Elon Musk’s Tesla continued its streak of breaking records and shattering Wall Street expectations, in style. The electric vehicle maker recorded total revenues of $18.76 Billion, with a gross profit of $5.5 Bn. Those numbers are up 81% and 147% respectively, when compared with the same quarter of previous year. Earnings per share (EPS) stood at an impressive $3.22, shattering previous year’s $0.92 by a large margin.
Tesla reported $3.32 billion worth of net income, a 658% increase from the $438 million reported for the same period last year. It is a stand out figure among all, since this is a record for the company when it comes to profit numbers. Elon Musk, whose share compensation is linked to Tesla reporting milestone numbers, could well receive nearly $23 billion in new payouts.
Higher car prices across all of its major markets, is one of the biggest reasons for Tesla to produce such numbers, despite supply chain disruptions. And while other manufacturers struggled to keep production going for the last 2 years or so, Tesla continued to roll out cars at record pace. A concerted push to EV globally, has aided Tesla’s cause.
But this doesn’t mean things are all rosy. Musk himself warned, that supply chain disruptions will continue to challenge his EV company for this entire year. “Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through the rest of 2022,” Tesla said in a statement.
On an investor conference call, Musk said Tesla has a reasonable shot at achieving 60% vehicle delivery growth this year and remains confident of seeing 50% annual delivery growth for several years.
Tesla shares were up dancing in the higher percentages, with the company recording a 5% increase in its share price.
