Tesla’s first-quarter earnings are out and they are super impressive! The company beat the estimates of analysts in all major categories. The company reported earnings per share of $3.22 compared to expectations of $2.26 that analysts had forecasted for the quarter.
Revenue for the quarter came in at $18.76 billion compared to the $17.80 billion that analysts expected revenue to come in for the quarter, and was up 81 percent from the previous year. Automotive revenue came in at $16.86 billion and is up 87 percent from the same period in the previous year. Gross margins for the category soared by 32.9 percent with the company reporting a gross profit of $5.54 billion. Tesla reported that regulatory credits accounted for $679 million of automotive revenue for the first quarter.
According to what the company told shareholders, the growth in revenue can be attributed to an increase in car deliveries and also an increase in average sales price.
Earlier this month, the company reported that it produced a total of 305,407 vehicles and made a delivery of 310,048 vehicles for the period ending March 31st, 2022. According to the company, its Model 3 and Model Y vehicles made up 95 percent or 295,324 of the total deliveries in the first quarter of 2022.
Tesla’s solar deployments nearly halved to 48 MW in the first quarter of 2022.
In the first quarter, Tesla opened two factories – a Giga Berlin plant located in Grünheide, a coal town in Brandenburg, Germany, within commuting distance of the capital, and another in Austin, Texas, where the CEO Elon Musk was present for the opening event.
Tesla is investing in new facilities as part of its efforts and strategy to localize production, reduce production costs as well as increase deliveries to customers in Europe and Asia.
Tesla’s shares were up more than 5 percent in after-trading hours following its announcement.