Tesla has released the financial results of its fourth fiscal quarter of 2022. The company reports total income of 24,318 million dollars, exceeding Wall Street expectations, which calculated about 23,600 million dollars.
Net profit stands at 3,687 million dollars, with an operating margin of 25.9%, the latter slightly below expectations, which stood at 26.4%. Even so, it is a remarkable figure that shows that Tesla remains the automaker that earns the most profit per unit manufactured.
This makes the fourth quarter of 2022 the most successful in revenue and profit for the company. It also makes 2022 the best year for Tesla with 51% year-over-year revenue growth and a doubling in net profit, compared to 2021.
The data comes amid the long controversy that its CEO, Elon Musk, is going through since the acquisition of Twitter. The accusations of his apparent lack of focus on Tesla and the trial that is following him for trying to buy back all of the company’s shares and take it off the stock market. In addition to the great loss of reputation that he has caused himself by his tweets, and how it has had a negative effect on the public image of the companies he runs.
In terms of units built and delivered, Tesla was unable to meet the 50% year-over-year growth target, but was close. During the fourth quarter, it manufactured 439,701 cars and delivered 405,278. An absolute record for the company. That gives a grand total of 1,369,611 units manufactured and 1,313,851 delivered. Making 2022 his most successful year in sales.
Increasing earnings from software services
Among the most interesting data presented in the financial results for the fourth quarter of 2022, are the profits obtained by software services. Especially the total autonomous driving package. According to Teslahave generated 324 million dollars during the quarter.
The fully autonomous driving service, which is in beta, has already been activated for nearly 400,000 owners who have purchased it in the United States and Canada. Approximately 145 million kilometers have been driven with the option active.
Tesla expects to deliver 1,800,000 cars in 2023
Tesla continues to target sales growth target of 50% year-over-year. Although in 2022 they were not able to achieve it, they calculate that 2023 will be a key and important year for the growth of electric mobility. They calculate that they will be able to manufacture and sell 1,800,000 cars throughout the year. Besides of Model S, Model 3, Model X and Model Y, expect to start production of the Cybertruck this year. They will give more details of the future truck during the investors day next March 1.
Part of Tesla’s strategy to increase car manufacturing and sales lies in locating at least one factory per continent. All production for America (Canada, United States, Mexico) is made from Fremont and Austin. The Giga Shanghai remains the largest vehicle producer for Asia and Europe, but the Gigafactory in Berlin is already capable of assembling 3,000 Model Ys per week, supplying part of the demand in Europe.