The world’s leading electric vehicle company Tesla Inc realised $18.7 billion in revenue in the first quarter (Q1) of 2022 despite supply disruptions and delays experienced due to Chinese Covid-19 locked down.
The amount represents an 81 percent year-on-year increase when compared to $10.4 billion reported in the same period of 2021. Tesla also announced a $3.3 billion profit for the quarter under review.
On emission credit sales to other automakers, the company filed $679 million, up from $314 million reported in Q4, 2021. Emission credit sales are credit sales to other automakers who make less clean vehicles than is required in the European Union area and the United Sales.
According to the manufacturer, $16.86 billion of the total revenue, was generated from its automotive unit, an increase of 87% from the first quarter of 2021. The company’s automotive gross margins jumped a record 32.9% while gross profit was $5.54 billion in its main segment.
The impressive revenue was driven, in part, by the increase in the company’s car production, delivery and average selling price during the period.
Speaking on the company’s performance CEO, Elon Musk and Zachary Kirkhorn, Tesla’s CFO, said they are confident that the company can grow at least 50% over its last year’s numbers despite about a month lost of ‘build volume’ in Shanghai due to covid shutdowns.
“Production is resuming at limited levels, and we’re working to get back to full production as quickly as possible,” Kirkhorn said.
Musk said, “It seems likely that we’ll be able to produce one and a half million cars this year.” He, however, warned customers who are presently ordering could face a long waitlist, and a good number of them won’t receive their orders until next year.