Balance sheet presentation: Tesla’s share in double digits: Tesla with record numbers: Production in Grnheide is only starting gradually | news

Tesla continues to challenge the global problems of the auto industry with record numbers. Despite supply chain bottlenecks and pandemic-related production losses in China, the electric car pioneer closed out the latest quarter with record sales and profits. By 2024, Tesla now aims to start production of a robotic taxi without a steering wheel or pedals, and according to company boss Elon Musk, a ride in it could be cheaper than taking the bus. However, Tesla is concerned about the future availability of important raw materials like lithium for batteries.

In the three months ending in March, sales rose 81 percent year on year to $18.8 billion. Tesla had a bottom line of $3.3 billion, up 658 percent from a year ago. The numbers were much better than Wall Street expected.

Although the global auto industry suffers from a persistent shortage of computer chips, for example, Tesla made about 305,400 electric cars and delivered 310,048 vehicles to customers in the first quarter, up 68 percent year-on-year and another record. For the current quarter, Musk promised production at a similar level, except “we could pull a rabbit out of the hat and be a little higher.” In March, the group opened its first car plant in Europe, near Berlin. However, production there has yet to get underway.

Tesla did not provide any specific information about the start-up of the factory in Grünheide. In the long term, around 500,000 electric cars will roll off the assembly line each year, but the company is still a long way from that. It typically took Tesla 12 months to get to 5,000 vehicles a week after production began, Musk said on a conference call with analysts and investors. Thanks to the experience gained, things can now go at least a little faster in Berlin and at the new second plant in Austin, Texas.

Despite the good numbers, Tesla warned of problems. Global supply chain problems are likely to persist throughout the year. Musk said component supply inflation is underestimated: Some suppliers have increased prices by 20 to 30 percent. Tesla benefits from long-term contracts with many suppliers, but these will expire at some point, “and then we will potentially see significant cost increases.”

In the last quarter, Tesla also suffered production disruptions at its car factory in Shanghai due to a COVID lockdown in China. Operations there have now started up again, but the situation must continue to be closely monitored.

Despite these burdens, the group earns more and more. In the first quarter, Tesla achieved a profit margin of a good 19 percent. According to calculations by industry expert Ferdinand Dudenhöffer, Tesla is the world’s most profitable automaker after luxury carmaker Ferrari and has the highest margin among manufacturers selling more than 15,000 vehicles. “With the new plants in Austin and Berlin and the high level of profitability, Tesla will dominate the car market of tomorrow,” says Dudenhöffer.

The sale of pollution rights, which other car manufacturers need to improve their emissions balance, once again proved to be a lucrative business for the company. In the first quarter, Tesla billed 679 million dollars, more than double that of the previous quarter. A change in US rules increased the amount by a one-time amount of $288 million. In previous years, trading in certificates helped Tesla cushion big losses, but car production is now self-financing.

The robotaxi will be a “massive growth driver” for Tesla, Musk said. He recently casually announced the “futuristic-looking” vehicle at the Texas plant’s opening. There will be more details in a presentation next year. Other automakers are also working on these types of vehicles. General Motors subsidiary Cruise, for example, wants to start production of its “Origin” vehicle without a steering wheel or pedals next year. Cruise already operates a limited robotaxi service in San Francisco.

Tesla must first get autonomous driving. More than 100,000 Tesla drivers now have access to “Full Self-Driving” as a trial version of the Autopilot assistance system. However, there are regular reports of deficiencies in the software. Musk defended himself Thursday that he had never experienced so many supposed glimmers of hope with any other technology. But he thinks Tesla will pull it off this year. Unlike other companies, Musk only relies on cameras for autonomous driving rather than expensive laser radar that scans the area around cars.

Tesla production in Grünheide is only starting gradually

US electric car maker Tesla is still a long way from the goal of 500,000 vehicles per year at its new factory in Grünheide near Berlin. According to the company, production is only gradually increasing. To reach the 5,000-vehicle-per-week level, it took Tesla about 12 months after the start of production at other factories, company boss Elon Musk said in a conference call with analysts and investors. Thanks to the experience gained, things can now go at least a little faster in Berlin and at the new second plant in Austin, Texas.

The production of 5,000 electric cars per week would correspond to about half of the production target of 500,000 vehicles per year for the first phase of expansion. Presenting the figures for the first quarter, Tesla did not provide any specific information about the start-up of the Grünheide factory, which was inaugurated on March 22 in the presence of Chancellor Olaf Scholz (SPD) and Musk.

Commissioning takes time, according to the quarterly report. The pace of the Austin and Berlin plants will be affected by the successful introduction of many technological innovations and ongoing supply chain challenges. Despite another record quarter overall, Tesla warned of ongoing difficulties.

Breakdown in the Tesla factory: growing criticism of the authorities

After liquid leaked from the paint shop of the new Tesla car plant in Grünheide, near Berlin, criticism of environmental authorities grew. The Strausberg-Erkner (WSE) water association, which also supplies Tesla, called for more transparency on Thursday. The partnership was only disclosed at the request of the Oder-Spree district water authority, spokeswoman Sandra Ponesky said. “We see black for protecting the drinking water supply in the future.”

While the WSE, citing an available photo, is of the opinion that the liquid also entered the sewage system, the Brandenburg State Office for the Environment denies this. The “Märkische Oderzeitung” had already reported on this.

The left in the Brandenburg state parliament asks for clarification. Environment Minister Axel Vogel (Greens) is due to report on the incident at the next environmental committee, parliamentary managing director Thomas Domres told the German Press Agency. He criticized the information policy. “The reporting chain must be designed in such a way that all actors are informed.”

On April 11, according to the State Environment Agency, 15 cubic meters (15,000 liters) of electrocoat treatment bath leaked into the Tesla factory. The authority speaks of a malfunction, the paint used is not classified as a dangerous substance. According to the environmental agency, a waste disposal company pumped the liquid that had been collected into a vat. During loading on April 12, two to three liters of liquid ran into the entrance of the paint shop. There (…) “there was never a risk of entering the water table or the sewage system.”

The water board sees the process as a failure. According to the Federal Immissions Control Law, an incident is an incident if an event inside or outside the area of ​​operation creates a serious hazard or certain property damage.

The Brandenburg Green League and the Grünheide citizens’ initiative also refer to a drone video from April 10 showing a liquid slick on the Tesla site. However, the State Environment Agency does not see any connection to the incident in the paint shop: Tesla attributes the liquid stain in the video to a test run of a fire-fighting water pump that is carried out daily with fresh water. .

This is how Tesla shares react

New sales and profit records for electric carmaker Tesla in the first quarter delighted investors on the stock market on Thursday. Shares of Tesla temporarily rose 10.91 percent to $1,085.03 in NASDAQ trading.

Tesla continues to challenge the global problems of the auto industry with record numbers. In the three months of the year, sales rose 81 percent year-on-year to $18.8 billion. Tesla made $3.3 billion on balance, that was 658 percent more than a year ago. The number of vehicles delivered increased by more than two thirds.

With these growth figures, Tesla dwarfs other companies’ quarterly reports, analyst Stephen Innes of asset manager SPI Asset Management wrote. And that in a phase in which companies have widely exceeded expectations with their figures.

In a way, Tesla is offsetting the tidal wave in the tech sector suffered by streaming service Netflix with declining subscribers and a drop in its share price on Tuesday, Hargreaves Lansdown analyst Sophie Lund-Yates said. Tesla’s operating profit has increased sixfold and the electric vehicle maker is increasingly benefiting from economies of scale. The increase in sales prices also suggested that Tesla was suffering less from inflation than other automakers. This, in turn, demonstrates the strength of the Tesla brand in the industry.

The day before, investors had exercised caution shortly before the quarterly figures, the share price had fallen five percent on Wednesday. The price has been hovering around the $1,000 mark for days. The shares had reached an all-time high in early November above $1,200, after which they fluctuated sharply lower.

Still, Tesla still has a market cap of just over $1 trillion. In contrast, the German automakers look almost like stock market midgets: Volkswagen, as the fourth largest DAX group, has a market value equivalent to a good $104bn. At Mercedes-Benz it’s a good 76 billion and at BMW a good 56 billion.

Editorial / AUSTIN (dpa-AFX)

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