The American manufacturer of electric vehicles Tesla has doubled its net profit in the third quarter of the year compared to the same period of the previous year (+103%), to 3,292 million dollars (3,366 million euros at current exchange rates), according to the accounts published by the company.
Likewise, in the third quarter of 2022, the automobile multinational has achieved “record” revenue of 21,454 million dollars (about 21,941 million euros), 56% more than the same period of the previous year. All in all, this income was slightly lower than expected by analysts, which caused a drop in the value of the shares of 5% after the publication of the results.
Specifically, revenue from its automotive division between June and September rose to 18,692 million dollars (around 19,111 million euros), which represents a year-on-year increase of 55%.
Vehicle production in the third quarter of the year amounted to 365,923 units, that is, 54% more. Meanwhile, automobile deliveries have increased to 343,830 units, which implies an increase of 42%.
Tesla’s adjusted gross operating profit (Ebitda) was 4,968 million dollars (5,078 million euros at the exchange rate) in the third quarter of the year, which represents an advance of 55% in year-on-year terms.
In the first nine months, from January to September, it had net profits of 9,073 million euros (8,869 million dollars), while revenues were 58,459 million euros (57,144 million dollars). The adjusted gross operating profit in this period was 14,099 million euros (13,782 million dollars).
The company directed and founded by Elon Musk has pointed out that the “volatility of logistics costs”, as well as the “bottlenecks” in the supply chain, continue to be “immediate challenges” for the company. We remain focused on ramping up vehicle production as quickly as possible, increasing our weekly build rate in Fremont and Shanghai and steadily progressing through production ramps in Berlin and Texas.
In fact, Tesla has stressed that production at its vehicle plants has reached “record” figures. In that sense, its Shanghai factory remains its main export hub, supplying cars for most markets outside of North America.
At the end of the third quarter of the year, the Californian company had a network of 4,283 ‘superchargers’ around the world, a figure 32% higher than the same period in 2021, while these facilities had 38,883 recharging connectors (+33 %).
Forecasts
Tesla plans to increase its vehicle sales by 50% per year on a “multi-year horizon”. “The rate of growth will depend on the capacity of our equipment, factory times, operational efficiency and the capacity and stability of the supply chain,” he stressed.
In this context, the American manufacturer has pointed out that the introduction of new products and technologies in new locations, as well as the challenges in the continuity of the supply chain, will determine the pace of production at the plants in Texas and Berlin. He also stressed that they are “progressing” in the process of industrialization of the Cybertruck, which will be produced in the Texas factory. Additionally, deliveries of the Tesla Semi are expected to begin in December this year.
Musk’s optimism led him to declare that he believes Tesla can outperform the combined market value of Apple and Aramco (the Saudi public oil company), the two most valuable publicly traded companies today.
On Twitter, Musk told analysts that the social media company “has incredible potential.” The businessman is involved in a legal fight after announcing his intention to buy Twitter, and take it off the stock market, for around 45,012 million euros / 44,000 million dollars.
