Tesla posted record profits and revenues for 2022, despite slashing prices on a number of its electric vehicles in a bid to bolster sales as the auto industry faces waning demand.
The electric vehicle maker posted (pdf) $24.32 billion in revenue for the fourth quarter ended Dec. 31, up 37 percent year-over-year from $17.7 billion in the same period in 2021. Wall Street analysts had expected average revenue of $24.16.
Net profit for the quarter was $3.69 billion, or adjusted earnings of $1.19 a share, beating the $1.12 a share average estimate of analysts compiled by Bloomberg.
According to a Jan. 2 Tesla press release, the company produced over 439,000 vehicles and delivered over 405,000 vehicles in the fourth quarter up from the last quarter, although still missing out on analysts’ estimates….