The electric car maker has made more profits than ever before.
(Photo: via REUTERS)
Despite high inflation, economic concerns and supply chain problems, Tesla earned more in 2022 than ever before in a fiscal year. The electric car group from star entrepreneur Elon Musk increased its profit by 128 percent compared to the previous year to 12.6 billion dollars (11.5 billion euros), as Tesla announced on Wednesday after the US stock market closed. The proceeds grew accordingly by 51 percent to 81.5 billion dollars.
Tesla wants to “expand production as quickly as possible” in 2023 and continues to target annual growth of 50 percent. Recently, the company’s price cuts had raised concerns among investors about a possible dwindling demand.
In the final quarter, Tesla increased net income by 59 percent to $3.7 billion, also setting a new record. Revenue increased 37 percent to $24.3 billion in the three months ended December. The company thus exceeded analysts’ expectations.