Tesla edged ahead of analysts’ estimates for fourth-quarter revenue on Wednesday, thanks to record electric vehicle deliveries in the last three months of 2022.
Tesla has outperformed the industry and increased sales and profits to record highs in recent years, weathering the pandemic and global supply chain issues better than rivals. But its recent sharp declines in world prices mark a tendency to boost growth at the expense of profit margins, underscoring the slowdown in demand.
The company said revenue was $24.32 billion for the three months ended Dec. 31, versus an average analyst estimate of $24.16 billion, according to IBES data from Refinitiv.
Tesla said its automotive operating margin was 25.9% in the fourth quarter.
Tesla offered discounts in its major markets during the quarter after strong orders helped the company maintain and even raise prices in recent years. CEO Elon Musk said in December that “radical changes in interest rates” had affected the affordability of all cars.
The electric vehicle maker delivered a record 405,278 vehicles to customers in the fourth quarter, even as the company missed its annual growth target of 50%.
Net income for the quarter was $3.69 billion, or $1.07 per share, compared with $2.32 billion, or 68 cents per share, a year earlier.