Friday, December 2, 2022
No menu items!

Tesla shoots its profit to 3,040 million euros and Musk earns 23,000 million

The automobile firm invoiced more than 18.7 billion dollars in the first quarter, 81% more than the same period in 2021. Elon Musk, who has his salary and various compensation packages tied to Tesla's performance, secures $23 billion with these record results.

Must Read

Tesla continues on the path of profitability after closing a very good first quarter in terms of milestones, with the start of its activity in Berlin and Texas , and profits, reaching net profits of 3,320 million dollars, 3,040 million euros , which which is a big rise from the 438 million he earned the same period last year. These benefits come from revenue of $18.76 billion , also significantly higher than the $10.39 billion generated in the first quarter of 2021, and an operating profit of $5.02 billion.

These figures are once again a record, certifying that the American company is overcoming the difficult brands due to the international context, with the shortage of components and the war in Ukraine affecting the entire automotive industry. Despite Tesla CEO Elon Musk telling investors that “our factories are running below capacity due to component shortages,” the electric car company delivered 310,048 units in the first three months of the year.

Tesla expects to close 2022 with a growth in deliveries of more than 50% compared to last year, which fell just 40,000 units out of a million, making it the outstanding global leader in the electric vehicle market. This increase will be materialized by the plants in Texas and Berlin , which are already working together with the others of the company, the Fremont plant in California, the Gigafactory in Nevada and the Shanghai plant , which was stopped for several days in the first quarter due to Covid-19 , a fact that negatively affected its production.

Autonomous Robotaxi

The company founded by Elon Musk closed the first quarter with a cash of 18,000 million dollars and with a total debt of less than 100 million dollars.
Among the particularities of his presentation of economic results to investors, Elon Musk announced that the brand hopes to start producing a new autonomous vehicle without pedals or steering wheel focused on new mobility services from 2024 . The vehicle would use the brand’s ‘ full autonomous driving ‘ software , which has been optional equipment for years as a promise that it will activate when ready. The brand is testing a beta version of the system in the vehicles of 100,000 customers.

‘Extra pay’ of 23,000 million

With the figures presented by the brand, Elon Musk has met a new set of objectives that will bring him a compensation of 23,000 million dollars . The brand’s board of directors must certify this payment, which would help establish the South African entrepreneur as the richest person in the world.

Elon Musk linked his salary in 2018 to the achievement of multiple economic milestones by the company. Milestones that, at the time of their presentation, seemed certainly unattainable, such as reaching a market capitalization of 100,000 million dollars . In fact, the capitalization objective for 10 years was to reach 650,000 million dollars , an objective also met by reaching one trillion dollars in 2021 and sustaining it over time. Currently, the company continues to trade above. It still has milestones to meet, such as exceeding an operating profit of 14,000 million or reaching sales of close to 175,000 million . In addition to your salary and compensation packages, with each goal metMusk receives options on 1% of the company’s shares.


Please enter your comment!
Please enter your name here

Latest News

Brazil’s coffee crop in 2023 will be 50-56 million bags, according to a report

Brazilian farmers will produce a minimum of 50 million and a maximum of 56 million bags of coffee next...

More Articles Like This