Tesla has announced its Q1 2022 earnings on Wednesday afternoon, reporting numbers higher than Wall Street expectations.
The automaker reported $3.22 earnings per share, while revenue was at $18.7 billion, up a staggering 81% year-over-year.
“The first quarter of 2022 was another record quarter for Tesla by several measures such as revenues, vehicle deliveries, operating profit and an operating margin of over 19%,” said Tesla.
Tesla saw net income of $3.3 billion (GAAP) and a 19.2% operating margin.
For Q1 2022, Tesla produced 305,407 vehicles, up 69% year-over-year. It delivered 310,048 cars, up 68%% year-over-year.
“Our outstanding recourse debt has fallen below $0.1B at the end of Q1. Public interest in a sustainable future continues to rise, and we remain focused on growing as fast as is reasonably possible,” said Tesla.
“Expansion of our production capacity is core to our decision-making. In the past two months, we began deliveries of Model Y from Gigafactory Texas and Gigafactory Berlin-Brandenburg (negligible impact on Q1 gross profit). At the same time, we are putting significant efforts into in-house cell production, raw material procurement and supplier diversification,” explained the automaker.
Tesla added, “Challenges around supply chain have remained persistent, and our team has been navigating through them for over a year. In addition to chip shortages, recent COVID-19 outbreaks have been weighing on our supply chain and factory operations. Furthermore, prices of some raw materials have increased multiple-fold in recent months. The inflationary impact on our cost structure has contributed to adjustments in our product pricing, despite a continued focus on reducing our manufacturing costs where possible.”
“We would like to thank everyone who attended our factory opening events or watched live at home. We’re excited to see people so passionate about mass manufacturing and a sustainable future,” said Tesla.
…developing, more to follow
