Tesla profits rocket despite price cuts
Tesla reported record-breaking results following its highest-ever number of vehicle deliveries.
The electric car maker revealed a profit of 11.4billion for 2022, up 85 per cent year-on-year, while revenues rose 51 per cent to 65.7billion.
It followed a fourth quarter profit for the group of 3.3billion, 43 per cent higher than 2021 and beating market expectations.
The results came after the firm delivered a record 405,278 electric cars in the final three months of the year. Some 439,701 vehicles rolled off its production lines in the period, also an all-time high.
The numbers meant Teslas delivery figures for 2022 hit a record of over 1.3m as the firm kicked off production at new factories in Texas and Germany.
The results followed a series of steep price cuts from Tesla in the US, Europe and China as it looks to protect itself against growing competition from other carmakers as they try to muscle in on the sector.
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