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Tesla announced that it delivered over 405,000 vehicles in Q4 2022 – a new record and resulting in over 1.3 million delivered in 2022.

With the production ramp at Gigafactory Texas and Berlin, as well as continued improvements at Fremont Factory and Gigafactory Shanghai, it was undeniable that Tesla was going to have more vehicles than ever to deliver in Q4 2022.

However, there were some concerns about deliveries as Tesla appeared to be facing some demand problems and started to offer a lot of discounts in December.

Wall Street analyst expectations ranged from 400,000 to 430,000 vehicles.

Today, Tesla released the official numbers for Q4 2022 and the automaker confirmed having delivered over 405,000 vehicles and produced over 439,000 vehicles during the quarter:

 In the fourth quarter, we produced over 439,000 vehicles and delivered over 405,000 vehicles. In 2022, vehicle deliveries grew 40% YoY to 1.31 million while production grew 47% YoY to 1.37 million.

Here are the details:

Models Production Deliveries Subject to operating lease accounting
Model S/X 20,613 17,147 9%
Model 3/Y 419,088 388,131 4%
Total 439,701 405,278 4%

Tesla again blamed the discrepancy between vehicles produced and delivered on trying to smoothen the end-of-quarter delivery waves:

We continued to transition towards a more even regional mix of vehicle builds which again led to a further increase in cars in transit at the end of the quarter.

With the Q4 numbers, we now have Tesla’s full-year delivery and production numbers:

Models Production Deliveries
Model S/X 71,177 66,705
Model 3/Y 1,298,434 1,247,146
Total 1,369,611 1,313,851

Electrek’s Take

It’s a little on the lower end of expectations. There’s no doubt about it, but it’s also a new record and Tesla undoubtedly has the capacity to produce more long-range electric vehicles than any other automaker in the world.

While I understand that there could be some concerns about Tesla’s demand going into 2023, we still have to acknowledge Tesla’s incredible performance in 2022 with over 1 million vehicles delivered and 40% increase year-over-year.

Congrats to everyone involved in making this happen because that’s a lot more gasoline mileage converted to electric mileage in 2022.

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Exxon earnings beat, increases fourth-quarter dividend

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Exxon earnings beat, increases fourth-quarter dividend

An Exxon gas station is seen in the Brooklyn borough of New York City on Oct. 6, 2023.

Michael M. Santiago | Getty Images

Exxon Mobil beat third-quarter earnings expectations, as the oil major reached its highest liquids production level in more than four decades.

Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

  • Earnings per share: $1.92 adjusted, vs. $1.88 per share expected.
  • Revenues: $90 billion, vs. $93.94 billion expected

The oil major booked net income of $8.61 billion in the quarter, or $1.92 per share, down about 5% compared to $9.1 billion, or $2.25 per share, in the year-ago period. Exxon’s profits have declined as refining margins and natural gas prices have pulled back from from historically high levels in 2023.

The company returned $9.8 billion to shareholders in the quarter and increased its fourth-quarter dividend to $0.99 per share.

Exxon said it has reached its high production level in more than 40 years at 3.2 million barrels per day.

The oil major’s stock rose about 1% in pre-market trading. Exxon shares have gained 16.8% this year.

This is a developing story. Please check back for updates.

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Chevron beats earnings expectations, returns more than $7 billion to shareholders

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Chevron beats earnings expectations, returns more than  billion to shareholders

Chevron beats earnings expectations, returns more than $7 billion to shareholders

Chevron beat third-quarter earnings and revenue expectations, returning a record amount of cash to shareholders.

Shares were up 2.6% in the premarket following the report’s release.

The oil major’s quarterly profit, however, declined substantially compared to the year-ago period due to lower margins on refined product sales, lower prices and the absence of favorable tax times.

Chevron is aiming to streamline its portfolio, with asset sales in Canada, Congo and Alaska expected to close in the fourth quarter of 2024. The company is also target $2 billion to $3 billion in cost reductions from 2024 through the end of 2026.

Here is what Chevron reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

  • Earnings per share: $2.51 adjusted, vs. $2.43 expected
  • Revenue: $50.67 billion, vs. $48.99 billion expected

Chevron’s net income came in at $4.49 billion, or $2.48 per share, down 31% from $6.53 billion, or $3.48 per share, in the third quarter of 2023. When adjusted for foreign currency impacts, the company reported earnings of $2.51 per share, solidly topping Wall Street’s expectations for the quarter.

Chevron booked revenues of $50.67 billion, also beating Street expectations but declining 6% from the $54.1 billion reported in the third quarter last year.

The oil major returned a record $7.7 billion to shareholders in the quarter, including $4.7 billion in share buybacks and $2.9 billion in dividends.

Chevron produced 3.36 million oil-equivalent barrels per day in the quarter, a 7% increase over the third quarter of 2023, driven by record output in the Permian Basin.

Chevron’s stock is largely flat for the year, underperforming the S&P 500 energy sector which has gained more than 6%. Shares have struggled to gain ground as uncertainty looms over the company’s pending $53 billion acquisition of Hess.

The Federal Trade Commission has cleared the deal, though it prohibited John Hess from joining Chevron’s board.

Chevron remains locked in a dispute with Exxon Mobil, which is claiming a right of first refusal over Hess Corp.’s lucrative oil assets in Guyana. If an arbitration court rules in Exxon’s favor, Chevron’s acquisition of Hess would fail to close.

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China’s Zeekr reports EV deliveries in October nearly doubled, clocks its best monthly numbers

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China's Zeekr reports EV deliveries in October nearly doubled, clocks its best monthly numbers

ZEEKR EV cars are displayed at the 45th Bangkok International Motor Show in Bangkok, Thailand, March 25, 2024.

Chalinee Thirasupa | Reuters

Chinese electric carmaker Zeekr said Thursday its deliveries surged by 92% in October from a year ago, helping the company clock its best month at 25,049 vehicles.

That beat the prior record of 21,333 deliveries in September, bringing Zeekr’s total for the year to nearly 168,000.

The company has reportedly said that it expects to deliver 230,000 cars in 2024. With only two months left in the calendar year, that means Zeekr needs to deliver more than 31,000 cars in November and December each.

The Geely-backed automaker began deliveries of its new five-seat SUV Zeekr Mix on Oct. 23.

Xpeng also beat its personal best for a second straight month, delivering 23,917 vehicles in October. The deliveries included the company’s mass-market car, Mona M03, accounting for over 10,000 units.

Xpeng launched Mona M03 in late August with prices starting at $16,812.

Premium brand Nio said it delivered 20,976 cars in October, including 4,319 vehicles from its lower-priced brand Onvo, which was launched in September.

Li Auto, whose cars mostly come with a fuel tank to extend the battery’s driving range, delivered 51,443 cars, slightly lower than its record month in September.

BYD and Aito had not yet released their October deliveries as of Friday afternoon.

Earlier in the week, Chinese smartphone and home appliance company Xiaomi said it delivered more than 20,000 electric vehicles in October.

The company only launched its first car — the SU7 — in late March.

Xiaomi aims to deliver 100,000 electric cars by the end of November. The company has delivered more than 75,000 cars as of October.

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