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Tesla (NASDAQ:TSLA) reported better-than-expected fourth-quarter earnings results after the close Wednesday with EPS topping lowered estimates.
The EV giant reported non-GAAP EPS of $1.19, up 40% from last year and beating the consensus of $1.15.
Revenue rose 37% from last year to $24.318 billion, versus the consensus of $24.68B.
Operating margin was 16% in Q4, versus 16.8% for the year. Operating cash flow in the quarter was $3.3B and free cash flow was $1.4B.
On the rising interest rate environment, Tesla said they are used to challenges and are accelerating their cost reduction roadmap as they drive toward higher production rates.
On average selling prices (ASPs), which were recently lowered, Tesla said ASPs have been on a downward path for many years and that improving affordability “is necessary to become a multi-million vehicle producer.”
Tesla said in any scenario they are prepared for short-term uncertainty while being focused on the long-term potential of autonomy, electrification, and energy solutions.
Tesla shares are trading fractionally higher following the results. The stock is up 17% year-to-date but down 53% over the last year.
