Tesla Inc (NASDAQ:TSLA) reported a surprise earnings beat and the electric carmaker posted record revenue in its fourth quarter on the back of higher vehicle deliveries.
For its fourth quarter ended December 31, 2022, Tesla’s revenue came in at $24.3 billion versus the $21.2 billion expected, with adjusted earnings of $1.19 compared to $1.13 per share expected, according to Refinitiv.
The figures were boosted by stronger vehicle production and deliveries in the fourth quarter, with 405,278 delivered and 439,701 produced. Full year deliveries amounted to around 1.31 million, a record for the company.
READ: Tesla earmarks US$3.6bn for expansion of Nevada gigafactory
Tesla’s strong fourth quarter marked a firm increase on the prior quarter and the eighth consecutive quarter of earnings growth for the company.
“The negative factors which have weighed on the company over the last six months have been thoroughly reflected in price and now with the US interest rate outlook shifting materially and China reopening, the outlook for 2023 has improved considerably which makes Tesla a good candidate for a buy and hold through the year,” TickMill Group’s market analyst James Harte said earlier Wednesday.
“Tesla has slashed vehicle prices recently on two key models which should help feed into better demand this year while the company will also benefit from reductions in prices of key commodities used in its manufacturing process.”
Shares of Tesla were trading flat aftermarket Wednesday at around $144.73 in New York.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas