SAN FRANCISCO, April 20 — US electric vehicle maker Tesla said Wednesday that it earned US$23.3 billion in total revenues in the first quarter of fiscal 2023, up 24 per cent over the previous year, reported Xinhua.
Tesla posted US$2.51 billion in GAAP (generally accepted accounting principles) net income attributable to common stockholders for the quarter that ended on March 31, representing a 24 per cent decrease from the previous year.
In the first quarter, Tesla produced a record number of 440,808 vehicles and delivered over 422,000 vehicles. Its automotive quarterly revenue hit nearly US$19.9 billion, an 18 per cent increase year over year.
The company reported US$2 billion in capital expenditures in the first quarter, a 17 per cent increase from the same quarter last year.
Tesla reduced the price of its four electric vehicles in the United States, Europe, and China, which squeezed the automaker’s traditionally robust automotive gross margins. Its operating margin fell to 11.4 per cent from 19.2 per cent in the first quarter of 2022.
Its cash and cash equivalents in the first quarter reached US$22.4 billion, up 24 per cent year on year.
“Since the Shanghai factory has been successfully running near full capacity for several months, we do not expect a meaningful increase in weekly production run rate. We launched sales in Thailand, a new market supplied out of Shanghai. Giga Shanghai remains our main export hub,” said Tesla.
“For 2023, we expect to remain ahead of the long-term 50 per cent CAGR with around 1.8 million cars for the year,” it forecast.
