Tesla Had an Annual Profit of $12.6 Billion in 2022

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Last Updated on January 26, 2023 by Bitfinsider

On Wednesday afternoon, Tesla released its financial statistics for the fourth quarter of 2022. The corporation generated $24.3 billion in revenue, a 37 percent increase from the fourth quarter of 2021. Automotive sales accounted for the lion’s share, $21.3 billion, a rise of 33 percent from Q4 2021. In accordance with generally accepted financial principles (GAAP), this resulted in a net income of $3.7 billion, a 59 percent increase over Q4 2021.

This indicates that Tesla had a successful 2022 despite missing its sales projections. Compared to 2021, automotive revenue increased by 51 percent, totaling $71.5 billion. At $81.4 billion, total revenues increased by the same amount year-over-year. Tesla’s operating expenses were $7.2 billion, and after applying GAAP, the company concluded the year with a net profit of $12.6 billion. Cash flow from operations decreased by 49 percent to $1.4 billion.

This year, Tesla recorded income for its very contentious “Full Self Driving” technology after making the beta available to all Tesla owners for a $15,000 fee. However, despite CEO Elon Musk’s assurances that the company’s financial future rests on FSD, this only converted to $324 million in 2022. According to Tesla’s financial presentation, “we plan to realize over $1 billion of deferred revenue for such customers as software updates are issued over time.” It is stated elsewhere in its financial report that there are roughly 400,000 FSD subscribers in the United States and Canada.

In its outlook statement, Tesla expresses optimism and reaffirms its aim of 50 percent annual growth, with the proviso that “some years we may grow faster and some years we may grow slower.” It is projected to supply 1.8 million vehicles in 2023. Tesla also asserts that manufacture of its Cybertruck pickup will begin in Texas later this year.

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