Tesla Reports $18.76 Billion In Revenue

By THOUSIF INC

Automotive revenue reached $16.86 billion, up 87% from last year.

Automotive gross margins jumped to a record 32.9%, with Tesla reporting a gross profit of $5.54 billion in its primary segment.

Regulatory credits accounted for $679 million of automotive revenue for the quarter.

Revenue growth was driven in part by an increase in the number of cars Tesla delivered and an increase in average sales prices, the company said in its shareholder deck.

Early this month, Tesla reported vehicle deliveries of 310,048 for the first quarter, the closest approximation of sales disclosed by the company.

Model 3 and Model Y vehicles comprised 95%, or 295,324, of deliveries ending March 31, 2022.

On its earnings call, CFO Zachary Kirkhorn and CEO Elon Musk said that Tesla remains confident that it can grow at least 50% over 2021 numbers.

However, the execs noted that the company has lost about a month of "build volume" in Shanghai due to Covid-related shutdowns.

"Production is resuming at limited levels, and we are working to get back to full production as quickly as possible," Kirkhorn said.

Despite this slowdown, Musk said, "It seems likely that we will be able to produce one and a half million cars this year."

He cautioned that customers now face a long waitlist, and some of their orders will not arrive until next year.

Musk also acknowledged that autonomous driving advances were taking longer than he anticipated.

"Concerning full-self driving, of any technology development I have ever been involved in, I have never really seen more false dawns where it seems like we will breakthrough, but we do not."

So instead, he encouraged people to join Tesla's FSD Beta program.

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