Tesla reported record quarterly profit
Q4 2022 was another record breaking quarter for EV manufacturer Tesla as well as the whole year. In the last quarter, the company achieved the highest-ever quarterly revenue, operating income and net income in history.
In 2022, total revenue grew 51% yoy to $81.5 billion and net income (GAAP) more than doubled year over year to $12.6 billion.
In the fourth quarter, total revenue grew 37% to $24.3B with a gross margin of 23.8% impacted by growth in vehicle deliveries, increase in average selling price and other parts of the business.
Net income came at $3.68B (+59%) and earnings per share was $1.07, a 57% increase, impacted by a negative headwind from FX of $1.4B.
Operating income improved year over year to $3.9B in Q4, resulting in a 16% operating margin. Quarter ended cash increased to $22.2B driven mainly by free cash flow of $1.4B partially offset by debt repayments of almost $500M.
In 2022, Tesla produced 1.37M vehicles and delivered 1.31M vehicles (+40%). The company did not issue new guidance, but reiterated in its earnings release that is planning to grow production as quickly as possible with the 50% CAGR (Compound annual growth rate) target began in early 2021 and deliver around 1.8M cars by the end of 2023.