EV maker Tesla fell short of is production targets in 2023, but it still made plenty of money. In fact, it made money in spite of repeated price cuts on its most popular vehicles, the Model 3 and Model Y, which was the bestselling vehicle in the world.
With Tesla’s Berlin gigafactory in full swing, the company was able to produce enough Model Ys to take the top sales spot for the entire world.
Tesla Inc. brought in big money for the final quarter of 2023 as well as the full year, according to its earnings report filed Wednesday.
For all of 2023, it reported net income of $15 billion on revenue of $96.8 billion. The company’s adjusted EBITDA, was $16.6 billion for an adjusted margin of 17.2% — a result its competitors only dream of reporting to shareholders.
That’s earnings per share of $4.30, more than 2022 earnings of $3.62 a share. Most of Tesla’s revenue — $82.4 billion — came from its automotive operations.
Q4 results
The fourth quarter was a good one with the company reporting $7.9 billion in net income on revenue of $25.1 billion. The company’s EPS for the quarter was $2.27, more than double what it was during the same period in 2022. Its adjusted earnings came in at $3.9 billion for a margin of 15.7%.
Much of that automotive revenue came from its top seller: the Model Y.
“In 2023, we delivered over 1.2 million Model Ys, making it the best-selling vehicle of any kind, globally,” the company said in a presentation for shareholders.
“For a long time, many doubted the viability of EVs. Today, the best-selling vehicle on the planet is an EV.”
What’s coming?
Much of the news around Tesla in recent days has been about the production of a $25,000 EV — long and repeatedly promised by CEO Elon Musk. There appeared to be an answer.
“We are focused on bringing the next generation platform to market as quickly as we can,” officials said in the report, “with the plan to start production at Gigafactory Texas. This platform will revolutionize how vehicles are manufactured.”
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