Tesla published its financial results for the fourth quarter of 2022 on Wednesday afternoon. The corporate introduced in $24.3 billion in income, a 37 p.c improve on This fall 2021. Automotive revenues accounted for the lion’s share—$21.3 billion, a 33 p.c improve from This fall 2021. That translated to $3.7 billion in web revenue as soon as typically accepted accounting practices (GAAP) have been utilized—a formidable 59 p.c improve from This fall 2021.
Which means Tesla had a superb 2022, regardless of lacking its gross sales forecast. Automotive revenues grew by 51 p.c in comparison with 2021, bringing in $71.5 billion. Whole revenues have been up by the identical share year-over-year at $81.4 billion. Working bills accounted for $7.2 billion, and as soon as GAAP was utilized, Tesla ended the 12 months with a web revenue of $12.6 billion. Free money circulation dropped by 49 p.c to $1.4 billion.
Tesla acknowledged income for its extremely controversial “Full Self Driving” help this 12 months after making the beta open to all Tesla house owners—offered they paid $15,000. Nevertheless, regardless of CEO Elon Musk’s claims that the monetary way forward for the corporate relies upon upon FSD, in 2022 that solely translated to $324 million. Tesla’s monetary presentation does declare that “we count on to acknowledge almost $1 billion of deferred income that is still for such prospects over instances as software program updates are delivered.” Elsewhere in its monetary presentation, it claims that there are roughly 400,000 FSD customers within the US and Canada.
Regulatory credit for clear automobiles performed a extra vital however nonetheless minor function within the firm’s profitability, contributing $1.8 billion to the underside line. That is a 21 p.c improve from 2021 and essentially the most cash Tesla has comprised of regulatory credit, regardless of fears that the introduction of EVs from conventional OEMs would trigger this to dry up. Maybe to this finish, the corporate says it’s working arduous to keep away from having to ship so lots of its vehicles within the third month of every quarter.
As we reported earlier this month, in 2022 Tesla constructed 1,369,611 vehicles, 1,298,434 of which have been both Fashions 3 or Y. That is a 43 p.c improve in manufacturing for these fashions year-over-year. But it surely was solely capable of finding houses for 1,313,851 vehicles in whole—whereas that was a 40 p.c improve year-over-year, it was lower than 50 p.c year-over-year progress the automaker promised traders. What’s extra, it means Tesla is sitting on greater than 71,000 unsold EVs.
Tesla’s photo voltaic enterprise had a flat 2022, rising by simply 1 p.c year-over-year by way of deployed photo voltaic megawatts. But it surely deployed 6.5-gigawatt hours of battery storage, a 64 p.c progress from final 12 months.
In its outlook assertion, Tesla stays optimistic and reiterates its objective of fifty p.c annual progress, albeit with a caveat that “some years we might develop sooner and a few we might develop slower.” For 2023 it says it’s going to ship 1.8 million vehicles. Tesla additionally claims that it is within the tooling stage for its Cybertruck pickup, which can go into manufacturing in Texas later this 12 months.