Tesla’s shares are up slightly after hours after the EV maker reported that its fourth-quarter earnings and profits outperformed. Additionally, the most important news about Tesla’s 2023 roadmap is that the upcoming Cyber truck is on track for production later this year.
For the quarter, Tesla (TSLA) report:
The revenue is a new record for Tesla, up more than $2 billion in consecutive quarters and up nearly $7 billion from a year ago.
On the profitability side, Tesla reported an adjusted net income of $4.1 billion, nearly $400 million more than in the third quarter and more than $1.3 billion more than a year ago. Tesla said it has “adequate liquidity” to fund its product roadmap and capacity expansion plans.
Gross margin was 23.8% (estimated 25.4%) and automotive gross margin was 25.9% (estimated 28.4%).Tesla has many price cut These cuts were not made in the US, China (for the second time) and some European markets until the first quarter of this year, so these effects are not seen in the fourth quarter results.But investors are still keen to track gross margin figures that are the envy of the auto industry (his GM’s EBIT adjusted margin in the last quarter was 9.4%).
By using “low-cost models, building localized and more efficient factories, reducing vehicle costs, and operational leverage,” Tesla’s ASP (Average Selling Price) He said that profits could be maintained even if the stock price declines.
Tesla maintained its long-term delivery target of 50% CAGR (compound annual growth rate) despite missing targets in recent quarters. “In 2023, we expect to exceed the long-term 50% CAGR at approximately 1.8 million vehicles per year,” the company said in its quarterly update.
Tesla said production and delivery challenges for 2022 were “mostly centered in China,” but said most had been “almost at full capacity for several months.” We do not expect any significant volume increase from Giga Shanghai in the short term.
Tesla also revealed that the Cybertruck is set to begin production later this year, with a next-generation platform in development.
Ahead of the earnings call, investors and analysts will be watching for clues to Tesla’s demand story and whether big price cuts across the board are boosting first-quarter deliveries. For highlights, check out Yahoo Finance’s new “After the call.”
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