Tesla achieved its most profitable year on record in 2022, following a strong final quarter in which the US firm reach its highest ever quarterly revenue, net income and operating income.
Despite slashing prices in a number of territories around the world, the electric vehicle maker posted $24.3 billion (£19.6bn) in revenue in December, representing growth of 33% year on year. Tesla’s total annual revenue increased 51% year on year to $81.5bn (£65.8bn), while its net income more than doubled to $12.6bn (£10.2bn).
Of its total revenue, $71.46bn (£57.7bn) came from Tesla’s automotive operations, for a year-on-year increase of 51%. Around $21.3bn (£17.2bn) was earned in the fourth quarter alone.
Tesla also confirmed it would reveal the first details of its next-generation vehicle platform at its investor day on 1 March 2023.
It produced 1.36 million passenger cars in 2022, delivering a total of 1.31m vehicles worldwide - an increase of 47% and 40% respectively year on year.
The vast majority of the Texas-based firm’s sales last year were Tesla Model 3 and Tesla Model Y cars, which made up around 1.24 million of its overall delivery figure. Some 66,705 Tesla Model X and Tesla Model S cars were also delivered worldwide.
Each of its five factories – California, Shanghai, Berlin, Texas and Nevada – produced a record number of vehicles.
Despite its success last year, Tesla is bracing for an “uncertain macroeconomic environment” in 2023, with rising interest rates on the cards.
It said it will accelerate its cost reduction roadmap while increasing production, with CEO Elon Musk targeting a production figure of 1.8m vehicles this year.
Tesla’s outlook for 2023 is looking positive, Musk said on a call with analysts and shareholders on Wednesday.
Musk said: “Thus far in January, we’ve seen the strongest orders year to date than ever in our history. We’re currently seeing orders of almost twice the rate of production.
“We’re saying 1.8 [million vehicles] because there always seems to be some friggin’ force majeure thing that happens somewhere on Earth. We don’t control if there’s earthquakes, tsunamis, wars, pandemics, etc.
“If it’s a smooth year, without some big supply chain interruption or massive problem, we have the potential to do two million cars this year. I think there would be demand for that, too.”
Tesla said it is “on track” to start production of the Cybertruck later this year at its Texas facility. The long-awaited Tesla Semi electric HGV is also in pilot production, while the Roadster sports car and Robotaxi are still in development.
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