Tesla Full-Year Report 2022

Total revenue grew 37% YoY in Q4 to $24.3B. YoY, revenue was impacted by the following items:
+ growth in vehicle deliveries
+ growth in other parts of the business
+ increase in ASP YoY (excluding FX impact), including favorable impact of model and regional mix
– negative FX impact of $1.4B1

Our operating income improved YoY to $3.9B in Q4, resulting in a 16.0% operating margin. YoY, operating income was primarily impacted by the following items:
+ growth in ASP (excluding FX) and vehicle deliveries (despite margin headwind from underutilization of new factories)
+ gross profit growth in other parts of the business
+ FSD revenue recognition of $324M in Automotive Sales2
+ lower stock-based compensation and payroll tax expense related to CEO awards
– higher raw material, commodity, logistics and warranty costs
– cost of production ramp of 4680 cells
– negative FX impact of over $300M

Quarter-end cash, cash equivalents and investments increased sequentially by $1.1B to $22.2B in Q4, driven mainly by free cash flow of $1.4B, partially offset by debt repayments of $497M