Tesla Reports Increases in Profit by 147%, Production by 69% Versus 2021
Yeehaw, Tesla made money in Q1 2022.
Suzanne Cordeiro/AFP via Getty Images
Well, it’s 4/20, and you know what that means! No, not that. It’s Tesla’s Q1 earnings report time.
As with most of the previous quarters in recent memory, this particular shareholder deck is kind of a snoozer. That’s not a bad thing, though, as it means that Tesla is a stable company and has the whole building cars at scale thing mostly nailed down.
The biggest thing in the Q1 2022 shareholder report is that Tesla is once again a company that turns a profit — 147% more than this time last year. This has been the case for a while now, but it’s good news — especially if you’re a Tesla shareholder.
Production is up too by a whopping 69% year-over-year, with most of that being attributable to Models 3 and Y. Another reason for Tesla’s continued financial success is an increase in its sales of regulatory credits. This is likely to continue, too, as the government tightens average fuel economy and vehicle emissions requirements.
From a technology standpoint, the biggest news in Q1 is Tesla delivering its first 4680-powered vehicles at Giga Texas. These vehicles also have the single-piece front casting, which Tesla and its CEO Elon Musk have hyped up as a significant step toward reducing construction cost and complexity for the Model Y. Both Giga Texas and Giga Berlin are delivering limited numbers of vehicles, which is impressive considering that both facilities are under construction.
At the same time, Giga Shanghai has been hit with another COVID-19 outbreak that has necessitated production stoppages.
We’re curious to see what Musk has to add to the Q1 earnings call, set to take place later on Wednesday afternoon.
It is 4/20, and the company increased its production by 69%, so maybe he’s just there as comic relief.
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