Tesla reported record Q1 2022 results. Adjusted net income stood at $3.7bn, over 3x YoY and 30% higher than the previous record of $2.9bn it posted in Q4 2021. Tesla also reported record automotive gross margins of 32.9% vs. 26.5% during the same period last year and total gross margins of 29.1% vs. 21.3% last year. Total revenues stood at $18.8bn, up 81% YoY with growth in vehicle deliveries, increased average selling price (ASP), growth in other parts of the business. Tesla’s cash balances stood at $ 17.5bn with free cash flows of $2.2bn. Whilst reporting stellar numbers, Tesla’s CFO and Musk noted that Shanghai shutdowns saw the company lose about a month’s worth of “build volume”. However they also sounded positive in that, it was likely that 1.5mn cars would be produced in 2022. During Q1, Tesla saw 305,407 vehicles produced and deliveries of 310,048.
Tesla Posts Record Profits and Margins
