https://www.cnbc.com/2022/04/20/tesla-tsla-earnings-q1-2022.html Skip Navigation logo * watchlive logo Markets * Pre-Markets * U.S. Markets * Currencies * Cryptocurrency * Futures & Commodities * Bonds * Funds & ETFs Business * Economy * Finance * Health & Science * Media * Real Estate * Energy * Climate * Transportation * Industrials * Retail * Wealth * Life * Small Business Investing * Invest In You * Personal Finance * Fintech * Financial Advisors * Options Action * ETF Street * Buffett Archive * Earnings * Trader Talk Tech * Cybersecurity * Enterprise * Internet * Media * Mobile * Social Media * CNBC Disruptor 50 * Tech Guide Politics * White House * Policy * Defense * Congress * Equity and Opportunity CNBC TV * Live TV * Live Audio * Business Day Shows * The News with Shepard Smith * Entertainment Shows * Full Episodes * Latest Video * Top Video * CEO Interviews * CNBC Documentaries * CNBC Podcasts * CNBC World * Digital Originals * Live TV Schedule Watchlist Investing Club * Newsletter * Morning Meeting * Trade Alerts * Trust Portfolio PRO * Pro News * Pro Live * Subscribe * Sign In Menu * Make It * USA * INTL * watchlive Search quotes, news & videos Watchlist SIGN IN logo Markets Business Investing Tech Politics CNBC TV Watchlist Investing Club PRO Menu Tech Tesla reports $18.76 billion in revenue and record margins in Q1 Published Wed, Apr 20 20223:35 PM EDTUpdated Moments Ago thumbnail Lora Kolodny@lorakolodny WATCH LIVE Key Points * Tesla beat analysts' expectations on top and bottom lines for Q1 2022. * For the period ending March 31, 2022 Tesla reported $3.22 earnings per share, and revenue of $18.76 billion. * It also recorded record automotive margins of 32.9% In this article * TSLA Tesla CEO Elon Musk speaks during the official opening of the new Tesla electric car manufacturing plant on March 22, 2022 near Gruenheide, Germany. Christian Marquardt | Getty Images Tesla just reported first-quarter earnings for 2022 and beat analysts' expectations on the top and bottom lines. Here are the key numbers. * Earnings per share: $3.22 vs $2.26 expected * Revenue: $18.76 billion vs $17.80 billion expected Shares rose as high as 6% in after-hours trading. Automotive revenue reached $16.86 billion, up 87% from the same period last year. Automotive gross margins jumped to a record 32.9% with Tesla reporting gross profit of $5.54 billion in its main segment. Regulatory credits accounted for $679 million of automotive revenue for the quarter. VIDEO6:4106:41 Breaking down Tesla and Netflix earnings Fast Money Revenue growth was driven in part by an increase in the number of cars Tesla delivered, and an increase in average sales prices, the company said in its shareholder deck. Early this month, Tesla reported vehicle deliveries of 310,048 for the first quarter, the closest approximation of sales disclosed by the company. Model 3 and Model Y vehicles comprised 95%, or 295,324, of deliveries in the period ending March 31, 2022. On the company's earnings call, CFO Zachary Kirkhorn and CEO Elon Musk said that Tesla remains confident that it can grow at least 50% over 2021 numbers. However, the execs noted that the company has lost about a month of "build volume" in Shanghai due to Covid-related shutdowns. "Production is resuming at limited levels, and we're working to get back to full production as quickly as possible," Kirkhorn said. Despite this slowdown, Musk said, "It seems likely that we'll be able to produce one and a half million cars this year." He cautioned that customers ordering now are facing a long waitlist, and some of their orders won't arrive until next year. Musk also acknowledged that autonomous driving advances were taking longer than he anticipated. "With respect to full-self driving, of any technology development I've ever been involved in, I've never really seen more kind of false dawns where it seems like we're going to break through but we don't." He encouraged people to join Tesla's FSD Beta program, which requires Tesla owners to buy or subscribe to Tesla's FSD premium driver assistance package first, then achieve a high driver safety score. (FSD, which costs $12,000 up front or $199 a month, does not make Tesla vehicles fully autonomous.) VIDEO3:0303:03 Checking in on Tesla's earnings call Fast Money Musk declined to give details on a "futuristic" robotaxi that he said the company was now working on in early April. Tesla will hold a robotaxi event next year, he said, and is "aiming for volume production in 2024." In its energy segment, Tesla's solar deployments dropped by nearly half to 48 MW in the first quarter of 2022 versus the same time last year. The company deployed 846 MWh of lithium ion based battery energy storage systems, up 90% from the same time last year, but down from the previous quarter. The company said declines in solar deployments were caused by import delays on certain components that were beyond Tesla's control. Amid inflationary pressures, parts and semiconductor chip shortages exacerbated by the ongoing pandemic and Russia's brutal invasion of Ukraine, Tesla global vehicle inventory dwindled to a three-day supply in the first quarter of 2022. That's down from a four-day supply of global vehicle inventory in the previous quarter, and eight-day supply during the first quarter of 2021. "Our own factories have been running below capacity for several quarters," Tesla said in its shareholder deck. The company did not give detailed guidance on deliveries going forward, but said it expects 50% annual growth on a multi-year basis, and warned that supply chain constraints are likely to continue through 2022. Musk also said that he believes inflation is worse than reported, and will continue through the year. logoTV WATCH LIVElogoWATCH IN THE APP UP NEXT | ETListen logoTV WATCH LIVElogoWATCH IN THE APP UP NEXT | ETListen logo * Subscribe to CNBC PRO * Licensing & Reprints * CNBC Councils * Supply Chain Values * CNBC on Peacock * Advertise With Us * Join the CNBC Panel * Digital Products * News Releases * Closed Captioning * Corrections * About CNBC * Internships * Site Map * Podcasts * Ad Choices * Careers * Help * Contact * * * * * * * News Tips Got a confidential news tip? We want to hear from you. Get In Touch CNBC Newsletters Sign up for free newsletters and get more CNBC delivered to your inbox Sign Up Now Get this delivered to your inbox, and more info about our products and services. Privacy Policy|Do Not Sell My Personal Information|CA Notice|Terms of Service (c) 2022 CNBC LLC. All Rights Reserved. A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Market Data Terms of Use and Disclaimers Data also provided by Reuters comscore