A Tesla dealership in Colma, California on January 26, 2022.
David Paul Morris | Bloomberg | Getty Images
Electric car maker Tesla reported earnings after the bell, beating both profit and revenue. Shares rose in a short time. Here are the results.
- Salary (adjusted): $1.19 vs. $1.13 per share expected on Refinitiv
- income: $24.32 billion vs. $24.16 billion expected on Refinitiv
Tesla reported revenue of $17.72 billion and adjusted earnings of $2.52 per share in the year-ago quarter.
Tesla reported $21.3 billion in automotive revenue in the fourth quarter, a 33% year-over-year increase. Of that, $467 million came from regulatory loans in the fourth quarter of 2022, nearly double the amount from the same period a year earlier.
Gross profit in the automotive industry was 25.9%, which is the lowest figure in the last five quarters. Operating cash flow was down 29% year-over-year and 36% quarter-over-quarter to $3.28 billion.
At the shareholder meeting, the company acknowledged that average sales prices “have generally been on a downward trajectory for many years” and said that “affordability” will be necessary for Tesla to grow into a company that sells several million vehicles a year.
At the end of 2022 and this year Tesla reduce prices on its cars around the world, which upset customers in the US and China who had recently purchased new Teslas at higher prices, and caused an immediate drop in used Tesla prices in the US as well.
Tesla’s services and other revenue, which includes fees for out-of-warranty vehicle repairs, reached $1.6 billion in the quarter.
Revenue from energy generation and storage increased sequentially compared to last year and reached $1.31 billion. The cost of revenue for its energy division was high, however, at $1.15 billion in the fourth quarter.
The company did not issue new guidance, but reiterated: “We plan to increase production as quickly as possible in line with the 50% annual growth target that we started to pursue in early 2021.”
Tesla said all of its factories are set to produce 100,000 Model S and X vehicles and 1.8 million Model Y and Model 3 vehicles annually.
The Shanghai manufacturing facility allows Tesla to produce 750,000 Model 3 and Model Y electric cars annually, the company said, while its first factory in Fremont, Calif., can produce 100,000 of the more expensive Model S and X cars and 550,000 of its model. Cars 3 and Y. The plants in Austin, Texas, and near Berlin, Germany, have the capacity to produce 250,000 Model Y cars annually, the company said.
Tesla also said that approximately 400,000 customers in North America now have the opportunity to test its experimental “FSD Beta” driver assistance system. The company recognized future period revenue of $324 million for the quarter related to FSD, according to a presentation to shareholders.
This driver assistance system is only available to customers who have purchased or subscribed to Tesla’s premium driver assistance package, sold as FSD, or the full self-driving option. Tesla does not make autonomous vehicles or driver assistance systems that are safe to use without a driver behind the wheel, ready to steer and brake at all times. FSD Beta contains new software features that the company has not yet fully debugged.
The company also confirmed that its Cybertruck pickup is set to go into production this year in Texas.
Earlier this month Tesla reported supply and manufacture of cars figures for the fourth quarter of 2022, which set a new record for the company, but fell short of company targets and analysts’ expectations, despite cutting prices on its vehicles in December to encourage customers to take deliveries before the end of the year.
Tesla reported deliveries of 405,278 vehicles and production of 439,701 vehicles for the period ending December 31, 2022. Full-year deliveries were about 1.31 million, a record for Tesla after the company began production at its new factories in Texas and Germany.
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