Tesla released its financial results and shareholder letter for the fourth quarter and full-year 2022 after market close on Tuesday. Wall Street consensus for this quarter was $24.6 billion in revenue and earnings of $1.13 per share.
These would have been new records for Tesla due to new record deliveries of over 405,000 electric vehicles during the quarter. However, it was a challenging quarter to estimate due to Tesla offering significant discounts on many vehicles delivered in December and the ramp-up of Tesla’s energy business, which is also harder to estimate.
The company reported $24.3 billion in revenue for Q4 2022, missing Wall Street’s expectations by $300 million. However, it did beat earnings expectations with $1.19 per share. The company also managed to increase its cash position by just over $1 billion during the quarter, now sitting on an impressive $22 billion pile of cash.
For the full year of 2022, the automaker generated over $12 billion in net income, a strong performance considering the challenges facing the industry.
The company plans to continue to focus on increasing production and deliveries of its electric vehicles, as well as expanding its energy business. The company’s management will discuss these results and future plans further on a conference call later tonight.
Here’s Tesla’s Q4 2022 results: