【EV】米テスラ、１〜３月期は過去最大の赤字　「モデル３」の投資かさむ

335 ：名刺は切らしておりまして：2018/05/04(金) 06:59:23.28 ID:5u5H98zw.net

>>333

テスラの一般管理費を営業活動と結びつけるのは無理がある

仮説として、一般管理費にサービス費用が含まれているという可能性がある
サービスが何をさすかも不明ではあるが、故障や不具合の対応とするのが自然だろう

https://seekingalpha.com/article/4124421-teslas-sg-costs-control
In that article I looked at what I considered anomalous growth in these expenses.
While a growing company is of course expected to have rising expenses, Tesla's SG&A
costs had increased relative to revenue, which made no sense. Doubling car production
doesn't require doubling the number of accountants, office cleaners, etc.

In summary, Tesla's claim that the increase was due to an expanded retail, service and
charging footprint didn't really explain anything. There is no reason retail footprint per
delivery should increase. Superchargers were opening at similar rates in 2016 as in 2014
or 2015 (and thus per-delivery costs of opening them should decline). Finally, the number
of service center additions was declining not just relative to deliveries but in absolute terms.

The pace of service center openings has picked up this year, but remains below 2013 (not shown -
about 10 per quarter) and 2014 in absolute terms, and much lower relative to the growth of the
car fleet or quarterly deliveries.

In the end, I concluded the most likely hypothesis was that Tesla's cars cost a lot to keep on
the road, in terms of service, mainly. I showed that if one assumed a one-time cost of $10,000
per delivery, and an ongoing cost of $1,500 per quarter per car, the numbers matched Tesla's
historical SG&A costs very well (hence the "simple model" mentioned in the article's title). In
the next section I'll show I overestimated costs, though not by too much.