Tesla Records Double Net Profit in 2022

Yusuf Balogun

Lined Circle

In its 2022 fourth-quarter financial results recently released, Tesla had a record-breaking quarter, with a record-setting year.

Tesla's main revenue comes from the automotive business, which will contribute $71.5B in revenue in the fiscal year 2022, a 51% increase from the $47.2B in the fiscal year 2021.

Tesla delivered 405,000 cars in the fourth quarter of 2022 and 1.31 million cars for the whole year, setting a delivery record.

In the past fiscal year, Tesla produced 1.37 million vehicles, a 47% increase from 930,000 in the fiscal year 2021.

In the year, Tesla’s revenue and net profit hit record highs, estimating $24.3B, a 37% increase from $17.7B in Q421. Thereby, totalling a $3.7B net profit in the fourth quarter.

In terms of gross profit margin, the overall performance has been growing continuously, in recent years, with 2022 leading the desk.

Affirming the record-breaking year, Tesla's CEO, Elon Musk said in a conference call that 2022 is the best year ever for Tesla at all levels.