Tesla (TSLA) posts record profit in Q1 2022 — aims for 50% growth this year, listen to Elon Musk’s Earnings Call

-

-Advertisement-

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 Accessories by EVANNEX.
– Sponsored –

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.

Tesla (TSLA) Q1 2022 Financial Summary.
Tesla (TSLA) Q1 2022 Financial Summary. Source: Tesla Investor Relations website (PDF below).

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.

GAAP Operating Margin (TTM): Tesla vs. other OEM auto manufacturers.
GAAP Operating Margin (TTM): Tesla vs. other OEM auto manufacturers. Source: Tesla, Inc. OEM reports. TTM = Trailing Twelve Months. Credit: Courtesy of Tesla, Inc.

Stay tuned for constant Tesla updates, follow us on: 
Google News | Flipboard | X (Twitter) | WhatsApp Channel | RSS (Feedly).

– Advertisement –

Listen to Tesla (TSLA) Q1 2022 Earnings Call

Tesla Q1 2022 Earnings Update (PDF)

Tesla Q1 2022 Earnings Repo… by Iqtidar A

Related

Iqtidar Ali
Iqtidar Alihttp://www.teslaoracle.com
Author of more than 1500 articles on Tesla, SpaceX, and EVs. His work has been liked and tweeted by Elon Musk and other prominent influencers. You can reach him on Twitter @IqtidarAlii

Latest News

Trump to cancel SpaceX contracts, Musk retracts from decommissioning the Dragon spacecraft program

Tesla & SpaceX CEO Elon Musk and US President Donald Trump's romance has taken a historic and unanticipated turn....

Watch if a Tesla catches fire after falling off a cliff

A general perception about Teslas and electric vehicles is that their large battery packs are prone to catching fire...

Tesla update 2025.20 is rumored to integrate Grok conversational AI into vehicles, expected rollout schedule and new features

Earlier this year, Tesla (TSLA) CEO Elon Musk said that Grok AI is coming to Tesla vehicles soon. Since...

Tesla Robotaxi service and self-delivery of cars to start in Austin in June, says Elon Musk

Tesla (TSLA) CEO Elon Musk is focusing back on companies as his term as a special government employee at...
- Advertisement -

Trump to cancel SpaceX contracts, Musk retracts from decommissioning the Dragon spacecraft program

Tesla & SpaceX CEO Elon Musk and US President Donald Trump's romance has taken a historic and unanticipated turn....

Starship Flight 9 test: SpaceX misses major objectives, launch cadence to increase, says Musk

Starship's ninth launch and landing test was a hit and a miss at the same time. Some of the...

Starship Flight 9 launch live updates, Watch the live streams here (archived)

The big day is here. All looks good for the Flight 9 Starship launch and landing test today. SpaceX...

Tesla Tips & Tricks

Defrost Mode lets you remotely melt snow from your Tesla in just minutes (videos & how to guide)

Tesla (TSLA) electric cars are unique in many ways...

Tesla Model Y/3 heat pump issue in cold weather might not be fixable with just a software update

Canada's extreme cold weather is taking a toll on...

Tesla Quarterly Reports & Eearnings

Tesla (TSLA) surges after Q1 2025 Earnings Call, Musk’s time at DOGE to drop significantly soon

Surprisingly, after reporting negative Q1 2025 automotive and overall...

What to expect from Tesla (TSLA) Q1 2025 Earnings Call with Elon Musk

Today's Tesla (TSLA) Q1 2025 Earnings Call is probably...

Tesla (TSLA) announces time and date of the Q1 2025 Earnings Call

Elon Musk's electric vehicle and energy storage company Tesla...
- Advertisement -

You might also likeRELATED
Recommended for You