Jobaaj Stories
Tesla announced the financial results of its first quarter and it beat the estimates of all analysts and outperformed all expectations.
For the unversed, Tesla is an automobile manufacturing company founded by the world's richest man Mr. Elon Musk. It was founded in 2003 by a group of people with the aim to prove that, electric cars are better than gasoline cars. The company only manufactures electric cars and has several models such as Model S, X, Y, and also the famed Cybertruck (production of which is set to start in the near future).
The company was expected to earn revenues of $17.9 billion during the quarter, marginally higher than the previous quarter's revenue of $17.7 billion on account of inflation, shortage of semiconductors, and supply chain issues. The company managed to generate revenues of $18.8 billion, growing 81% YoY!
HCL tech Q4 2022 results are live, read more
Automobile companies are suffering from a shortage of inputs and rising prices of materials globally, and Tesla wasn't spared either. Production of vehicles, estimated by analysts to be 311,600, fell short of analysts' expectations as the figure stood at 305,407.
Meaning that despite facing higher input costs and a fall in production, the company managed to create higher sales as people were willing to pay higher prices for the company's vehicles.
The company reported a net profit of $3.3 billion, as the earnings per share, estimated at $2.31 per share, grew to $3.22 per share for the quarter, rising 246.2% YoY!
The company has recently opened two new factories in Austin, Texas, and in Berlin, Germany. Moreover, Mr. Musk announced the production of robots by Tesla and that their sales could exceed their car sales in the future.
Furthermore, when announcing the results, Mr. Musk announced that they plan to bring a robotaxi without steering and pedals to the market by 2024.
Thanks for Reading!
By Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
