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Home Markets Equities Company Results

Elon Musk drives Tesla’s revenue up 65% YoY to reach $17.72 billion in Q4 2021

Zainab Iwayemi by Zainab Iwayemi
January 27, 2022
in Company Results
Tesla expected to build 300,000 vehicles in the first 9 months of 2021

Elon Musk, chairman and chief executive officer of Tesla Motors Inc., speaks in front of a Tesla Model S electric car on day two of the 2010 North American International Auto Show in Detroit, Michigan, U.S., on Tuesday, Jan. 12, 2010. The 2010 Detroit auto show runs through January 24 and features 60 new vehicle premieres. Photographer: Daniel Acker/Bloomberg via Getty Images

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U.S. electric vehicle company Tesla, under the captainship of Elon Musk; the world’s richest man, has reported a $17.72 billion total revenue in the last three months of last year, a 65% high from the amount it garnered during the pandemic year.

The financial statement seen by Nairametrics shows that $16.0 billion of this amount came from its vehicle business, as automotive income represents over 90% of its total top line.

According to the statement, Tesla saw a net income of $2.32 billion and earnings per share of $2.05 in fourth quarter of 2021 whilst also earning $2.54 per share on an adjusted basis. The result which closed on a high note beat what was earlier expected at $16.35 billion in total revenue and $2.26 in adjusted per-share profit in the fourth quarter of 2021.

During the year under review, the company saw close to $16 billion total car revenue in the last quarter of 2021 which outperformed the preceding quarter at $12.06 billion and it year-ago comp of $9.31 billion.

The company’s automotive revenues rose by 71% to $53.82 billion, causing an adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, EBITDA of $11.62 billion as well as a net income of $5.52 billion

What you should know Tesla

  • Tesla was founded in 2003 by a group of engineers who wanted to prove that electric vehicles can be better, quicker and more fun to drive than gasoline cars.
  • In addition to building electric vehicles, the company is enhancing infinitely scalable clean energy generation and storage products as it moves towards a zero-emission future.
  • Elon Musk, who serves as CEO of Tesla and CEO/lead designer of SpaceX has also cofounded the electronic-payment firm PayPal, X.com and currently sits as the richest man in the world with a net worth of N242.8 billion according to Forbes.
  • Meanwhile, the CEO currently revealed that Tesla will not produce a new vehicle model this year, as it focuses on its existing output and deals with supply chain constraints.
  • According to him, the fundamental focus for Tesla this year is scaling output.

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