© Reuters Tesla’s (TSLA.US) Q4 revenue and net profit exceeded expectations and delivered more than 405,000 vehicles in the fourth quarter
Zhitong Finance APP learned that after the U.S. stock market closed on Wednesday, Tesla (NASDAQ: ) announced its financial report for the fourth quarter of 2022. The company’s revenue and quarterly profit were better than expected. After the financial report was announced, Tesla rose more than 1% after hours.
The financial report shows that the company’s operating income in the fourth quarter increased by 37% year-on-year to US$24.318 billion, exceeding analysts’ expectations of US$24.156 billion and US$17.719 billion in the previous quarter. Net income was $3.687 billion, beating estimates of $2.321 billion. The adjusted net profit in the fourth quarter increased by 43% year-on-year to US$4.106 billion. The free cash flow in the fourth quarter was US$1.42 billion, compared with the market estimate of US$3.13 billion. In the fourth quarter, Tesla’s revenue from selling carbon emission credits reached US$467 million, an increase of 63.3% from the previous quarter.
Tesla said that in the fourth quarter, the company produced more than 439,000 vehicles and delivered more than 405,000 vehicles. In 2022, car deliveries will increase by 40% year-on-year to 1.31 million units, and production will increase by 47% year-on-year to 1.37 million units.
The company said it would ramp up production “as soon as possible”, in line with previous multi-year guidance of an average annual growth rate of 50%, and said it was on track to deliver about 1.8 million vehicles this year. But it also left itself some wiggle room, noting that in some years it could grow faster or slower, depending on unspecified factors.
Tesla’s shares have risen 17% this year, outperforming the S&P 500’s 4.6% gain over the same period.
