Aenert news. Energy Companies
In this note, we present the financial performance of three electric vehicle manufacturers for the second quarter of 2023. Among them, Tesla is the undisputed leader in this sector of the economy, which has long achieved sustainable sales growth with good financial performance.
Li Auto is a young but already quite well-known brand in the Chinese market, to a certain extent reflecting the rapidly growing Chinese market and offering sophisticated premium family electric cars.
Polestar is a relatively young Swedish company that was acquired by Volvo Cars in 2015 and has gained new capabilities as a result, and specializes in the production of elegant electric vehicles with individual design and many innovations.
Tesla
In the second quarter of 2023 (2023 Q2), the company continued its confident ascent to new record levels. First, we are talking about quarterly revenue, which came close to $25 billion. Net income according to GAAP amounted to $2.7 billion. Profitability of operations was slightly less than 10%.
Tesla Model 3. Aenert photos. Credit I.Ciorici
Net income attributable to common stockholders (GAAP) increased by 20% compared to the same quarter last year. It is important that the company managed to increase production performance in the face of unstable logistics supply chains and falling prices.
Tesla Company. Revenue, net income and share price
During 2023 Q2, Tesla produced almost 480 thousand electric vehicles, which is 86% more than in 2022 Q2. At the same time, a quarter earlier, model 3/Y became the best-selling model in the world. The stock market reacted positively to the results of the campaign with active growth (by the end of the quarter by 25%).
Li Auto
The company's current electric vehicle lineup includes the Li L9, a flagship six-seat family SUV, the Li L8, a six-seat premium family SUV, and the Li L7, a five-seat flagship family SUV. In the second quarter of this year, Li Auto delivered 86,533 electric vehicles to the market, which is more than 200% higher than the same quarter last year. Total revenue and Net income also reached record levels. In the first case, demonstrating an increase of 228%, and in the second, receiving 2,310.1 RMB, in contrast to losses in 2022 Q2.
Li Auto Inc. Revenue, net income and share price
After the fall in the value of the company's shares in the second half of last year, the trend changed to an upward one, and quite intense one at that. In the third quarter of this year, the company plans to increase shipments to 100 thousand units, and increase total revenue to 33 billion yuan.
Polestar
The company cannot yet completely overcome financial difficulties, but is significantly increasing sales of its electric vehicles. In the second quarter of 2023, 15,765 vehicles were delivered, up 36% year-on-year.
Polestar 2. Aenert photos. Credit I.Ciorici
At the end of the first half of the year, sales growth was 31%, mainly due to the Polestar 2 model. Revenue during the 2023 Q2 reached $685 million compared to $589 million a year earlier. However, at the same time, Net loss dropped to an impressive $304 million compared to $228 million in 2022 Q2.Polestar.
Polestar. Revenue, net income and share price
The company’s negative financial results are explained by higher levels of inventory and trade payables payments (“…$1,672mn short-term borrowings, of which $750mn Volvo Cars term facility drawn down, partially offset by $608mn principal repayments”).
By the Editorial Board
Tesla, Li Auto, Polestar. 2023Q2 Production activity results
