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In the early morning of April 21, Beijing time, Tesla announced the first quarter of 2022 results that exceeded market expectations after hours on Wednesday.
Tesla's first-quarter revenue was $18.8 billion, an estimated $17.92 billion; first-quarter adjusted earnings per share were $3.22, an estimated $2.27; the company's first-quarter automotive business gross margin was 32.9 percent, with market expectations of 28.4 percent; net profit was $3.318 billion, compared to $438 million in the same period last year, with market expectations of $2.156 billion.
According to the financial associated press on April 21, CEO Elon Musk said on Tesla's first-quarter earnings conference call that Tesla is developing a customized Robotaxi self-driving taxi, hoping to achieve mass production of Robotaxi in 2024, which will become a "huge driving force" for Tesla's growth.
Tesla CEO Elon Musk said Tesla should be able to produce 1.5 million cars in 2022. Tesla CEO Elon Musk also said that the price of some Tesla auto parts increased by 20%-30% year-on-year.
According to Tesla's official Weibo news, from the perspective of revenue, car delivery volume, operating profit and operating profit margin of more than 19%, Tesla once again set a new record in the first quarter of 2022. By the end of the first quarter, our outstanding recoverable debt had fallen below $100 million. The public is paying more and more attention to a sustainable future, and we remain committed to reasonable and rapid growth.
Expanding production capacity is at the heart of our decisions. Over the past two months, we have started deliveries of the Model Y from the Texas Gigafactory and the Berlin-Brandenburg Gigafactory (with a negligible impact on first-quarter gross profit). At the same time, we invest a lot of energy in the production of in-house batteries, raw material procurement and supplier diversification.
Supply chain challenges persist and our team has been struggling to solve them for over a year. In addition to the impact of the chip shortage, the recent outbreak of COVID-19 has also put pressure on our supply chain and factory operations. In addition, the prices of some raw materials have risen several times in recent months. Although we have been committed to reducing manufacturing costs as much as possible, these impacts on the rising cost structure have prompted us to adjust our product pricing.
After tesla's earnings report was announced, Tesla surged 5% after hours. However, in the normal trading stage of the US stock market, on April 20, local time, Tesla's stock price closed down 4.96% at $977.2.
According to the first financial news, the US judge vetoed the gag order filed by Tesla investors against Musk. In August 2018, Musk tweeted that he was going to take Tesla private, and claimed that the acquisition funds had already been settled. In reality, however, Musk was not ready for an acquisition, causing Tesla's stock price to fluctuate.