Tesla posts record profits of .6 billion in 2022

Tesla posts record profits of $12.6 billion in 2022

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Tesla plans to further expand production in 2023. © Christophe Gateau/dpa

Elon Musk’s electric car company made the biggest profit in the company’s history last year. Tesla also has big goals for 2023.

Austin – Despite high inflation, economic worries and supply chain problems, Tesla earned more revenue in 2022 than ever before in a fiscal year. The electric car group from the star entrepreneur Elon Musk increased its profit by 128 percent compared to the previous year to 12.6 billion dollars (11.5 billion euros), as Tesla announced after the US stock market closed. That revenue grew accordingly by 51 percent to $81.5 billion.

Tesla wants to “expand production as quickly as possible” in 2023 and continues to target annual growth of 50 percent. Recently, the company’s price cuts have raised concerns among investors about the possibility of a decrease in demand.

In the last quarter, Tesla increased net income by 59 percent to $3.7 billion, also setting a new record. Revenue rose 37 percent to $24.3 billion in the three months ended December. The company exceeded analysts’ expectations. Despite record numbers, Tesla had a tough time on the stock market last year. The stock price plunged by nearly 65 percent in 2022. Elon Musk’s escape from the controversial takeover of the online platform Twitter and his sale of Tesla stock to raise about $44 billion were poorly received by investors. dp