In the company's 2022/12 4Q (October-December) financial results announced on January 25, sales were 24.32 billion dollars, up 37% from the same period last year. Non-GAAP adjusted EPS was 1.19 dollars, up 40% from the same period. Both sales and adjusted EPS exceeded market expectations. The number of cars delivered increased 31% from the same period to 405,278. Among them, the SUV Model 3/Y was 388,131, and the luxury sedan and luxury SUV Model S/X were 17,147 together. In terms of sales, the passenger car division saw a 33% increase in sales, and it looks like the rise in ASP (average sales unit price) (price increase of nearly 10% in the US) absorbed exchange headwinds (1.4 billion dollars). On the profit side, the rise in raw material prices resonated, and the gross margin ratio in the passenger car sector fell 4.7 percentage points to 25.9%. The adjusted EBITDA margin was 22.2%, down 0.9 percentage points from the same period.
According to the company's management guidance, at the beginning of 2021, while EV production targets with an average annual increase of 50% were set out, the EV production volume target for 2023 remained at 1.8 million units, a 31% increase compared to 2022 EV results (1,369,611 units). Meanwhile, new...