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

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.