Tesla last week released its first-quarter results for 2022, which exceeded analysts’ estimates on both the top and bottom lines. Here are the essential figures.
- Earnings per share: $3.22, compared to the projected $2.26.
- Revenue: $18.76 billion, compared to the estimated $17.80 billion
Automotive sales totaled $16.86 billion, an increase of 87% over the same time previous year. Automotive gross margins reached a new high of 32.9%, with Tesla posting a $5.54 billion profit in its primary business. For the quarter, regulatory credits accounted for $679 million in automotive revenue. Not that’s Tesla literally turning carbon into cash.
Tesla announced car deliveries of 310,048 for the first quarter earlier this month, the closest approximation of sales published by the EV maker. Model 3 and Model Y cars accounted for 95% of deliveries, or 295,324, in the fiscal year ending March 31, 2022.
It is also apparent that Tesla’s recent price hikes had something to do with its revenue growth. According to the company’s shareholder presentation, revenue growth was driven in part by an increase in the number of automobiles delivered and an increase in average sales prices. Simply put, Tesla cars are pretty much sold before the leave the factory floor.
However, Tesla’s energy business did not fare as well. Tesla’s solar deployments in its energy division fell by over half to 48 MW in the first quarter of 2022 compared to the same period last year. On the bright side, Tesla did instal 846 MWh of lithium ion-based battery energy storage systems, a 90% increase over the same period last year but a decrease from the prior quarter.
The company stated that the decreases in solar deployments were caused by import delays on specific components that were outside Tesla’s control. The company did not provide comprehensive delivery estimates for the future, but stated that it anticipated 50% annual growth on a multi-year basis and cautioned that supply chain bottlenecks are expected to persist until 2022.
Musk also stated that he believes inflation is more than previously estimated and will continue throughout the year. However, the current proposal by Musk to purchase Twitter and take it private was not discussed during the discussion.
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