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Tesla’s 2022 Q4 financial report released: revenue of US$24.3 billion increased by 37% year-on-year, net profit of US$3.7 billion increased by 59% year-on-year, and car deliveries increased by 31% to 405,278 vehicles

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According to news on January 26, after the U.S. stock market closed on Wednesday local time, electric car manufacturer Tesla announced its unaudited financial report for the fourth quarter of 2022. The financial report shows that Tesla’s total revenue in the fourth quarter was US$24.3 billion, a year-on-year increase of 37%; net profit attributable to Tesla’s common shareholders was US$3.7 billion, a year-on-year increase of 59%; adjusted earnings per share were US$1.07 , an increase of 57% year-on-year. Tesla shares rose more than 1% after the earnings report.

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

— Total revenue was $24.3 billion, up 37% from $17.7 billion a year earlier, beating last quarter’s $21.5 billion and slightly ahead of analysts’ consensus estimate of $24.2 billion. in:

・Automotive revenue was $21.3 billion, up 33% from $16.0 billion in the same period last year and up from $18.7 billion in the previous quarter;

・Revenue from the sale of carbon credits was US$467 million, an increase of 49% from US$314 million in the same period last year, and higher than US$286 million in the previous quarter;

・The gross profit of the automotive business was US$5.5 billion, an increase of 13% from US$4.9 billion in the same period last year and higher than the US$5.2 billion in the previous quarter;

—— Operating profit was $1.9 billion, down 16% from $2.2 billion in the same period last year, but more than $1.7 billion in the previous quarter; operating margin was 16%, compared with 14.70% in the same period last year, and last quarter 17.2%;

— Gross profit was $5.8 billion, an increase of 19% from $4.8 billion in the same period last year, higher than $5.4 billion in the previous quarter; adjusted gross margin was 22.2%, compared with 23.1% in the same period last year, the previous quarter 23.2% for the quarter;

— Net income attributable to common stockholders was US$3.7 billion, an increase of 59% from US$2.3 billion in the same period last year and higher than the US$3.3 billion in the previous quarter;

— Diluted earnings per share attributable to common stockholders was $1.07, compared to $0.68 per share attributable to common stockholders in the same period last year, an increase of 57% year-over-year, and $0.95 in the previous quarter;

— Operating expenses were $1.9 billion, down 16% from $2.2 billion in the year-ago period and up from $1.7 billion in the previous quarter. in:

・R&D expenditure was US$800 million, compared to US$740 million in the same period last year;

・Selling, general and administrative expenses were $1.032 billion, compared to $1.494 billion for the same period last year;

・Restructuring and other charges of $34 million

Automobile production and delivery data in the fourth quarter

—— Total EV production was 439,701, up 44% from 305,840 a year earlier and up from 365,923 last quarter. Among them, Model S/X production was 20,613, an increase of 57% from 13,109 in the same period last year, higher than 19,935 in the previous quarter; Model 3/Y production was 419,088, an increase of 43% from 292,731 in the same period last year, a high 345,988 vehicles in the previous quarter.

— Electric vehicle deliveries were 405,278, up 31% from 308,650 a year earlier and up from 343 in the previous quarter. Among them, the delivery volume of Model S/X was 17,147, an increase of 46% from 11,766 in the same period last year, which was lower than the 18,672 in the previous quarter; the delivery of Model 3/Y was 388,131, an increase of 31% from 296,884 in the same period last year , up from 325,158 in the previous quarter.

Cash reserves continue to grow

As of December 31, 2022, Tesla held cash and cash equivalents of $22.2 billion, up 25% from $17.7 billion as of December 31, 2021, and up from $21.1 billion at the end of the third quarter. $1.1 billion. The increase in Tesla’s cash and cash equivalents was largely due to free cash flow of $1.4 billion, partially offset by the repayment of $497 million in debt.

Company Reviews

In the fourth quarter of 2022 and the full year of 2022, Tesla’s performance will hit a record high. In the fourth quarter, Tesla’s revenue, operating profit and net profit all set new records. In 2022, Tesla’s overall revenue will reach US$81.5 billion, a year-on-year increase of 51%; net profit will double to US$12.6 billion.

Entering 2023, due to the uncertainties of the macroeconomic situation, especially the rising interest rate will still have an impact on Tesla’s performance in the short term, but the Tesla team has become accustomed to challenges. In the near term, Tesla will accelerate its cost reduction plans and increase productivity while continuing to focus on the next phase of the roadmap.

In any case, Tesla is well positioned to navigate short-term uncertainty while focusing on long-term efforts in autonomy, electrification, and energy solutions. Tesla insists on cost control and innovation, and the company believes in its ability to overcome challenges and ultimately achieve long-term success.

car production

In the fourth quarter of 2022, Tesla will set a new record for production at each of its car factories. While vehicle deliveries in the third month accounted for 74% of the quarter’s total deliveries in the second quarter, that number dropped to 64% in the third quarter and 51% in the fourth quarter. Tesla is working to reduce the proportion of vehicles delivered in the third month of each quarter, which helps to reduce costs.

At the new factory in Austin, USA, as of the end of the fourth quarter, the Model Y was producing more than 3,000 vehicles per week. In the fourth quarter, Tesla was able to internally produce 4,680 cells a week, enough to assemble 1,000 battery packs. In addition, the Tesla electric truck Semi started trial production in the fourth quarter and made the first deliveries in December.

In China, as the Shanghai factory has successfully operated at full capacity for several months, there will be no further explosive growth in production in the near future. In fact, the Shanghai plant remains Tesla’s main export hub, supplying vehicles to most markets outside of North America.

In Europe, as of the end of the fourth quarter, the production of Model Y at the Berlin plant exceeded 3,000 per week.

Core technologies

– Autopilot and FSD: Tesla has released a beta version of FSD to all owners of the FSD kit in the US and Canada. For Tesla, this is an important milestone. Consumers in both markets can now access FSD beta features by purchasing or subscribing.

— Car software: Through the built-in camera in the vehicle, Tesla owners can now use Zoom directly to participate in video conferences directly on the car’s touchscreen. In addition, Tesla also built Apple Music into the media player. On the latest version of Model S / X, people can also take advantage of the powerful built-in gaming device to play various games.

——Battery: In a period of macroeconomic uncertainty, Tesla is focused on reducing vehicle costs and increasing cost-effectiveness by improving functionality and reliability.

— Charging facilities: Tesla’s charging infrastructure is growing faster than its stores and service centers. As of the end of the fourth quarter, Tesla has 764 stores and service centers, 4678 super charging stations (42419 charging piles). The number of stores and service centers increased by 19% year-on-year, and the number of charging stations increased by 35% year-on-year.

Performance outlook

In 2022, Tesla’s overall revenue will reach US$81.5 billion, a 51% increase from US$53.8 billion in the previous year; net profit attributable to Tesla’s common shareholders will be US$12.6 billion, a year-on-year increase of 128%.

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

stock price change

On Wednesday local time in the United States, Tesla’s stock price rose 0.38% in regular trading on the Nasdaq stock market, closing at $144.43 per share. As of this writing, the stock rose $1.87, or 1.29%, to $146.3 per share. In the past 52 weeks, Tesla’s lowest stock price was $101.81 and its highest stock price was $384.29. Based on Wednesday’s closing price, Tesla’s market capitalization is about $456.1 billion.

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