{"id":223387,"date":"2022-04-20T16:40:37","date_gmt":"2022-04-20T20:40:37","guid":{"rendered":"https:\/\/www.thedetroitbureau.com\/?p=223387"},"modified":"2022-04-20T16:40:46","modified_gmt":"2022-04-20T20:40:46","slug":"tesla-reports-new-records-for-first-quarter","status":"publish","type":"post","link":"https:\/\/thedetroitbureau.com\/2022\/04\/tesla-reports-new-records-for-first-quarter\/","title":{"rendered":"Tesla Reports New Records for First Quarter"},"content":{"rendered":"\n

The world\u2019s most valuable automaker set new records in the first quarter, Tesla hitting new highs for revenue, vehicle deliveries, operating profit and operating margin.<\/p>\n\n\n\n

\"Musk
Tesla CEO Elon Musk has plenty of reasons to smile, all wrapped up in another record-setting earnings report.<\/figcaption><\/figure><\/div>\n\n\n\n

Tesla reported net income of $3.32 billion, or $2.86 per share, on revenue of $18.76 billion for the quarter just ended. The company\u2019s adjusted earnings came in at $5.02 billion, which was 173% increase compared to the year-ago results. <\/p>\n\n\n\n

Meanwhile its operating profit improved to $3.6 billion giving the company an eye-popping operating margin of 19.2%, the company reported. Officials said vehicle delivery growth, lower costs and expenses, more regulatory credit sales helped the number push higher, despite headwinds on rising material costs and operating expenses.<\/p>\n\n\n\n

\u201cThe inflationary impact on our cost structure has contributed to adjustments in our product pricing, despite a continued focus on reducing our manufacturing costs where possible,\u201d the company said in a letter to shareholders.<\/p>\n\n\n\n

Quarter-end cash, cash equivalents and short-term marketable securities increased sequentially by $300 million to $18 billion in Q1, driven mainly by free cash flow of $2.2 billion, partially offset by debt repayments of $2.1 billion. The company\u2019s total debt excluding vehicle and energy product financing fell to less than $100 million at the end of the first quarter. <\/p>\n\n\n\n

\"Tesla<\/figure><\/div>\n\n\n\n

Vehicles to customers<\/h2>\n\n\n\n

Despite issues plaguing the industry, Tesla continued its strong performance in vehicle production, setting another record for deliveries. The company delivered 310,048 vehicles during Q1, including 295,324 Model 3 and Model Y vehicles. It accounted for a 68% increase. <\/p>\n\n\n\n

\u201cIn Q1, we saw a continuation of global supply chain, transportation, labor and other manufacturing challenges, limiting our ability to run our factories at full capacity,\u201d the company said.<\/p>\n\n\n\n

Those numbers are only going to rise in the quarters to come as the company\u2019s new gigafactories in Germany and Texas are now online with production ramping up.<\/p>\n\n\n\n

In April 2022, Model Y deliveries began from the factory in Austin, Texas. At the Cyber Rodeo opening party, Tesla delivered the first vehicles equipped with the new 4680 in-house made cells, single-piece front body castings and structural battery packs. <\/p>\n\n\n\n

\"Tesla<\/figure><\/div>\n\n\n\n

\u201cThis is an important milestone for our capacity growth efforts. Later this year, we expect Gigafactory Texas will be able to produce Model Ys using both structural packs with 4680 cells as well as non-structural packs with 2170 cells,\u201d officials told shareholders.<\/p>\n\n\n\n

Looking ahead<\/h2>\n\n\n\n

The company\u2019s predicted 50% annual growth for the past few years and it\u2019s hit the mark, jumping from 500,000 units two years ago to just shy of 1 million in 2021. Official remain committed to the number in 2022, meaning the target is 1.5 million vehicles delivered.<\/p>\n\n\n\n

The company said it has \u201csufficient liquidity\u201d to fund its products going forward, which not this year, but next year reportedly includes the Cyber Truck as well as the new Semi truck. Much of that will be dependent upon the performance of the new plants.<\/p>\n\n\n\n

\u201cThe pace of production ramps in Austin and Berlin will be influenced by the successful introduction of many new product and manufacturing technologies in new locations and ongoing supply chain related challenges,\u201d the company said in the shareholder presentation. <\/p>\n\n\n\n

\u201cFactory ramps take time, and Gigafactory Austin and Gigafactory Berlin-Brandenburg will be no different. We are making progress on the industrialization of Cybertruck, which is currently planned for Austin production subsequent to Model Y ramp.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The world\u2019s most valuable automaker set new records in the first quarter, Tesla hitting new highs for revenue, vehicle deliveries, operating profit and operating margin. Find out more about the company\u2019s results at TheDetroitBureau.com.<\/p>\n","protected":false},"author":4389,"featured_media":223390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[1908,7,8,5,10,2648,1347,9],"tags":[990,4611,386,1870,5766],"make":[],"post-state":[],"category_old":[],"acf":[],"_links":{"self":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/223387"}],"collection":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/users\/4389"}],"replies":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/comments?post=223387"}],"version-history":[{"count":2,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/223387\/revisions"}],"predecessor-version":[{"id":223393,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/223387\/revisions\/223393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media\/223390"}],"wp:attachment":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media?parent=223387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/categories?post=223387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/tags?post=223387"},{"taxonomy":"make","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/make?post=223387"},{"taxonomy":"post-state","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/post-state?post=223387"},{"taxonomy":"category_old","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/category_old?post=223387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}