Tesla Inc. late Wednesday reported mixed fourth-quarter results, with revenue slightly below Wall Street expectations, but injected some optimism in its production outlook for 2023.
earned $3.69 billion, or $1.07 a share, in the quarter, compared with $2.3 billion, or 68 cents a share, in the year-ago period. Adjusted for one-time items, Tesla earned $1.19 a share.
Revenue jumped 37% to $24.32 billion, from $17.7 billion a year ago.
Analysts polled by FactSet expected the EV maker to report adjusted earnings of $1.13 on revenue of $24.67 billion.
As for outlook, Tesla kept more or less intact the same language it has kept for several past quarters, with a crucial difference.
Tesla said it plans to grow its manufacturing capacity “as quickly as possible,” about 50% average annual growth over a “multi-year horizon” in deliveries. For 2023, however, it expected to “remain ahead” of that long-term goal and reach 1.8 million vehicles a year.