Tesla earnings report of $1.19 beat analysts expectations for the fourth quarter of 2022 as the carmaker eyes producing 2 million vehicles in 2023.
The company’s share price expectations were $1.13, it also generated a revenue of $24.32 billion during the quarter, which is more than the expected $24.16 billion.
Following the earnings report, Tesla shares price rose by more than 5% after trading hours on Wednesday. Its automotive sales revenue accounted for $21.3 billion of the revenue while its other businesses, such as services, energy generation and storage, and others, made up the rest.
In the past 12 months, Tesla’s shares price has taken a nosedive, falling as low as 53.78% and the company acknowledged this decline in its shareholders deck. It added that in order to sell multiple millions of cars every year, the vehicles had to be affordable.
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This reason is likely why it cut car prices around the world in 2022, although the move had made customers who already bought theirs at a higher price angry. It did its job in increasing demand.
CEO Elon Musk said that the EV maker had the potential to make 2 million cars in 2023 but its guidance for production projects 1.8 million units because of the unpredictability of the times.
“We’re saying 1.8 because there always seems to be some friggin’ force majeure thing that happens somewhere on Earth. We don’t control if there’s earthquakes, tsunamis, wars, pandemics, etc.,” he said.
The tech boss went on to defend his Twitter theatrics as a good thing for Tesla, instead of a bad thing as some investors were worried about. He argued that the social media platform can be a powerful tool to increase demand for its EVs. Musk has more than 127 million followers on Twitter.
For those anticipating the release of the Tesla Cybertruck, the company said that production plans for the year are still on track for its factory in Texas. However, it wants fans of the futuristic truck to be patient as volume production is slated for 2024.
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