FREDERIC J. BROWN/AFP by way of Getty Pictures
Tesla revealed its monetary outcomes for the fourth quarter of 2022 on Wednesday afternoon. The corporate introduced in $24.3 billion in income, a 37 % improve on This autumn 2021. Automotive revenues accounted for the lion’s share—$21.3 billion, a 33 % improve from This autumn 2021. That translated to $3.7 billion in internet revenue as soon as typically accepted accounting practices (GAAP) have been utilized—a formidable 59 % improve from This autumn 2021.
Which means Tesla had a wonderful 2022, regardless of lacking its gross sales forecast. Automotive revenues grew by 51 % in comparison with 2021, bringing in $71.5 billion. Whole revenues have been up by the identical proportion year-over-year at $81.4 billion. Working bills accounted for $7.2 billion, and as soon as GAAP was utilized, Tesla ended the yr with a internet revenue of $12.6 billion. Free money movement dropped by 49 % to $1.4 billion.
Tesla acknowledged income for its extremely controversial “Full Self Driving” help this yr after making the beta open to all Tesla homeowners—supplied they paid $15,000. Nevertheless, regardless of CEO Elon Musk’s claims that the monetary way forward for the corporate relies upon upon FSD, in 2022 that solely translated to $324 million. Tesla’s monetary presentation does declare that “we anticipate to acknowledge practically $1 billion of deferred income that is still for such clients over instances as software program updates are delivered.” Elsewhere in its monetary presentation, it claims that there are roughly 400,000 FSD customers within the US and Canada.
Regulatory credit for clear autos performed a extra important however nonetheless minor function within the firm’s profitability, contributing $1.8 billion to the underside line. That is a 21 % improve from 2021 and essentially the most cash Tesla has produced from regulatory credit, regardless of fears that the introduction of EVs from conventional OEMs would trigger this to dry up. Maybe to this finish, the corporate says it’s working arduous to keep away from having to ship so lots of its automobiles within the third month of every quarter.
As we reported earlier this month, in 2022 Tesla constructed 1,369,611 automobiles, 1,298,434 of which have been both Fashions 3 or Y. That is a 43 % improve in manufacturing for these fashions year-over-year. However it was solely capable of finding properties for 1,313,851 automobiles in whole—whereas that was a 40 % improve year-over-year, it was lower than 50 % year-over-year development the automaker promised traders. What’s extra, it means Tesla is sitting on greater than 71,000 unsold EVs.
Tesla’s photo voltaic enterprise had a flat 2022, rising by simply 1 % year-over-year by way of deployed photo voltaic megawatts. However it deployed 6.5-gigawatt hours of battery storage, a 64 % development from final yr.
In its outlook assertion, Tesla stays optimistic and reiterates its aim of fifty % annual development, albeit with a caveat that “some years we might develop sooner and a few we might develop slower.” For 2023 it says it should ship 1.8 million automobiles. Tesla additionally claims that it is within the tooling stage for its Cybertruck pickup, which can go into manufacturing in Texas later this yr.
