The company's 2022 4Q (October-December) earnings, announced on January 25th, had a revenue of $24.32 billion, a 37% increase compared to the same period last year. Non-GAAP adjusted EPS increased by 40% to $1.19. Both revenue and adjusted EPS exceeded market expectations. The number of customer deliveries increased by 31% to 405,278 units. Among them, the Model 3/Y SUVs accounted for 388,131 units, while the Model S/X luxury sedans and SUVs totaled 17,147 units. In terms of revenue, the passenger vehicle department saw a 33% increase, absorbing the impact of exchange rate headwinds ($1.4 billion) with the rise in the ASP (average selling price) (nearly 10% increase in the USA). On the profit side, the gross margin of the passenger vehicle department decreased by 4.7 percentage points to 25.9% due to rising raw material prices. Adjusted EBITDA margin decreased by 0.9 percentage points to 22.2%.
According to the company's management guidance, while the target for annual EV production in 2021 was an average increase of 50%, the target for EV production in 2023 remains at 1.8 million units, an increase of 31% compared to 2022's actual EV production (1,369,611 units). On the other hand, the new...