Tesla delivered a record number of vehicles in the first quarter of 2022 while posting higher-than-ever profits. The American firm posts a profit of more than 3 billion dollars.
Tesla flies away! Not with his flying vehicle project, but with mind-blowing benefits. The electric carmaker produced 305,407 vehicles in the first quarter of 2022 and delivered 310,048 vehicles, of which 295,324 were Model 3 or Model Y, while the remaining 14,724 were Model S and Model X. In 2021, Tesla claimed 184,877 vehicles delivered in the first quarter and 308,650 in the fourth quarter. Thanks to the increase in sales which generated no less than 18.76 billion dollars, Tesla recorded a profit of 3.32 billion dollars (about 3.06 billion euros) in the first quarter of 2022significantly higher than the $2.3 billion profit recorded in the previous quarter.
Tesla ended the first quarter with $18 billion in cash and cash equivalents and reported earnings per share of $2.86. Everything exceeded Wall Street forecasts. The dramatic increase in Tesla’s profits has inevitably been helped by the increase in the prices of its vehicles. Remember that the Model 3 is now displayed at 49,990 euros, more than 6,000 euros more than at the beginning of the year. Musk said rising material costs and strong demand prompted Tesla to raise prices.
Towards lower prices?
“It may seem that we may not be reasonable about raising our vehicle prices given that we had record profitability this quarter, but the waiting list for our vehicles is quite long”Musk said. “For some vehicles, the waiting list extends into next year. As such, our pricing anticipates supplier and logistics cost growth that is expected to occur over the next 6-12 months.”he added.
Tesla has some problems in the first quarter. Another Covid-19 epidemic wave in China has forced the company to suspend production at its Shanghai factory, but Musk is confident the plant can bounce back. Musk thinks Tesla could produce 1.5 million vehicles this year. It remains to be seen what the figures for the next quarter will be. Case to follow.