Tesla once again handed over a performance "report card" that refreshed historical records.
html On January 26, Tesla released its fourth quarter and full-year financial reports for 2022. Financial report data shows that in the fourth quarter of 2022, Tesla's total revenue reached US$24.3 billion, a year-on-year increase of 37%; operating profit increased to US$3.9 billion year-on-year, and the operating profit margin reached 16%.
It is reported that for Tesla, the fourth quarter of 2022 was a record-breaking quarter. The company achieved its highest operating revenue, highest operating profit and highest net profit in a single quarter in history. Tesla CEO Elon Musk commented during the earnings call that 2022 will be the best year ever for Tesla on all levels.
For the full year of 2022, Tesla's total revenue reached US$81.5 billion, a year-on-year increase of 51%, reaching US$81.5 billion; net profit reached US$12.6 billion, a year-on-year increase of 128%.
Looking forward to 2023, Musk said that although the overall auto market may shrink, consumer demand for Tesla will remain good, and delivery volume is expected to reach 1.8 million vehicles throughout the year.
On the same day, Tesla's stock price rose sharply after announcing its fourth quarter financial report. As of the close, it was reported at US$160.27 per share, an increase of more than 10%, and the market value returned to US$500 billion.
Revenue and Net Profit Refreshed Historical Records
Financial report data shows that in the fourth quarter of 2022, Tesla's total revenue was US$24.318 billion, an increase of 37% compared with US$17.719 billion in the same period last year; net profit attributable to ordinary shareholders was US$3.687 billion, an increase of 59% year-on-year. Both results hit another record high and beat analysts' expectations. In terms of delivery, in the fourth quarter of 2022, Tesla produced more than 439,700 vehicles globally and delivered more than 405,300 vehicles, setting a new delivery high, but it was still slightly lower than the 429,000 deliveries previously expected by Wall Street .
It is worth mentioning that in the fourth quarter of 2022, Tesla's energy and service businesses once again hit new highs. Among them, the installed capacity of energy storage business in the fourth quarter increased by 152% year-on-year, reaching 2.5 gigawatt hours; the installed capacity of solar increased by 18% year-on-year, reaching 100MW.
Looking at the full-year performance, in 2022, Tesla achieved revenue of US$81.462 billion, a year-on-year increase of 51%; net profit was US$12.556 billion, a year-on-year increase of 128%, and the operating profit margin reached 16.8%.
Tesla stated in its financial report that although the average selling price of Tesla electric vehicles has halved between 2017 and 2022, the company's operating profit margin has continued to increase, with performance during the same period increasing from approximately -14% to 17%. The growth in operating profit margin was mainly due to factors such as the introduction of lower-cost models, the construction of more efficient local chemical plants, reduced vehicle costs and operating leverage .
Delivery volume this year is expected to reach 1.8 million
Recently, Tesla has launched price reduction activities in many major markets around the world, causing heated market discussions. Specific to the Chinese market, Tesla made another substantial price adjustment on January 6, with unprecedented price reductions. Among them, the price of the Tesla Model 3 rear-wheel drive version was reduced by 36,000 yuan, from 265,900 yuan to 229,900 yuan; the price of the Model 3 high-performance version was reduced by 20,000 yuan, from 349,900 yuan to 329,900 yuan. Various versions of Model Y have also undergone significant price reductions, ranging from 29,000 yuan to 48,000 yuan.
Large-scale price cuts for Tesla products have effectively boosted demand. It is reported that during the Spring Festival, many Tesla sales stores launched "no closing" activities, and store customer flow and order numbers increased significantly. A person familiar with the matter revealed that the number of orders for Tesla stores in some cities has increased by 500% compared with December 2022.
In the 2022 fourth quarter earnings conference call, Musk also said that Tesla's current demand has increased significantly, and Tesla's order volume in January this year almost reached more than twice its production capacity.
Looking forward to the whole of 2023, Musk judged that although the overall auto market may shrink, consumer demand for Tesla will remain good. Next, Tesla needs to continue to increase production capacity to meet the rapidly growing demand. Deliveries are expected to reach 1.8 million vehicles in 2023. Without external disruption, deliveries in 2023 could reach 2 million vehicles.
It is worth mentioning that in the financial report, Tesla reiterated that it will continue to follow the 50% compound annual growth rate goal proposed at the beginning of 2021 and increase production as soon as possible.
Regarding Tesla's frequent price adjustments, Musk responded in the earnings call, "Price is really important. I think many people want to buy Tesla but can't afford it."
Faced with the rapid growth of Chinese new energy vehicle companies, Musk said that Tesla respects Chinese car companies very much and said that the Chinese market is the most competitive. Chinese people work very hard and are smart. Some Chinese car companies may become companies second only to Tesla.
Editor: Peng Bo
Proofreader: Yang Lilin
