Tesla beats estimates for fourth quarter on record deliveries

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Tesla beats estimates for fourth quarter on record deliveries

The last three months of 2022 was when Tesla beat analysts' estimates for fourth-quarter revenue on Wednesday January 25 based on record deliveries of electric vehicles.

Tesla has outperformed the industry and increased sales and profits in recent years, weathering the pandemic and global supply-chain issues better than rivals. The recent global price cuts indicate a move toward growth at the cost of profit margins, which has underscoring the softening of demand.

Revenue was US $24.32 billion for the three months ended December 31, compared to analysts' average estimate of US $24.16 billion, according to IBES data from Refinitiv.

In the fourth quarter, Tesla's operating margin was 25.9 per cent.

In the quarter, Tesla offered discounts in its top markets, after strong orders had allowed the company to maintain and even raise prices in recent years. Elon Musk said in December that radical interest rate changes had had an impact on the affordability of all cars.

The EV maker handed over a record number of 405,278 vehicles in the fourth quarter, even though it missed its 50 per cent annual growth target.

A year ago, the net profit was US $3.69 billion, or US $1.07 per share, compared to US $2.32 billion, or 68 cents per share.