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



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 | 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


Iqtidar Ali
Iqtidar Alihttp://www.teslaoracle.com
Iqtidar has been writing about Tesla, Elon Musk, and EVs for more than 3 years on XAutoWorld.com, many of his articles have been republished on CleanTechnica and InsideEVs, maintains a healthy relationship with the Tesla community across the Social Media sphere. You can reach him on Twitter @IqtidarAlii

Latest News

Cybertruck takes Monaco Hairpin turn with ease using 4-wheel steering, steals attention from ultra-luxury cars

Fairmont Hairpin Curve is a popular tourist destination in  Monte Carlo, Monaco — and what better place is to...

Chuck Cook tests Tesla FSD v12.4.1 at his difficult unprotected left turn (video)

It has been almost two weeks since Tesla started rolling out FSD v12.4.1 to a limited number of external...

Cheaper non-Foundation Tesla Cybertruck production to start in Q3 2024

During the Tesla (TSLA) Annual Shareholder Meeting Q & A session last week, the CEO Elon Musk gave an...

Tesla investors approve Elon Musk’s $56B pay package, he shares the vision for a $25T market cap

Tesla (TSLA) CEO Elon Musk was more than happy as he danced his way to the presentation floor at...
- Advertisement -

Flight 4 Starship survives reentry burn and makes a successful splashdown landing

Yesterday’s Starship launch (Flight 4/IFT-4) accomplished all of its goals. The successful launch and reentry of both Super Heavy...

SpaceX announces new Starship Flight 4 date, adds Hot-stage Jettison to the timeline, more

Elon Musk’s SpaceX has announced the earliest date of Starship Flight 4 i.e. 6th June 2024. The spaceflight company...

Starship updates: New Flight 4 schedule, watch full stack test, developments at Starbase, more

SpaceX’s orbital launch site in Starbase, Texas had a tough work routine this past week with multiple operations going...

Tesla Tips & Tricks

Here’s how much battery is drained if a Tesla is left unplugged for 32 days

A Tesla Model 3 owner parked her car in...

Even red wine doesn’t stain Tesla white seats (video)

Tesla's futuristic white interior option is the most popular...

Tesla Quarterly Reports & Eearnings

- Advertisement -

You might also likeRELATED
Recommended for You