The company is still very exposed to risk.
Amid flagging demand, steep price cuts, and ongoing drama surrounding Elon Musk’s stewardship of Twitter, Tesla published its fourth quarter earnings report in which the company said it earned $3.7 billion in net income on $24.3 billion in revenue. That represents a 59 percent increase year over year compared to $2.8 billion in revenue inIt was also Tesla’s third year ending in the black, with $14.1 billion in net income for 2022, compared to $5.
in which Tesla said it delivered 405,278 vehicles to customers over the past three months and 1.3 million vehicles for all of 2022 — narrowly missing its goal of achieving 50 percent growth year over year. It was a quarter of unique struggles for Tesla, which included declining demand, an aging lineup, and increased competition from legacy automakers. Musk’s purchase of Twitter led to a subsequent sharp decline in Tesla’s stock price, which plunged by as much as 65 percent over the course of the year.
The view of Musk as “asleep at the wheel” and distracted by his new ownership of Twitter has also hurt the brand’s image with consumers, who suddenly have a new crop of EVs not named Tesla to choose from.As a global leader in EV sales, Tesla has long been viewed as a bellwether for the electrification of the auto industry.
But if Musk remains CEO at Twitter, it’s not clear that any amount of price cuts can help repair Tesla’s image. “Tesla is Musk,” Ives writes. “And Musk is Tesla.”
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