Tesla CEO Elon Musk speaks during the official opening of the new Tesla power plant on March 22, 2022, near Gruenheide, Germany.
Tesla has just reported first-quarter earnings for 2022 and exceeded analysts’ expectations for the top and bottom line. Here are the key numbers.
Earnings per share: USD 3.22 compared to the estimated USD 2.26
$ 3.22 versus $ 2.26 estimated Revenue: $ 18.76 billion versus $ 17.80 billion estimated
Shares increased by more than 5% in trading after business hours.
Earlier this month, Tesla reported vehicle deliveries of 310,048 for the first quarter, the closest approximation of sales revealed by the company. Model 3 and Model Y vehicles accounted for 95%, or 295,324, of deliveries in the period ended March 31, 2022.
Wednesday’s call for gains comes amid news of CEO Elon Musk’s hostile takeover bid for Twitter, the social networking platform he relied on to promote Tesla and its own public image for years.
Musk no longer drives or talks on every Tesla earnings call. But before Wednesday’s update, he said he intends to be on call, which begins at 5:30 p.m. ET.
Tesla recently opened two new plants outside of Berlin, Germany and Austin, Texas, and the CEO appeared at both grand opening events.
Investments in these massive new facilities are part of Tesla’s effort to locate production and reduce costs and improve the speed of vehicle distribution from factories to customers in major markets in Asia and Europe.
This story unfolds; please come back for updates.