American electric vehicle maker Tesla achieved better-than-expected earnings. A photo of Tesla’s California factory. /photo = AFP
American electric vehicle maker Tesla achieved better-than-expected earnings. This is the result of price hikes and brisk sales.
On the 20th (local time), Tesla released its first quarter sales and net profit. Sales in the first quarter were $18.76 billion (23.16 trillion won), up 81% from the same period last year (10.39 billion dollars). That’s better than Wall Street analysts’ estimates of revenue of $17.8 billion.
Net income was $3.32 billion (4.1 trillion won), more than seven times that of the same period last year. The gross margin of the electric vehicle division following subtracting cost from sales was $5.54 billion (6.8 trillion won), and the profit margin jumped to 32.9%.
Tesla’s Q1 earnings are estimated to have exceeded market expectations, driven by electric vehicle price hikes and record deliveries.
Tesla CEO Elon Musk raised the price of electric vehicles in China and the US following he said last month that he was under significant inflationary pressures due to the Russian invasion of Ukraine.
On the 2nd, it announced that it had delivered 310,48 electric vehicles to customers in the first quarter. This is a 68% increase compared to the same period last year.
Elon Musk, Tesla CEO. /photo = EPA
Reporter Lee Bo-bae, Hankyung.com [email protected]
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