Tesla posted a bigger profit overall, all the while posting a lower revenue figure when compared to either GM or Ford, posting a revenue per car that’s 5x More Per Single Vehicle Than Toyota and Twice More As GM and Ford Combined
While the antics pulled by the Tesla CEO, Elon Musk, the COVID-19 supply chain strain, all the problems arising from the recent energy prices going up, and political issues, followed by the war in Ukraine, combined with almost every other carmaker starting to deliver electric vehicles in significant numbers, might make you think it put a dent into Tesla’s success, that couldn’t be any farther from real. And yes, people still consider that the golden age of Tesla is done and that all the other car manufacturers are coming for them, but the most recent financial numbers will make you think differently. After all, Tesla is looking as strong as ever.
In regards to profit, as reported by The Street, Tesla made more money than Ford and General Motors. Not Ford or GM, but nearly as much as Ford and GM put together. Tesla recorded a $12.6 billion profit in 2022, a nice lead over GM, who made $4.9 billion, and Ford, which posted a $2 billion loss for the year. And to make things even more interesting, Tesla only has four viable models: the Model S, Model 3, Model X, and Model Y, with the Cybertruck yet to be delivered. Compare that to over 30+ ICE (Internal Combustion Engine), hybrid, and electric vehicles that Ford sells, for example, and things get a lot more attractive for Tesla’s prospects in the future even more.
Additionally, Tesla posted a bigger profit overall, all the while posting a lower revenue figure when compared to either GM or Ford. For 2022, Tesla posted an $81.5 billion revenue, while GM did $157 billion and Ford, $158 billion. And this brings us to the most impressive figure of them all: earnings per single car sold. According to a report from Nikkei Asia, Tesla earned five times more per car than Toyota did last year. Between April and December Tesla earned an average of ¥1.26 million ($9,618) per car, while Toyota could only cream off ¥240,000 ($1,832) per car, Nikkei says.
Sure, in defense of Toyota, the rising cost of materials and supply chain issues hit all car makers, but it hit Toyota particularly hard. In turn, Toyota’s costs reportedly increased by ¥1.1 trillion ($8.36 billion) and it is shouldering much of the rises in energy costs that have hit its suppliers to keep chains going. But, even with that in mind, Tesla’s profit per single vehicle they sell is unmatched in today’s world and it will be more than interesting to see how it progresses in the future, especially with more sales & deliveries happening, the price cut the company made, and all the hype surrounding them as the best electric cars available on the market today. And we’re sure keen on seeing what the future for all-electric vehicle companies holds.