February 4, 2023

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Strong numbers from Tesla – it had $24.32 billion in sales in the fourth quarter

The electric car maker Tesla, controlled by Elon Musk and listed on the Nasdaq Stock Exchange, presented results for the fourth quarter of 2022 on Wednesday night after the US stock exchanges closed.

Trading value in the first quarter ended at $24.32 billion, with dividends per share amounting to $1.19. The stock first rose about 2.5 percent in after-market trading, but after a short period returned to roughly the level where the stock closed in normal trading.

Analysts had previously expected revenue of $24.07 billion and earnings of $1.13 per share, he said. Yahoo Finance.

The company has been profitable for 14 quarters in a row.

“As we enter 2023, we know there are many questions about the short-term effects of uncertain macro effects, above all higher interest rates,” the report says.

“Our team is used to challenges, given the culture that has brought the company to where it is today. In the short term, cost reductions are intensifying and we are working to increase production numbers, while at the same time focusing on delivering the next steps of the plan into the future.”

Tesla has plummeted in the stock market in recent months. The stock was still valued at $455 billion on Wednesday when the stock market closed.

The company recently announced this Prices will be reduced for a number of models. According to CNBC, that happened after the electric car maker announced a slower-than-expected delivery time.

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The company has challenges

In figures released Wednesday, Tesla acknowledged that average sales prices have “generally trended downward for many years” and that “affordable” cars will be necessary for the company to grow into a company that sells “many millions” of cars annually.

The result in the fourth quarter was somewhat lower than what analysts expected. The result ended at $3.7 billion, a growth of 59 percent over the same period a year earlier. Analysts expected a result of $ 3.8 billion, according to The Wall Street Journal.

The American business newspaper writes that investor confidence in Tesla has weakened, and the company is facing challenges such as increasing interest rates, intense competition and weak popularity.

40% growth

Already on January 2 of this year Mutual Tesla production numbers for the fourth quarter:

“We have produced more than 439,000 vehicles and delivered more than 405,000.”

Production in 2022 increased by 47 percent compared to the previous year, and deliveries increased by 40 percent. In total, Tesla has produced 1.37 million vehicles and delivered 1.31 million vehicles in 2022.

Strong price drop

Since the end of September 2022, Tesla’s share has been in free fall. Better-than-expected results in the third quarter Cycle has helped a bit, and it’s more than halved since last fall. At the end of September, it was trading at $309, and on Wednesday the price closed at $144.43, almost flat from the previous day.

At the beginning of the year, the stock was trading at around $110. In recent weeks, Tesla has recovered some of its lost ground, and has been steadily rising.

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Buying Twitter is troubling

Tesla’s steepest decline this fall coincided with CEO Elon Musk dumping another 40 billion crowns worth of shares, in the wake of The very messy takeover of the social media platform Twitter.

Since Elon Musk first started buying shares in Twitter last spring, completing the $44 billion purchase in October, his fortune has fallen by more than $100 billion.

Musk has been criticized for its use Much of his time on TwitterTesla’s fans are worried about changes in his political views, including US policy and the war in Ukraine.

There have also been upheavals and changes in management, particularly alarming when Andrej Karpathy, head of artificial intelligence (AI), disappeared out of doors in July last year.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We’d like you to share our statuses using links that lead directly to our pages. Reproduction or other use of all or part of the Content may be made only with written permission or as permitted by law. For additional terms look here.