Tesla made record profits last year, even as high interest rates slowed down the global economy and hurt consumer sentiment, but the company's boss, Elon Musk, is dismissing speculation the car maker cut prices because of slowing demand, saying demand for the vehicles has reached record highs.
abc.net.au/news/tesla-profit-elonmusk-electricvehicles-shares/101894252Electric car maker Tesla has made record profits for 2022, despite inflation, price cuts to boost sales, and company boss Elon Musk's erratic leadership.Tesla made $US81.5 billion in revenue in 2022, up 51 per cent, while net profit more than doubled, to $US12.6 billion
The company said that, over the last quarter of 2022, it had seen record revenue, operating income and net profit because of price cuts and lower-cost models, outcomes that were better than predicted by analysts. The company made $US3.7 billion profit from October to December, up by almost two thirds from the December quarter in 2021, after quarterly revenue rose 37 per cent, to $US24.3 billion .
"It was a fantastic year for Tesla, our best ever," Mr Musk said. "All these records were in the face of massive difficulties"The car maker cut prices in the US and China, its two biggest markets, by up to one-fifth on some models, with investors and analysts speculating the move reflected lower demand because of rising interest rates.
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