Financial Associated Press, April 21 (Editor Xia Junxiong) After hours of Eastern Time on Wednesday (April 20), the electric car leader Tesla announced the first quarter of 2022 financial report. Despite being dragged down by the supply chain crisis and the new crown epidemic, Tesla still delivered a stunning answer in the first quarter, with revenue and net profit significantly exceeding market expectations. Driven by excellent earnings, Tesla rose more than 6% after hours.
According to the financial report, Tesla's Q1 revenue was $18.756 billion, an increase of 81% year-on-year, exceeding market expectations of $17.8 billion, of which the automotive industry revenue reached $16.861 billion, an increase of 87% year-on-year.
(Source: Company's official website)
Tesla Q1's non-GAAP net income was $3.736 billion, up 255% year-over-year, and adjusted earnings per share that exceeded market expectations of $3.22, up 246% year-over-year and $2.27, outpacing market expectations.
Tesla said at its shareholder meeting that part of the revenue increase was due to an increase in the number of cars delivered, as well as an increase in average selling prices. Tesla delivered about 310,000 vehicles in the first quarter, up 68% year-on-year, slightly better than the 308,600 vehicles in the fourth quarter of last year, the data showed. Among them, the gross profit margin of the automotive business was 32.9%, a record high.
(Source: Company's official website)
While the results were impressive, Tesla also warned that production was still constrained by shortages of key components. In a letter to shareholders, the company said the plant had been operating for several quarters below maximum capacity as supply chain became a major constraint, a situation that could continue for the rest of 2022.
On the company's earnings call, Tesla CEO Elon Musk and CFO Zachary Kirkhorn said the company remains confident of achieving at least a 50 percent increase in deliveries from 2021 levels.
Due to the impact of the new crown epidemic, Tesla's Shanghai Gigafactory was suspended for nearly three weeks, but with the help of relevant Chinese state departments and multiple departments such as the Shanghai Municipal Commission of Economy and Information Technology, Tesla's Shanghai factory resumed work this week. Tesla said it would continue to pay close attention to the situation.
Tesla remains the world's most valuable car company at $10,100, but its stock has fallen 7.5 percent this year as fears of a supply chain crisis weighing down its business. However, Tesla's stock price still performed better than rivals such as General Motors and Ford, which fell 29 percent and 23 percent, respectively.