cited figures are marked; the original filing is the authoritative source.
Tesla's 2021 10-K report highlights significant growth and operational expansion.
The company reported a substantial 71% increase in total revenues to $53.82 billiona, driven primarily by a robust performance in its automotive segment, which saw a 73% rise in revenue. Key financial achievements include a significant improvement in net income, growing to $5.52 billion from $721 million in the prior year.
This growth reflects strong demand for their electric vehicles, increased production efficiencies, and successful scaling of manufacturing operations across multiple continents. Tesla's strategic investments in new factories (Texas and Berlin) and battery technology are positioning the company for continued expansion in the sustainable energy and transportation sectors.
02—Key points
Key Highlights
- Total revenues surged by 71% to $53.82 billion, driven by a 73% increase in the automotive segment and 40% in the energy generation and storage segment.
- Net income attributable to common stockholders saw a dramatic increase to $5.52 billion from $721 million in the prior year.
- Automotive sales revenue grew by 79% year-over-year, supported by a substantial increase in Model 3 and Model Y deliveries.
- The company significantly increased capital expenditures to $6.48 billion from $3.16 billion, primarily for the expansion of manufacturing facilities in Texas and Germany.
- Cash flow from operating activities strengthened considerably, rising to $11.50 billion from $5.94 billion in the prior year.
- Gross margin for the automotive segment improved to 29.3% from 25.6%, attributed to production efficiencies and favorable mix.
- The energy generation and storage segment's gross margin experienced a decline to -4.6% from 0.9%, influenced by higher Solar Roof deployments and phasing out of Powerpack.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2021, Tesla, Inc. kept $0.10.
- Revenue$53.82B100.0%
- Cost of revenue−$40.22B74.7%
- Gross profit$13.61B25.3%
- Operating costs−$7.08B13.2%
- Operating income$6.52B12.1%
- Interest, other & tax−$1.00B1.9%
- Net income$5.52B10.3%
Where FY2021 revenue went
$53.82B- Cost of revenue: $40.22B, 75% of revenue
- Net income: $5.52B, 10% of revenue
- R&D: $2.59B, 4.8% of revenue
- SG&A: $4.52B, 8.4% of revenue
- Interest, other & tax: $1.00B, 1.9% of revenue
Kept 10% as net incomeNet income $5.52B · 10%Interest, other & tax $1.00B · 1.9%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2021filed February 7, 2022Financial Statements
FY2021 against FY2020
| Line item | FY2021FY2020 | Change |
|---|---|---|
| Revenue | $53.82B$31.54B | +70.7% |
| Cost of Revenue | $40.22B$24.91B | +61.5% |
| Gross Profit | $13.61B$6.63B | +105.2% |
| R&D Expenses | $2.59B$1.49B | +73.9% |
| SG&A Expenses | $4.52B$3.15B | +43.6% |
| Operating Expenses | $7.08B$4.64B | +52.8% |
| Operating Income | $6.52B$1.99B | +227.1% |
| Interest Expense | $371.00M$748.00M | −50.4% |
| Net Income | $5.52B$690.00M | +699.9% |
| EPS (Basic) | $1.87$0.25 | +648.0% |
| EPS (Diluted) | $1.63$0.21 | +676.2% |
| Shares Outstanding (Basic) | 2.96B2.80B | +5.8% |
| Shares Outstanding (Diluted) | 3.39B3.25B | +4.2% |
05—Questions
Frequently Asked Questions
What were the main drivers of Tesla's revenue growth in 2021?
Tesla's revenue growth in 2021 was primarily driven by a significant increase in automotive sales, up 79% year-over-year, due to higher production and delivery volumes of Model 3 and Model Y vehicles. The energy generation and storage segment also contributed positively with a 40% revenue increase.
How did Tesla's profitability change in 2021?
Tesla's profitability saw substantial improvement in 2021. Net income attributable to common stockholders increased significantly to $5.52 billion from $721 million in 2020, reflecting strong operational performance and increased production efficiencies across its automotive and energy segments.
What are Tesla's key capital expenditure areas for future growth?
Tesla's capital expenditures in 2021 increased to $6.48 billion, with significant investments directed towards the construction and ramp-up of new manufacturing facilities, specifically Gigafactory Texas and Gigafactory Berlin. The company is also investing in battery technology development and expanding its global infrastructure for vehicle deliveries, servicing, and charging.
What is Tesla's outlook for capital expenditures in the coming years?
Tesla expects its capital expenditures to remain substantial, projecting between $5.00 billion to $7.00 billion annually for 2022 and the subsequent two fiscal years. These expenditures will continue to support global projects, including new factory construction and ongoing infrastructure growth.
06—Continue