San Francisco, Jan 26,2023: Despite a rocky takeover of Twitter which saw Tesla stock tumbling by over 60 per cent, Elon Musk-in Tesla made more money than ever in 2022, as total revenue grew 51 per cent to $81.5 billion and net income more than doubled to $12.6 billion.

In the fourth quarter (Q4) of 2022, the company beat Wall Street revenue estimates, registering $24.3 billion in revenue, a 37 per cent increase from the same quarter last year, and earned $3.7 billion in net income.

“As we progress into 2023, we know that there are questions about the near-term impact of an uncertain macroeconomic environment, and in particular, with rising interest rates,” said the company.

“In the near term we are accelerating our cost reduction roadmap and driving towards higher production rates, while staying focused on executing against the next phase of our roadmap,” it added.

Tesla said it is prepared for short-term uncertainty, while being focused on the long-term potential of autonomy, electrification and energy solutions.

Tesla said it delivered 405,278 vehicles to customers in the October-December quarter, and 1.3 million vehicles for the entire 2022.

“Our relentless cost control and cost innovation is why we believe that no other OEM is better equipped to navigate through 2023, and ultimately succeed in the long run,” it added.

The Model Y production line in Austin, Texas, produced over 3,000 vehicles in a week towards the end of Q4.

“Production and delivery challenges in 2022 were largely concentrated in China Since our Shanghai factory has been successfully running near full capacity for several months, we do not expect meaningful sequential volume increases in the near term,” said the company.

The Model Y production line in Germany produced over 3,000 vehicles in a week towards the end of Q4.

“We have now released FSD Beta to nearly all customers in the US and Canada who bought FSD (approximately 400,000). This is an important milestone for our company,” Tesla added.