Tesla Q1/2022: $18.8 billion revenue and $3.3 billion profit

Tesla Q1/2022: $18.8 billion revenue and $3.3 billion profit

The well-known goal of growing deliveries by 50 per cent per year in the medium term was repeated.

With 310,048 global deliveries of the Model Y, Model 3, Model S and Model X combined, Tesla exceeded expectations. The company has sold around 309,000 EVs in Q1/2022. Financial metrics also exceeded expectations. For example, the US-based electric car maker generated $18.76 billion in revenue, $16.86 billion of which came from its automotive division. The profit in the first quarter of 2022 was 3.3 billion dollars.


Thus, Tesla can seamlessly continue the increasing turnover and profit of the past quarters. In the final quarter of 2021, revenue was $17.72 billion and profit was $2.32 billion. The e-car manufacturer thus set new records for both revenue and profit. The growth is even stronger when compared to Q1/2021. Here, it brought in 10.39 billion dollars in turnover with 438 million dollars in profit.

A major contributor to the record result was the sale of CO2 emissions, which amounted to $679 million in Q1/2022. More revenue from the sale of CO2 allowances than in any quarter of the previous year. A direct comparison with the previous quarter Q4/2021 shows an increase of more than double here. The operating margin is also developing positively on a sustained basis. This amounted to 19.2 per cent, after 5.7 per cent in the opening quarter of 2021 and 14.7 per cent in Q4/2022.

Although production was slightly down in March 2022 due to outages at Giga Shanghai. The assembly lines there were idle for six days (equivalent to about 12,000 vehicles). The Fremont plant also fell short of its potential. These setbacks will become apparent in the second quarter of 2022 because the assembly lines stopped in Shanghai and only restarted in mid-April as part of a "closed-loop management" - but only with one shift instead of two. It is difficult to compensate for the downtime at Giga Shanghai. Especially since Giga Berlin is also falling short of the expectations set.

Tesla continues to emphasise the expansion of its own business. In the past two months, Model Y deliveries have started at the new factories in Germany near Berlin and in the US state of Texas. In addition, the company is making "considerable efforts" to advance its cell production, raw material procurement and supplier diversification. Like other companies in the market, Tesla is struggling with Covid 19 outbreaks, supply chain issues and raw material supply. This is coupled with corresponding price increases, which are being absorbed by rising product prices. However, the reduction of manufacturing costs is still an issue.

As part of the announcement of the figures, Tesla revealed that it had 3,724 Supercharger locations worldwide as of 31 March 2022, which is an increase of 7.1 per cent compared to year-end 2021 - up 38 per cent from Q1 2021. The sites have a total of 33,657 charging points installed. This means that each location has nine charging points on average.

 

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