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Tesla earned over $3 billion in profit this quarter

Despite the supply chain challenges and China’s slowdown in production, Tesla said it earned $ 3.3 billion in the first quarter of 2022. Tesla turned that profit into less than $ 18.7 billion. billion in revenue, the company announced. That represents an 81 percent increase for the year, compared to $ 10.4 billion in Q1 2021 revenue.

The company sold $ 679 million in mortgage sales to other cars, compared to $ 314 million in debt sales in Q4 2021. The company generates this revenue by selling credits to car manufacturers that make less “clean” cars. required by the US government and the European Union.

Mortgage sales have flourished in recent years, helping Tesla make a profit as its car-making business struggles. Last summer, the company said its manufacturing and sales business was profitable for the first time without counting the sale of smoke loans.

Undoubtedly it was a remarkable quarter for Tesla. The company opened two new factories – one in Berlin on March 22 and the second in Austin, Texas, on April 8 – and was also forced to close its Shanghai plant for several weeks as COVID increases. Expenditure on opening these two factories, while also struggling to keep its Chinese factory afloat, was expected to lower Tesla figures by a quarter.

The company said it began production in Berlin last month, and began shipping Model Y Texas in April. The company also said it will produce its own batteries of 48080 units in Texas later this year, along with standard packs of 2170 units.

Revenue report also follows a strong quarter of Tesla’s delivery and production. The company said it had shipped 310,048 cars to its customers in Q1 2022. Tesla CEO Elon Musk explained which seems to be “particularly difficult,” given the issues of the global supply chain and the closure of the company’s factory in Shanghai as the number of COVID cases increases.

Tesla said it delivered 295,324 Models 3 and Model Y, while 14,724 were Model S and X. Delivery slightly increased in the first quarter to 308,600 deliveries and exceeded 184,800 shipments Tesla made in the first quarter of 2021 by 68 percent. . -increased year. In terms of production, Tesla said it has built a total of 305,407 cars in the last three months.

The company also continued its trend of making more and more cars per car – total car sales was 32.9 per cent in Q1 2022, compared to 26.5 per cent in Q1 2021. In a statement to investors, the company said it had increased its average selling price and increased its number of cars. brought.

Tesla has gone through a better supply chain crisis than its rivals, posting record transfers and profits in several areas. The company has been able to avoid a headache similar to other global car manufacturers by producing various chips and redesigning aviation software.

It was also a busy quarter for Tesla for reasons not related to its finances. The company was hit by repetitive notices about various defective features, including pedestrian alarms hidden by loud music playing on Boombox voters outside and a matter of is a full-fledged self-driving software that allows vehicles to reverse certain stop signals without stopping completely.

Tesla’s legal record has continued to rise by a quarter. The company was sued by the California civil rights agency after several employees came forward with reports of discrimination and harassment. A former Black Tesla employee has been paid $ 137 million in compensation after reporting a hostile work environment where he heard “daily racism.” (Judge later reduced the reward to $ 15 million, calling the jury’s decision “excessive”.)

And, of course, there is an amazing offer by Elon Musk to buy Twitter for $ 48 billion. It is unclear how much of Musk’s hostile takeover effort could turn out to affect Tesla or its shareholders, but at least, it is a bad time, given the significant number of key players Tesla still needs to hit this year.