Tesla earns more than expected despite discounted car sales

US carmaker Tesla announced on Jan. 25 that it had surpassed Wall Street expectations in the fourth quarter of 2022. The good results come despite a drop in sales at the end of 2022 and a slump in car sales caused by the global economic crisis, including rising interest rates and rising inflation. . This is according to the publication of many major foreign newspapers.

The US company's net profit in the fourth quarter was about $ 3.7 billion, exceeding expectations of more than $ 2.3 billion.

However, Tesla has projected a 37% increase in car sales for 2023 to 1.8 million units, slower than last year, despite a discounted promotion.

Due to the uncertainty about the global economic situation and raising the benchmark interest rate, Tesla stated that it is pushing for plans to reduce production costs and increase production rates in the near future.

Tesla shares fell sharply last year, especially after the complete acquisition of Twitter by Elon Musk, which has caused great concern for investors in the car company. But the world's number one billionaire has reassured his Tesla employees not to worry about the stock slump, claiming that Tesla will remain the most valuable company in the long run.

Tesla recently announced that it will invest more than $ 3.6 billion in expanding its Nevada giant plant to produce new batteries and electric trucks. The project will help Tesla reduce costs and increase battery production. The truck can travel up to 800 km on a full charge and can carry up to 37 tons, scheduled for production in 2024.