Vancouver, Kelowna, Delta, BC - April 21, 2022 (www.waternewswire.com) Investorideas.com, a global news source and leading investor resource covering cleantech and renewable energy stocks (Renewableenergystocks) issues a new edition of the Cleantech and Climate Change Podcast
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Elon Musk's Tesla (NASDAQ: TSLA) has done it again with Q1 2022 and a record quarter. The stock is up in today's trading leading many of the EV stocks higher with it.
Revenue grew 81% YoY in Q1 to $18.8B. YoY, revenue was impacted by the following items:
growth in vehicle deliveries, increased average selling price (ASP) and growth in other parts of the business.
Operating income improved to $3.6B in Q1, resulting in a 19.2% operating margin. This profit level was reached while incurring stock based compensation (SBC) expense attributable to the 2018 CEO award of $48M in Q1. YoY, operating income was primarily impacted by the following items: growth in vehicle deliveries, increased ASP, reduced cost (COGS) per vehicle despite inflationary pressures, lower stock-based compensation expense, increase in regulatory credit sales, rising raw material, commodity, logistics and expedite costs and increase in operating expenses
Commenting on US: California and Texas they noted - "In April 2022, we began Model Y deliveries from our new factory in Austin, Texas. At our Cyber Rodeo opening party, we delivered the first vehicles with 4680 in-house made cells, single-piece front body castings and structural battery packs. This is an important milestone for our capacity growth efforts. Later this year, we expect Gigafactory Texas will be able to produce Model Ys using both structural packs with 4680 cells as well as non-structural packs with 2170 cells."
Looking at China and Shanghai they said, "While weekly production rates were strong in Q1, a spike in COVID-19 cases in Shanghai resulted in the temporary shutdown of our factory as well as parts of our supply chain. Although limited production has recently restarted, we continue to monitor the situation closely."
As Rivian Automotive Inc. (NASDAQ:RIVN) chief executive RJ Scaringe warns of a massive battery shortage in the EV market, thoughts previously echoed by Elon Musk, this may be one of the biggest hurdles for future growth, but if any EV company can solve it, it's probably Tesla,
TSLA First quarter details:
Thanks, that's it for today. Do something good for this beautiful planet each and every day.
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