Even as tech mogul Elon Musk witnessed his wealth shrink by a significant amount in recent months, the electric vehicle manufacturer Tesla he founded nearly two decades ago has reported record net income in the fourth quarter of 2022.
On Wednesday, January 25, the company boasted that it had earned some $3.69 billion from October through December last year, which is 59 percent more than the company’s profits from the same quarter of 2021.
This profit translates into an adjusted $1.19 per share, which also surpasses analysts’ expectations of $1.13. However, revenue for the quarter, $24.32 billion, fell a bit short of the $24.67 billion analysts expected, as media points out.
Tesla has also confirmed its intent to establish a new electric truck manufacturing facility worth $3.5 billion in northern Nevada.
This project is expected to expand the already existing operation at the Truckee Reno Industrial Center, with Mitch Landrieu, the White House’s coordinator for the Infrastructure Investment and Jobs Act, stating that this move would create some 3,000 jobs in Nevada.
Commenting on this development, Nevada Governor Joe Lombardo described it as an “incredible investment” in the state.
Last year, Tesla lost a significant portion of its stock value, with the company shares price dropping by 72 percent and ending up valued at $109.52 by the end of December 2022.
This decline came amid growing competition in the electric vehicle sales market, with some media outlets also suggesting that Elon Musk selling billions of dollars’ worth of Tesla stock to buy Twitter also ended up hurting the company.