Tesla just released their first quarter earnings report for 2022. The released earnings report exceeded a number of analysts’ forecasts in their predictions.
Throughout the first quarter of 2022, Tesla earned revenues of $18.76 billion. Earnings per share were also higher than analysts’ estimates at USD3.22.
Auto revenue reached USD16.86 billion, up 87 percent from the same period last year. Auto gross margins jumped to a record 32.9 percent with Tesla reporting a $5.54 billion gross profit in its main segment.
Regulatory credits accounted for $679 million of auto revenue for the quarter.
“Revenue growth was driven in part by an increase in the number of cars Tesla shipped, and an increase in the average selling price,” the company said.
In the first quarter of 2022, Tesla reported vehicle shipments of 310,048 units. Model 3 and Model Y dominate with overall sales of 95 percent or 295,324.
Previously, CFO Zachary Kirkhorn and CEO Elon Musk believed Tesla’s sales could grow at least 50 percent during 2021.
However, it should be noted that Tesla lost production potential after the Shanghai Giga ceased operations on March 28 due to Covid restrictions.
“Production is continuing at a limited rate, and we are working to return to full production as soon as possible,” Kirkhorn said.
Despite this slowdown, Musk said, “It looks like we can produce one and a half million cars this year.”
Customers who order today have to put on a long waiting list, and some of their orders won’t arrive until next year.