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Tesla Q4 2022 earnings release: revenue of $24.3 billion up 37%, net income of $3.7 billion up 59%

Electric car maker Tesla announced its unaudited financial results for the fourth quarter of 2022 after the U.S. stock market closed on Wednesday, local time. According to the report, Tesla’s fourth-quarter revenue was $24.3 billion, up 37 percent year-over-year; net income attributable to Tesla common shareholders was $3.7 billion, up 59 percent year-over-year; and adjusted earnings per share were $1.07, up 57 percent year-over-year. Tesla shares rose more than 1 percent after the results were released.

Source Pexels

Here are the highlights of Tesla’s fourth-quarter results:

Total revenue was $24.3 billion, up 37 percent from $17.7 billion in the same quarter last year, beating the previous quarter’s $21.5 billion and slightly exceeding analysts’ general expectations of $24.2 billion. Of which.

・Automotive revenue of $21.3 billion, up 33 percent from $16.0 billion in the same quarter last year and up from $18.7 billion in the previous quarter.

・Sale of carbon credits of $467 million, up 49 percent from $314 million in the same quarter last year and up from $286 million in the previous quarter.

・Automotive gross profit of $5.5 billion, up 13 percent from $4.9 billion in the same quarter last year and up from $5.2 billion in the previous quarter.

・Operating profit of $1.9 billion, down 16 percent from $2.2 billion a year ago but ahead of $1.7 billion in the prior-year quarter; operating margin of 16 percent, compared with 14.70 percent a year ago and 17.2 percent in the prior-year quarter・– Operating profit of $1.9 billion, down 16 percent from $2.2 billion a year ago but ahead of $1.7 billion in the prior-year quarter; operating margin of 16 percent, compared with 14.70 percent a year ago and 17.2 percent in the prior-year quarter

・A Gross profit of $5.8 billion, up 19 percent from $4.8 billion a year ago and up from $5.4 billion in the prior year quarter; adjusted gross margin of 22.2 percent compared to 23.1 percent a year ago and 23.2 percent in the prior-year quarter.

・Net income attributable to common shareholders was $3.7 billion, up 59 percent from $2.3 billion in the same quarter last year and up from $3.3 billion in the prior-year quarter.

・Diluted earnings per share attributable to common shareholders were $1.07, compared to $0.68 per share attributable to common shareholders in the same quarter last year, an increase of 57 percent compared to $0.95 in the prior-year quarter.

・ Operating expenses were $1.9 billion, down 16 percent from $2.2 billion in the prior year quarter and up from $1.7 billion in the prior-year quarter. Of which.

  • Research and development expenses were $800 million, compared to $740 million in the prior year quarter.
  • Selling, general and administrative expenses of $1.032 billion, compared with $1.494 billion in the prior-year quarter.
  • Restructuring and other expenses of $34 million

Vehicle production and delivery data for the fourth quarter

Electric vehicle production increased 44 percent to 439,701 units, compared with 305,840 units in the prior year quarter and up from 365,923 units in the prior year quarter. Model S / X production was 20,613 units, up 57 percent from 13,109 units in the same quarter last year and up from 19,935 units in the prior year quarter; Model 3 / Y production was 419,088 units, up 43 percent from 292,731 units in the same quarter last year and up from 345,988 units in the prior year quarter.

Electric vehicle deliveries were 405,278, up 31 percent from 308,650 in the prior year quarter and up from 343 in the prior year quarter. Model S / X deliveries increased 46 percent to 17,147 compared to 11,766 in the same quarter last year, down from 18,672 in the prior year quarter, and Model 3 / Y deliveries increased 31 percent to 388,131 compared to 296,884 in the same quarter last year, up from 325,158 in the prior year quarter.

Cash reserves continue to grow
As of December 31, 2022, Tesla held $22.2 billion in cash and cash equivalents, up 25 percent from $17.7 billion as of December 31, 2021, and $1.1 billion higher than the $21.1 billion held at the end of the third quarter. The increase in Tesla’s cash and cash equivalents was primarily due to a free cash flow of $1.4 billion, partially offset by debt repayments of $497 million.

Company Review
For the fourth quarter and full year of 2022, Tesla reported another record year. In the fourth quarter, Tesla achieved record revenue, operating profit and net income. 2022 saw overall revenue of $81.5 billion, up 51 percent year-over-year, and net income doubled year-over-year to $12.6 billion.

As we enter 2023, the macroeconomic situation is fraught with uncertainty, especially as rising interest rates will continue to impact Tesla’s performance in the near term, but the Tesla team is accustomed to the challenge. In the near term, Tesla will accelerate its cost reduction program and increase productivity while continuing to focus on the next phase of its roadmap.

In any case, Tesla is prepared to deal with short-term uncertainty while focusing on long-term efforts for autonomy, electrification and energy solutions. With Tesla’s insistence on cost control and innovation, the company believes it is well-positioned to overcome challenges and ultimately achieve long-term success.

Vehicle Production Status
In the fourth quarter of 2022, Tesla set new production records at each of its vehicle plants. While the third month of the second quarter accounted for 74 percent of total car deliveries for the quarter, that number dropped to 64 percent in the third quarter and then to 51 percent in the fourth quarter. Tesla is working to reduce the percentage of cars delivered in the third month of each quarter as a percentage of the quarter, which is helping to help reduce costs.

At the new Austin plant in the U.S., Model Y production exceeded 3,000 vehicles per week by the end of the fourth quarter. In the fourth quarter, Tesla was able to produce enough 4680 cells in-house to assemble 1,000 battery packs per week. In addition, the Tesla Electric Truck Semi began pilot production in the fourth quarter with the first deliveries in December.

In China, production will not explode again in the near future as the Shanghai plant has been successfully operating at full capacity for several months. In fact, the Shanghai plant remains Tesla’s primary export center, supplying vehicles to most markets outside of North America.

In Europe, the Berlin plant was also producing more than 3,000 Model Y vehicles per week as of the end of the fourth quarter.

Core Technologies
Autopilot and FSD: Tesla has released a beta version of FSD to all owners in the U.S. and Canada who purchased the FSD package. This is an important milestone for Tesla. Consumers in both markets can now access FSD beta features through purchase or subscription.

Car Software:
With a camera built into the vehicle, Tesla owners can now use Zoom to participate in video conferences directly on the car’s touchscreen. In addition, Tesla has built Apple Music into the media player. In the latest version of the Model S / X, people can also play a variety of games with the powerful built-in gaming device.

Batteries:
In a time of macroeconomic uncertainty, Tesla is focused on reducing vehicle costs and increasing cost efficiency through improved functionality and reliability.

Charging facilities:
Tesla’s charging infrastructure is growing faster than its stores and service centers. At the end of the fourth quarter, Tesla had 764 stores and service centers and 4,678 Superchargers (42,419 charging posts). The number of stores and service centers increased 19 percent year-over-year and the number of charging stations increased 35 percent year-over-year.

Performance Outlook
In 2022, Tesla will report overall revenue of $81.5 billion, up 51 percent from $53.8 billion in the prior year, and net income attributable to Tesla common shareholders of $12.6 billion, up 128 percent from the prior year.

Tesla said the company plans to expand its production capacity as soon as possible. Over the next few years, the company expects to achieve a 50 percent average annual growth target for electric vehicle deliveries. In some years, Tesla’s deliveries may grow faster, and sometimes slower, depending on a number of factors. Looking ahead to 2023, Tesla expects to deliver 1.8 million vehicles.

Stock price movement
Tesla shares rose 0.38 percent to close at $144.43 per share in regular trading on the Nasdaq Stock Market on Wednesday, local time. As of this writing, the stock was up $1.87, or 1.29 percent, to $146.30 per share. Over the past 52 weeks, Tesla shares have traded as low as $101.81 and as high as $384.29. Based on Wednesday’s closing price, Tesla has a market capitalization of about $456.1 billion.

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