Tesla announces record sales for the third quarter of 2022

Tesla has just announced this Wednesday, October 19, 2022 a record turnover of 21.45 billion dollars in the 3rd quarter of 2022. These performances are however lower than analysts’ expectations and Wall Street forecasts.

tesla financial results
Credits: Tesla

At the beginning of October 2022, Tesla announced that it had delivered more than 343,000 electric vehicles in the 3rd quarter of 2022. a record for the manufacturer. In fact, and it was to be expected, the brand announces exceptional results for this same period.

In effect, Tesla announced $21.45 billion in revenue in the 3rd quarter of 2022. Note, however, that the shares fell 3.5% after the close of Wall Street following the publication of the results.

In fact, the American manufacturer posted a net profit in the 3rd quarter of 2022 of $3.3 billion, or nearly 1.62 billion dollars recorded in the same period last year. However, Tesla says the company could have done better. According to her, these profits have been “compressed” by the increase in the cost of raw materials as well as production ramp-up issues at its plants in Germany and Texas.

Tesla remains committed to increasing deliveries

Tesla also points to concerns about manufacturing 4680 batteries at its Gigafactory in Berlin. Remember that the manufacture of these batteries has been suspended on the German site due to a significant delay on a crucial point: the “dry” coating of the electrodes. Finally, the automaker cited the strengthening dollar as another factor that weighed on its results.

Despite everything, the brand has maintained its determination to meet its delivery growth target of +50% on average per year. However, the task promises to be difficult for 2022. To succeed, it would be necessary that Tesla sells nearly 500,000 vehicles in the 4th quarter of 2022. The manufacturer assures that it intends to boost its production “as fast as possible”.

Volatility in logistics and bottlenecks in the supply chain remain immediate challenges, although they are improving,” says Tesla. But between exploding borrowing rates, a slowing economy, the impossibility of obtaining aid for purchase in certain countries (impossible to claim the ecological bonus in France for a Tesla), and starting prices which continue to climb with a Model 3 now offered at 48,490 dollars, many analysts are wondering about Tesla’s ability to maintain demand so high.

Source : TechCrunch

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