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Tesla announces record fourth quarter revenues and production

Tesla’s fourth quarter revenues shattered company records while production increased significantly in 2022. File Photo by Stephen Shaver/UPI
Tesla’s fourth quarter revenues shattered company records while production increased significantly in 2022. File Photo by Stephen Shaver/UPI | License Photo

Jan. 25 (UPI) -- Tesla's fourth quarter revenues shattered company records while production increased significantly in 2022.

Elon Musk's electric vehicle company released its fourth quarter earnings report on Wednesday, detailing a successful capstone to a big year.

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The fourth quarter of 2022 was Tesla's highest revenue earning quarter in its nearly 20-year history. Its operating income and net income were also record highs.

About 439,000 vehicles were produced and 405,000 were delivered between October and the end of the year. This caps off a year in which Tesla's deliveries increased 40% over 2021, churning out 1.31 million electric vehicles. Production grew by even more, about 47% to the tune of 1.37 million.

In a press release, the company attributed the increase in deliveries to regional vehicle builds.

"Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2022 in light of significant COVID and supply chain related challenges throughout the year," the press release said.

Total revenue grew 37% year over year in quarter four, reaching $24.3 billion.

The United States and Canada represent Tesla's highest market share, up to about 3.5%, compared to about 2% in Europe and 2% in China.

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The Model 3/Y continues to lead the way in production and deliveries for Tesla vehicles, with more than 400,000 produced and nearly 400,000 delivered in the fourth quarter. Tesla also kicked off its Semi pilot production in Nevada, making its first deliveries in December.

Tesla stock was up 6.41 after hours to $150.84, a 4.4% increase on Wednesday.

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