Tesla CEO Elon Musk speaks during the official opening of Tesla’s new electric car manufacturing plant March 22, 2022 near Gruenheide, Germany.
Christian Marquardt | Getty Images
Tesla just reported first-quarter results for 2022, beating analysts’ expectations for revenue and earnings. Here are the key numbers.
- Earnings per share: $3.22 versus $2.26 expected
- Revenue: $18.76 billion versus $17.80 billion expected
Shares are up more than 5% in after-hours trading.
Auto sales reached $16.86 billion, up 87% from the same period last year. Auto gross margins rose to 32.9%, with Tesla reporting gross profit in its primary segment of $5.54 billion. Regulatory credits accounted for $679 million of automotive sales for the quarter.
The sales growth was driven in part by an increase in the number of cars Tesla shipped and an increase in average selling prices, the company said in its shareholder deck.
Earlier this month, Tesla reported 310,048 vehicle deliveries for the first quarter, the closest approximation to the company’s reported sales. Model 3 and Model Y vehicles accounted for 95% or 295,324 of deliveries for the period ended March 31, 2022.
In the energy segment, Tesla’s solar installations fell by almost half to 48 MW in the first quarter of 2022.
Wednesday’s earnings call comes amid news of CEO Elon Musk’s hostile takeover bid for Twitter, the social media platform he’s relied on for years to promote Tesla and his own public image.
Musk no longer leads or speaks at every Tesla earnings call. But ahead of Wednesday’s update, he said he plans to join the call, which begins at 5:30 p.m. ET.
Tesla recently opened two new factories outside of Berlin, Germany, and Austin, Texas, and the CEO attended both grand opening events.
Investments in these massive new facilities are part of Tesla’s efforts to localize production and reduce costs and improve the speed of moving vehicles from factories to customers in key markets across Asia and Europe.
This story evolves; Please check again for updates.