(Finance) – The total revenue from Tesla grew 81% year-on-year in the first quarter of 2022 to $ 18.8 billion. Growth was driven by increased vehicle deliveries, higher average selling price and growth in other parts of the business. The operating profit improved to $ 3.6 billion in the first three months of the year, with an operating margin of 19.2%. L’adjusted earnings per share was $ 3.22. Quarter-end liquidity, cash equivalents and short-term marketable securities increased to $ 18 billion in the first quarter, driven mainly by free cash flow of $ 2.2 billion, partially offset by debt repayment of $ 2.1 billion. The market, according to Refinitiv data, expected earnings per share of $ 2.26 on revenues of $ 17.8 billion.
The revenues of the automotive sector reached $ 16.86 billion, up 87% over the same period last year. Automotive gross margins jumped to a record 32.9% with Tesla posting a gross profit of $ 5.54 billion in its core segment. THE regulatory credits accounted for $ 679 million in automotive revenue for the quarter.
With reference to the outlook, Tesla said it plans to “increase production capacity as quickly as possible. “Over a multi-year horizon, he expects to achieve an average annual growth of 50% in vehicle deliveries.” Our factories have been running below capacity for several quarters since the supply chain has become the main limiting factor, which is likely to continue for the remainder of 2022, “it is emphasized. Although the automaker continues to push innovation as a lever to reduce manufacturing costs, over time it expects hardware-related profits will be accompanied by an acceleration of profits related to software.