Tesla made a profit of around $3.3 billion for the three months that ended in September 2022 because of the high prices of vehicles. That comes just short of the company's record earnings of more than $3.3 billion in the first quarter. There has been a significant increase in the light vehicle production of Tesla in 2022 in comparison to that in 2021, according to GlobalData.
Elon Musk, the CEO of Tesla Inc., dismissed concerns about waning demand amid fears of recession as the company adjusted its vehicle-shipping schedules and reduced its forecast for full-year growth. As Tesla recorded a near-record quarterly profit, Musk stated that the company anticipates "selling every car that we produce for as long into the future as we can see."
In comparison to the tech-heavy Nasdaq Composite, Tesla's stock price fell 37% on October 19, 2022 as the company dealt with production bottlenecks and supply-chain issues.
The company said that a strong dollar, high prices for raw materials and shipping, and inefficiencies related to bringing up-and-running automobile facilities in Texas and Germany affected its earnings. Tesla expects to fall short of its 2022 goal of increasing vehicle deliveries by 50%. To reach the initial goal in 2022, Tesla would need to deliver more than 1.4 million vehicles, up from around 936,000 it delivered in 2021.
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