Tesla roughly doubled its production capacity in 2022, and increased its output each quarter during the year. Its annualised production estimate for the fourth quarter was a new record, and near the company’s total production capacity for the first time.

Tesla confirmed it’s still on track to start building the long-awaited Cybertruck in Austin later this year. It will discuss more details of its next-generation vehicle platform at an investor day on March 1.

During a Twitter Spaces conversation last month, chief executive officer Elon Musk predicted a serious recession and warned consumers will cut back on big-ticket purchases. Tesla then slashed prices across its lineup this month.

Tesla’s fourth-quarter revenue was $US24.3 billion ($34.2 billion), slightly topping market expectations. Gross automotive margins, however, were 25.9 per cent, below analysts’ average estimate of 28.4 per cent — a sign of potential concern for investors following a recent round of price reductions. In the year-earlier period, the gross automotive margin was 30.6 per cent.

Regulatory credits

Income from the sale of regulatory credits — used by other automakers to offset greenhouse gas emissions — came to $US467 million, up from $US286 million in the prior quarter and $US314 million a year ago. Tesla has said it expects such revenue to shrink over time as competitors launch more EVs to comply with emissions regulations and meet growing demand.

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Musk’s move to fund his $US44 billion Twitter acquisition in part by selling shares of Tesla has weighed on the stock, which has fallen 53 per cent over the past 12 months.

Tesla saw its second straight quarterly drop in customer deposits — down to $US1.06 billion — after hitting an all-time high of $US1.1 billion exiting the second quarter in 2022.

The number of Supercharging stations grew to 4,678 — up from 3,476 a year earlier. Tesla owns and operates its own charging networking, which sets it apart from the vast majority of carmakers.

Bloomberg

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