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Tesla Fourth Quarter & Full Year 2016 Update
Q4 Model S and X orders reach record highs
Model 3 on track for initial production in July, volume production by September
Battery cell production started at Gigafactory 1
All Tesla vehicles in production have the hardware necessary for full self-driving
SolarCity and Grohmann integrations underway
Q3 to Q4 cash increased by over $300 million to $3.4 billion
2016 revenue of $7 billion, up 73% from 2015
We start 2017 well positioned to scale our business significantly. Model S and X net order growth remains strong, as we are continually evolving our products by elevating performance, convenience, and safety. Our Model 3 program is on track to start limited vehicle production in July and to steadily ramp production to exceed 5,000 vehicles per week at some point in the fourth quarter and 10,000 vehicles per week at some point in 2018. To support accelerating vehicle deliveries and maintain our industry-leading customer satisfaction, we are expanding our retail, Supercharger, and service functions.
Our acquisitions of SolarCity and Grohmann Engineering were completed in November and in January, respectively. With the acquisition of SolarCity, we have created the worlds only integrated sustainable energy company, from generation to storage to transportation. Grohmann Engineering is a world leader in highly-automated methods of manufacturing, and this acquisition launches Tesla Advanced Automation Germany, which will help us innovate manufacturing processes to be used initially in Model 3 production.
ADVANCING SUSTAINABLE TRANSPORT
In Q4, we received 49% more global net orders for Model S and X combined, compared to the same period in 2015, as both vehicles continue to win over new customers. Automotive experts share this enthusiasm. In November, Model X won the Golden Steering Wheel (Das Goldene Lenkrad), one of the most prestigious automotive awards in the world. In December, a Consumer Reports survey ranked Tesla as having the best owner satisfaction, with 91% of customers saying they would purchase from Tesla again. Our result was seven percentage points ahead of our next closest competitor. Then, in January, the Model S won a Best Cars 2017 imported car award from Automotor and Sport in Germany.
These accolades have not stopped us from continuing to evolve Model S and Model X. Motor Trend just tested a Model S P100D and reported faster vehicle acceleration than any car they have ever tested, including million dollar, two-seat, gasoline-powered supercars with almost no cargo space. Model S posted a record-setting 0 to 60 mph in only 2.275 seconds and covered a quarter mile in 10.5 seconds. We also introduced 100D versions of the Model S and Model X, each of which established new world records as the longest range all-electric production sedan and SUV, with estimated EPA ranges of 335 miles and 295 miles, respectively.
Our new Autopilot hardware platform, deployed in Q4 2016, establishes a vehicle technology threshold that is unmatched by any other production car. This new hardware platform, combined with our growing vehicle fleet, means Tesla is collecting more data for autonomous driving than any other company, helping to further accelerate the evolution of Autopilot. Despite the complexities of implementing Autopilot hardware on both Model S and Model X, we still produced 77% more vehicles in Q4 2016 than in Q4 2015. In Q1 2017, we began pushing over-the-air software updates to all Autopilot-equipped cars to further increase performance and safety.
Autopilots positive safety impact was confirmed in a January report by the National Highway Traffic Safety Administration, which stated, The data show that the Tesla vehicles crash rate dropped by almost 40 percent after Autosteer installation.
three months ended change key automotive metrics dec 31, 2016 sep 30, 2016 dec 31, 2015 qoq yoy annual vehicle order growth 49% 66% 33% n/a n/a vehicle production 24,882 25,185 14,037 -1% 77% vehicle deliveries 22,252 24,821 17,478 -10% 27% store & service locations 265 251 210 6% 26% supercharger sites 790 715 582 10% 36% supercharger connections 5,043 4,461 3,448 13% 46% destination charging sites 4,148 3,222 1,884 29% 120% destination charging connections 7,110 5,547 3,242 28% 119%
The following information was filed by Tesla, Inc. (TSLA) on Wednesday, February 22, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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