During the fourth quarter, Tesla reported automotive revenue of about $21.3 billion and total revenues of about $24.31 billion.
Tesla Inc (NASDAQ: TSLA) shares closed Thursday trading at $160.27, up 10.97 percent from the day’s opening price. Tesla shares spike has been attributed to record 2022 Q4 earnings results that beat analysts’ expectations. Notably, Tesla cut unit prices at the end of 2022, which analysts think significantly contributed to the record results. As such, the electric vehicle behemoth is optimistic 2023 will yield even better results.
“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,” Tesla CEO Elon Musk said on an investor call Wednesday.
In 2022, we produced & delivered 1.3M+ vehicles 💪
In Q4 we achieved our highest-ever quarterly revenue, operating income & net income → https://t.co/6WkUryAhKO pic.twitter.com/aOzmL76uja
— Tesla (@Tesla) January 25, 2023
According to Canaccord Genuity analyst George Gianarikas, Tesla reported better-than-feared earnings results thus maintaining a buy rating with a $275 price target.
Tesla Q4 2022 Earnings Highlights and Shares Reaction
According to the company’s Q4 and financial year 2022 update, Tesla reported that total revenues grew by 51 percent YoY to $81.5 billion. The company reported an operating cash flow of about $14.7 billion and $3.3 billion in 2022 and Q4 respectively. During the fourth quarter, Tesla reported automotive revenue of about $21.3 billion and total revenues of about $24.31 billion.
The company attributed its revenue growth to high vehicle deliveries during the year. Additionally, Tesla indicated that it produced enough in-house 4680 cells in a single week to make over 1000 battery packs. As a result, the company’s Austin gigafactory produced over 3,000 vehicles in a week during the fourth quarter.
However, the company reported supply chain constraints in the Shanghai, China production centre. Nonetheless, the Shanghai production line remains the company’s largest export hub outside North America.
The company’s Berlin, Germany production line delivered over 3,000 units of Model Y in a week during the fourth quarter. Interestingly, Tesla follows its autopilot and full self-driving (FSD) beta to nearly all customers in the United States and Canada. During the fourth quarter, the company enabled video conferencing via the car’s interior camera through Zoom technology.
In a bid to go green energy, Tesla deployed about 348 MW of solar superchargers in 2022, the highest since 2017.
Forward, the company announced that it has enough liquidity to fund its road map.
Side Notes
During the fourth quarter, Tesla reported its Bitcoin holding stands at around $184 million after taking an impairment loss of $34 million. Notably, the Bitcoin price dropped to its lowest in 2022 during the fourth quarter after the implosion of FTX and Alameda.
According to data provided by MarketWatch, Tesla has a market capitalization of approximately $456 billion and its shares are up 30 percent YTD.
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