Tesla Plans Further Cost Cuts Amid “Macroeconomic Uncertainty” via insideevs.com
started its shareholder letter by saying that it achieved a record-breaking fourth quarter and full year in terms of revenue, operating income, and net income.“As we progress into 2023, we know that there are questions about the near-term impact of an uncertain macroeconomic environment, and in particular, with rising interest rates. The Tesla team is used to challenges, given the culture quired to get the company to where it is today.
This, understandably, might make some investors worried about the American EV maker’s profitability, since lowering the price of the cars directly impacts revenue. But Tesla assures everybody involved that things will be ok, basically, calling on its past to predict the future: “Our ASPs have generally been on a downward trajectory for many years. Improving affordability is necessary to become a multi-million vehicle producer. While ASPs halved between 2017 and 2022, our operating margin consistently improved from approximately negative 14% to positive 17% in the same period.
In other words, even though the selling price of its models went down throughout the years, the company’s profit margin increased considerably, going from minus to almost 20 percent in five years. As for the outlook, Tesla plans to grow production as quickly as possible, with an estimated 1.8 million vehicles planned for 2023, and says it has sufficient liquidity to fund its product roadmap, long-term capacity expansion and other expenses.
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