Tesla Q4 2022 Earnings: Record $24.3 Billion in Revenue, $3.7 Billion Net Income

Tesla announced its fourth-quarter and full-year 2022 earnings on Wednesday afternoon, reporting record revenue for the final quarter.

The automaker reported revenue of $24.3 billion USD for October to November 2022, up a whopping 37% year-over-year. Wall Street, meanwhile, had forecasted $24.03 billion in revenue.

Tesla reported a net income of $2.3 billion (GAAP) for the quarter, with a 16.0% operating margin. The automaker delivered a record 405,278 vehicles during Q4 2022, up 31.5% year-over-year. Production increased 44% to 439,701 units, with each of Tesla’s vehicle factories churning out a record number of vehicles in the quarter.

“Q4-2022 was another record-breaking quarter and 2022 was another record-breaking year,” the company said. In the final quarter of the year, Tesla achieved the highest-ever quarterly revenue, operating income, and net income in its history.

For the entirety of 2022, Tesla reported revenue of $81.5 billion USD with a net income of $12.6 billion (GAAP). Tesla’s revenue for 2022 grew 51% year-over-year, while its net income almost doubled.

Tesla reported all-time high production and deliveries of 1,369,611 and 1,313,851 million vehicles, respectively, for 2022 as a whole. Annual production grew 47% year-over-year from 2021, while deliveries surged 40%.

“As we progress into 2023, we know that there are questions about the near-term impact of an uncertain macroeconomic environment, and in particular, with rising interest rates,” Tesla said.

“The Tesla team is used to challenges, given the culture required to get the company to where it is today. In the near term we are accelerating our cost reduction roadmap and driving towards higher production rates, while staying focused on executing against the next phase of our roadmap.”

Tesla has $22.2 billion in cash as of Q4, up $1.1 billion. The automaker enjoyed an operating margin of 16.8% in 2022, and Tesla’s outlook for 2023 will likely be helped along by the substantial price cuts it recently rolled out across North America, Europe, China, and beyond.

“In any scenario, we are prepared for short-term uncertainty, while being focused on the long-term potential of autonomy, electrification and energy solutions. Our relentless cost control and cost innovation is why we believe that no other OEM is better equipped to navigate through 2023, and ultimately succeed in the long run, than we are.”

…developing, more to follow