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Tesla made $3.3 billion in profit in a record quarter

It’s not an easy time to be an auto maker but Tesla kicked off the new year with an extremely successful quarter.

Tesla said the first quarter of 2022 was another record for revenue, vehicle deliveries, operating profit and operating margin.

That’s despite supply chain obstacles and even the return of the COVID-19 lockdown – this time affecting the Shanghai factory.

Tesla recorded a profit of US$3.3 billion ($4.4 billion) and the company’s revenue grew 81% year-on-year to US$18.76 billion ($25.21 billion). dollars), which shows an increase in vehicle deliveries, growth in other parts of the business, and an increase in average selling price.

It recorded an operating profit margin of 19.2%, up from 14.7% in the previous quarter and 5.7% in the first quarter of 2021.

Tesla also recorded $679 million (AU$912 million) in emissions credits revenue to other carmakers, more than double the Q4 2021 figure.

The company sells these credits to manufacturers with fewer zero-emissions vehicles in markets where they are penalized for doing so, such as the European Union.

Total deliveries increased 68% year-on-year to 310,048, compared with 184,877 in the first quarter of 2021.

The Model 3 and Model Y shipped heavy, accounting for 295,324 deliveries.

Only 14.724 Model WILL and X model models have already been delivered, however, the number is still up by more than 25% in Q4 2021.

THAN: Tesla sets a global delivery record in Q1, 2022

We’ll have to wait and see how much production numbers will increase in the second quarter, as the company’s Berlin and Austin, Texas factories only opened in the first quarter and are still in the early stages.

The Chinese government is also trying to control the COVID-19 outbreak in Shanghai, which has forced Tesla to suspend production there.

It kept coming back and Bloomberg reported workers were provided with food and shelter at the facility.

“We remain confident of a 50% growth in vehicle production in 2022 compared to 2021,” said Tesla CEO Elon Musk.

In the meantime, however, Tesla expects supply-chain struggles will likely keep its existing factories operating below capacity through 2022.

Tesla says its global inventory of vehicles is only 3 days of supply.

Cybertruck has not gone into production yet, though Musk says mass production is on track for the year 2023.

He also reiterated Tesla is working on a robotaxi that doesn’t have a steering wheel or pedals but includes “several other improvements,” which he announced at the Cyber ​​Rodeo event earlier this year.

“They are trying to achieve what is considered the lowest cost per mile, price per kilometer,” Musk said.

They aim to reach production of the vehicle by 2024.

Tesla said it is putting “significant efforts” into diversifying suppliers, sourcing raw materials and producing batteries on-site.

Nearly half of the vehicles it produced in the first quarter used lithium iron phosphate (LFP) batteries, which used no nickel or cobalt.

Tesla also confirmed that it is aiming to release a beta called Full Self-Driving to all US customers by the end of 2022. It started rolling out the technology in Canada in March.

THAN: Tesla sets a global delivery record in Q1, 2022
THAN: Tesla Model 3 dominates Australian electric vehicle sales in Q1, 2022

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