Tesla is Celebrating its 59% Increase in Q4 2022 Profits in its Latest Report

After a massive year filled with controversies, Tesla released its Q4 2022 investor report to the world, and the company claimed that it achieved a new record in its profits for the last three months. The company claimed that it managed to raise as much as 59 percent more in its profits, centering mostly on its famed electric vehicles.

The company reported that it achieved its target EV deliveries and production last year, and tech CEO Elon Musk addressed this to its investors in a recent webcast.

Tesla Q4 2022 Earnings Report

Tesla's latest fourth quarter 2022 earnings report boasted a massive increase from its expectations, only showing that the company is still performing well in the market. The company's profit rose as much as 59 percent compared to last year, and it is a massive achievement for the EV company which was met with massive controversies on its FSD and Autopilot.

According to its report, the company was able to produce as many as 439,000 EVs from its plants and managed to deliver 405,000 of these to its respective markets.

As per the webcast of the report, its CEO addressed the company's situation despite the price cuts made last year. "We think demand will be good despite probably a contraction in the automotive market as a whole," says Musk. "Demand far exceeds production," he added.

Tesla Boasts a Good 2022

Tesla's Q4 2022 revenue closed at $24.32 billion, and it fell short of 2021's $24.67 billion, which is not that bad of a quarter for the company. Despite the revenue not exceeding the past year, Tesla claims that it had a good quarter to close the year, as well as a good 2022 that put the company ahead of the competition.

It believes that it would grow more this year, remaining strong with its margins.

Tesla's 2022 Performance

One of the top stories for Tesla in 2022 was that it beat BMW in the United States for the first time, with the EV company now dubbed as the top luxury car brand in the country. It overtook BMW with a whopping 158,612 more units sold in the last year, and it did so after the German car brand took the spot for 28 years.

However, one of the top controversies in the automotive industry last year was the many accidents involving Tesla's self-driving features, the FSD and Autopilot. The NHTSA and other agencies are now investigating the incidents to see if it was the car's system that was faulty, especially as it caused significant injuries to drivers and passengers, and in some cases, deaths.

With the significant controversy shadowing Tesla's name in the automotive industry for its autonomous driving systems, there are fears that this could affect its market performance. However, Tesla reported a strong Q4 2022, and despite not beating last year's numbers, it still managed to come close and finish the year with an outstanding achievement.