Analysis of Geographic Areas
Tesla Inc. operates in 2 regions: United States and Other International.
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Area Asset Turnover
Tesla Inc., asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Other International |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- United States
- The asset turnover ratio in the United States exhibited a rising trend from 0.95 in 2020 to a peak of 1.87 in 2022. This indicates improving efficiency in asset utilization over this period. However, subsequent years showed a decline to 1.7 in 2023 and further down to 1.47 in 2024, suggesting a reduction in asset turnover efficiency in the more recent periods.
- Other International
- The asset turnover ratio for other international regions started at a notably high level of 5.97 in 2020. It experienced a slight decrease to 5.31 in 2021 but rebounded to 5.55 in 2022. This was followed by a further increase to 6.19 in 2023, reaching the highest value within the five-year span. The ratio then slightly decreased to 6.02 in 2024. Overall, the data reflects strong and relatively stable asset turnover performance in international markets outside the United States, with minor fluctuations.
- Comparative Insights
- The data reveals a significant disparity in asset turnover ratios between the United States and other international areas. International operations maintain a substantially higher and more consistent turnover ratio than the United States throughout the observed years. While the US segment shows a rise and then a decline, the international segment remains robust, indicating potentially greater operational efficiency or market dynamics overseas compared to domestic operations.
Area Asset Turnover: United States
Tesla Inc.; United States; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
- Revenues
- The revenue figures demonstrate a consistent upward trend over the five-year period. Starting from approximately $15.2 billion in 2020, revenues increased significantly to about $23.97 billion in 2021. This upward trajectory continued robustly in 2022, with revenues reaching over $40.5 billion. Growth persisted in the subsequent years, though at a moderating pace, closing at approximately $45.2 billion in 2023 and $47.7 billion in 2024. Overall, revenues more than tripled from 2020 to 2024, indicating strong market expansion and demand in the United States.
- Long-lived assets
- A steady rise characterizes the long-lived assets throughout the period under review. Beginning near $16.0 billion in 2020, these assets grew to just over $19.0 billion in 2021, followed by continued increases to approximately $21.7 billion in 2022 and $26.6 billion in 2023. The most pronounced growth occurred in 2024, with long-lived assets reaching nearly $32.5 billion. This trend suggests ongoing investment in fixed or capital assets, likely reflecting efforts to support expanding operations and capacity in the U.S. market.
- Area asset turnover
- The asset turnover ratio, which measures the efficiency of asset utilization in generating revenues, exhibited notable fluctuations. It rose from 0.95 in 2020 to a peak of 1.87 in 2022, indicating substantial improvement in asset productivity during the initial three years. However, from 2022 onwards, the ratio declined to 1.7 in 2023 and further to 1.47 in 2024. Despite the decrease in the last two years, the 2024 ratio remains significantly higher than the 2020 level. This pattern may reflect rapid asset accumulation outpacing revenue growth in the later years, suggesting a potential reduction in asset efficiency or a lag in revenue realization relative to investments.
Area Asset Turnover: Other International
Tesla Inc.; Other International; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
- Revenues
- The revenues exhibited a consistent upward trend from 2020 to 2023, increasing from 16,329 million US dollars in 2020 to a peak of 51,538 million US dollars in 2023. However, there was a slight decline in 2024, with revenues decreasing to 49,965 million US dollars, suggesting a minor contraction after several years of growth.
- Long-lived assets
- The value of long-lived assets showed a significant increase over the observed period, more than tripling from 2,737 million US dollars in 2020 to 8,325 million US dollars in 2023. In 2024, these assets slightly decreased to 8,299 million US dollars, indicating relative stability after substantial growth in preceding years.
- Area asset turnover
- The area asset turnover ratio fluctuated somewhat during the period analyzed. Starting at 5.97 in 2020, it dipped to 5.31 in 2021, then increased to 5.55 in 2022. The ratio reached its highest point at 6.19 in 2023, before slightly decreasing to 6.02 in 2024. Overall, this suggests that the efficiency of asset use improved over time with some variability, peaking in 2023.
Revenues
Tesla Inc., revenues by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Other International | |||||
| Total |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Revenue Trends in the United States
- The revenue generated from the United States shows a consistent upward trend over the five-year period. Starting at approximately $15.2 billion in 2020, there was a significant increase to about $24.0 billion in 2021. This growth continued robustly through 2022 and 2023, reaching roughly $40.6 billion and $45.2 billion respectively. In 2024, the growth rate appears to moderate slightly, with revenue increasing to around $47.7 billion.
- Revenue Trends in Other International Markets
- Revenue from other international regions also exhibits a strong growth trajectory from 2020 through 2023. Beginning at $16.3 billion in 2020, it surged to approximately $29.9 billion in 2021, then to $40.9 billion in 2022, and further to $51.5 billion in 2023. However, in 2024, the revenue from this segment experiences a slight decline, dropping to $49.9 billion, indicating a potential slowdown or market volatility in international regions.
- Total Revenue
- The total revenue combining both the United States and other international segments demonstrates a clear upward trajectory throughout the period analyzed. Starting at $31.5 billion in 2020, total revenue rose sharply to $53.8 billion in 2021 and continued to increase to $81.5 billion by the end of 2022. The upward momentum sustained into 2023 with total revenue reaching $96.8 billion. By 2024, total revenue remained relatively stable at $97.7 billion, reflecting the muted growth in international markets despite continued modest gains in the domestic market.
- Overall Insights
- The data reflect strong overall growth driven by both domestic and international markets, especially noticeable between 2020 and 2023. The United States market displays consistent and steady growth, while international markets showed more rapid expansion initially but encountered a slight revenue contraction in 2024. The stabilization of total revenue in 2024 suggests that future growth may depend on recovery or expansion in international markets, as domestic growth slows moderately. The shift in international revenue dynamics warrants further investigation to understand underlying factors.
Long-lived assets
Tesla Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Other International | |||||
| Total |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The long-lived assets data over the past five years indicate a consistent upward trend in the overall asset base. The total long-lived assets have increased steadily from 18,726 million US dollars in 2020 to 40,760 million US dollars in 2024, reflecting significant growth.
- United States
- The assets located in the United States exhibit a continuous and robust growth trajectory. Starting at 15,989 million US dollars in 2020, the value rose to 19,026 million in 2021 and further increased annually, reaching 32,461 million US dollars by 2024. This suggests a sustained and potentially expanding investment or accumulation of long-lived assets in the domestic market.
- Other International
- The assets in other international regions also show growth but with more variability. From 2,737 million US dollars in 2020, the assets more than doubled to 5,623 million in 2021 and increased to 7,370 million in 2022. However, the pace of increase slowed down afterwards, with a modest rise to 8,325 million in 2023, followed by a slight decrease to 8,299 million in 2024. This pattern could indicate a stabilization or reevaluation of international asset holdings.
- Overall Observations
- The dominant contributor to the growth in total long-lived assets is the United States segment, which accounts for the majority of the asset base and demonstrates faster and more consistent growth. The international segment, while growing initially, appears to have plateaued in the last two years. The total figures mirror these trends, pointing towards a strategic focus or stronger asset development domestically compared to international markets in recent periods.