Tesla, Inc. (TSLA) reported the company’s Q1 2022 earnings yesterday while CEO Elon Musk and CFO Zachary Kirkhorn conducted this quarter’s earnings call. Despite challenges like the chip shortage, closures at Giga Shanghai, and logistics issues, Tesla once again reported a record profit in a quarter.
Despite all these challenges, both Elon Musk and Zach iterated during the earnings call that Tesla is confident of achieving 50% growth in vehicle production this year (listen to the call below).
Gigafactory Berlin started delivering cars just last month and Giga Texas opened earlier this month. When Tesla Model Y production ramps up at these locations, these factories will significantly contribute to the growth of the electric automaker this year and in the future.
Tesla Q1 2022 Financial Summary
Tesla’s automotive revenues grew by 87% this quarter year-over-over (YoY) compared to Q1 2021. In Q1 last year Tesla generated a revenue of $9,002 million which grew to $16,861 million in Q2-2022.
It was Q2 2021 when Tesla no longer needed regulatory credits to be profitable although the revenue from these credits has grown 31% YoY in Q1 2022. In the same quarter last year, Tesla earned $518 million from regulatory credits and in the latest Q1 2022 the number has grown to $679 million.
Tesla has also been able to grow its automotive gross profit very strongly in each of the last 7 quarters. Compared to Q1 2021, the automaker made a jump of 132% in automotive gross margins in Q1 2022 YoY ($2,385 mil vs. $5,539 mil respectively).
Automotive gross margin also grew by 636 base points — 26.5% in Q1 2021 to 32.9% in Q1 2022.
Besides automotive, Tesla has a separate energy business as well that consists of Tesla Solar, Powerwall, Powerpacks, and Megapacks. Tesla’s energy arm raked in another $1,895 million ($1.895B). So, Tesla’s total revenue in Q1 2022 was $18,756 million which is an 81% increase YoY (see financial summary table above).
Tesla’s total gross profit grew by an astounding 147% this quarter compared to the same period last year — from $2,215 million to $5,460 million.
With Giga Texas and Giga Berlin ramping up production in the coming weeks and months, Elon Musk feels confident that Tesla will achieve the targeted 50% growth in vehicle production in 2022.
Tesla fell a little short of its target of 1 million vehicle production and deliveries last year. With a 50% growth target in mind, Tesla is looking at producing around 1.5 million vehicles in 2022.
This aim can be easily achieved if Giga Texas and Giga Berlin only produce around 250,000 cars each which is way lower than their full capacity and Tesla now has a ton of experience ramping up production, especially for Model Y.
Stay tuned for constant Tesla updates, follow us on:
Google News | Flipboard | X (Twitter) | WhatsApp Channel | RSS (Feedly).
Listen to Tesla (TSLA) Q1 2022 Earnings Call
Tesla Q1 2022 Earnings Update (PDF)
Related
- Tesla (TSLA) crushes critics by delivering around ~500k EVs in Q3 2025
- Tesla (TSLA) stock slumped after Q2 2025 Earnings Call, Ark Invest bought 143k shares, stock partially recovered, more
- Tesla (TSLA) announces date and time of the Q2 2025 Earnings Call
- Tesla (TSLA) delivers 47,441 more cars in Q2 compared to Q1 2025 but sales drop ~15% YoY
 makes another record profit in Q1 2022. Get the financial summary and listen to the Q1 2022 Earnings Call with Elon Musk.){kind=link}