Tesla Reports $18.76B in Revenue and Record Margins for the First Quarter

Tesla CEO Elon Musk may be feeling extremely celebratory this week as his electric vehicle company just reported $18.76 billion in revenue and record margins for Q1.

The company beat analysts’ expectations on top and bottom lines for Q1 2022.

For the period ending March 31, 2022 Tesla reported $3.22 earnings per share, and revenue of $18.76 billion. It also recorded record automotive margins of 32.9%

Automotive revenue reached $16.86 billion, up 87% from the same period last year and automotive gross margins jumped to a record 32.9% with Tesla reporting gross profit of $5.54 billion in its main segment. Regulatory credits accounted for $679 million of automotive revenue for the quarter.

Earlier in the month the company had reported vehicle deliveries of 310,048 for the first quarter. Model 3 and Model Y vehicles comprised 95%, or 295,324, of deliveries in the period ending March 31, 2022.

CFO Zachary Kirkhorn and Musk said that Tesla remains confident that it can grow at least 50% over 2021 numbers during the earnings call. The two noted that the company has lost about a month of “build volume” in Shanghai due to Covid-related shutdowns.

“Production is resuming at limited levels, and we’re working to get back to full production as quickly as possible,” Kirkhorn said.

Musk is still optimisitc and said, “It seems likely that we’ll be able to produce one and a half million cars this year.” He cautioned that customers ordering now are facing a long waitlist, and some of their orders won’t arrive until next year.

The CEO also declined to give details on a “futuristic” robotaxi that he said the company was now working on in early April.

Musk’s recent proposal to acquire Twitter was not discussed during Tesla’s earnings call.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.