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Tesla records record profits despite supply problems | Economy

Tesla Model Y cars at the plant in Gruenheide, Germany.
Tesla Model Y cars at the plant in Gruenheide, Germany.POOL (via REUTERS)

Tesla exceeded market expectations and achieved record results in the first quarter of 2022, with net profits of 3,318 million dollars (around 3,039 million euros), 658% more than a year ago, thanks to the increase in deliveries of vehicles and the lowering of their production costs. The improvement is 43% compared to the previous quarter. The electric car manufacturer has pointed out that the first three months of the year have achieved record figures in terms of revenue, vehicle deliveries and operating profit, adding that the company remains “focused on growing as fast as reasonably possible”. .

The profit increase was due, in part, to growth in car deliveries, lower costs per vehicle — despite inflation — and higher sales of emissions credits it receives for production. of electric cars. Automotive revenue rose 87% to $16,861 million in the quarter, and operating margin was 19.2%. The revenue figure includes the sale of emission credits worth 679 million dollars, 31% more than in 2021. In addition, Tesla entered 616 million dollars from energy generation and storage and 1,279 million dollars from services and others. concepts.

In total, Tesla’s revenue grew 81% to $18.756 million. The adjusted gross operating result (Ebitda) was 5,023 million dollars, 173% more than in the same period of 2021, and the margin amounted to 26.8%. During a conference call with analysts and the media after the publication of the results, the CEO of Tesla, Elon Musk, assured that the company will grow significantly this year and that it will produce 1.5 million vehicles. In 2021, Tesla produced 930,422 vehicles and delivered 936,172, an 87% increase from the previous year. In the first quarter of this year, Tesla delivered a total of 310,048 vehicles, 68% more than in the same period of 2021. The company’s production rose to 305,407, an increase of 69%. Of the vehicles delivered, 295,324 units were Model 3 and Model Y; while the rest, a total of 14,724, were Model S and Model X.

This year, in addition to its plants in Fremont (United States) and Shanghai (China), Tesla will have fully operational facilities in Texas (USA) and Berlin (Germany). Musk said that despite the problems at the Tesla assembly plant in Shanghai, due to the outbreak of covid-19 that affects the Chinese city, the company will be able to produce 1.5 million cars this year. In documents for shareholders and analysts, Tesla indicated that its assembly plants have the capacity to increase their production because they have been operating below capacity for several quarters due to supply problems that affect the entire sector. Difficulties that Tesla anticipates will continue for the rest of 2022.

Musk acknowledged that the development of Tesla’s self-driving technology is slower than he had anticipated. But he also pointed to the production of a robotaxi that would work with autonomous driving as a goal for 2024. In fact, it is expected that in 2023 Tesla will organize an event on this vehicle. The controversial businessman also encouraged Tesla car owners to sign up for the FSD (Full Self-Driving) beta program. Two days ago, Musk claimed that the system already had about 100,000 subscribers.

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