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Tesla CEO says demand is double production rate as price cuts trigger interest

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Tesla beats quarterly revenue estimates By Reuters

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(C) Reuters. FILE PHOTO: A view shows the Tesla logo on the hood of a car in Oslo, Norway Nov. 10, 2022. REUTERS/Victoria Klesty

(Reuters) – Tesla (NASDAQ:TSLA) Inc beat analysts’ estimate for fourth-quarter revenue on Wednesday, powered by record delivery of electric vehicles during the last three months of 2022.

The company said revenue was $24.32 billion for the three months ended Dec. 31, compared with analysts’ average estimate of $24.16 billion, according to IBES data from Refinitiv.

Tesla offered discounts in its top markets during the quarter after strong orders had allowed the company to maintain and even raise prices in recent years. CEO Elon Musk said in December “radical interest rate changes” had affected the affordability of all cars.

The EV maker handed over to customers a record 405,278 vehicles in the fourth quarter, even as the company missed its 50% annual growth target.

Net profit for the quarter was $3.69 billion, or $1.07 per share, compared with $2.32 billion, or 68 cents per share, a year earlier.

Tesla beats quarterly revenue estimates

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