Record profits for Tesla

Tesla Store. © Tesla.

Despite supply chain problems and manufacturing delays in China, Tesla announced a 3.3-billion dollar profit on just over 18.7-billion dollar revenue in Q1 2022. This latest number is an 81% increase over last year, compared to Q1 2021’s 10.4-billion dollar revenue.

Tesla recorded 679 million dollars in greenhouse emissions gas credit sales to other auto builders, compared to less than half of that, or 314 million dollars, in Q4 2021. The company generates this income by selling credits to car manufacturers that make fewer “clean” vehicles than required by the US and European authorities. The earnings report also comes after robust car-delivery figures. Tesla says it shipped 310,048 vehicles this quarter. Elon Musk, Tesla’s CEO, described this accomplishment as exceptionally difficult given the problems in the global supply and the closure of its Shanghai plant in the midst of rising COVID cases.

⇨ The Verge, Andrew J. Hawkins, Mitchell Clark, Umar Shakir, “Tesla earned over $3 billion in profit in the first quarter.”

2022-04-20