Tesla posts record sales for 2022
Electric vehicle (EV) producer Tesla posted record sales in the fourth quarter as new facilities contributed to higher deliveries.
Tesla's sales grew by 37pc to $24.3bn in the fourth quarter from a year earlier, the company said. Profit climbed by 32pc to $3.7bn.
For full-year 2022, Tesla sold a record 1.4mn EV's compared with 930,422 in 2021.
The company cited an increase in deliveries behind revenue growth, as fourth quarter deliveries of its Model S/X and Model 3/Y rose by 31pc to 405,278. The company is betting the trend will continue into 2023 as it targets 50pc annual growth for the year, aiming for 1.8mn in total vehicle sales this year.
Tesla also plans to announce the next generation vehicle in March. The cybertruck remains on track to begin production later this year at its Gigafactory in Texas.
Profits in 2022 more than doubled to $12.5bn from $5.5bn a year earlier, while revenues were up by 51pc at $81.5bn.
Related news posts
IEA forecasts slower demand growth for EVs
IEA forecasts slower demand growth for EVs
London, 23 April (Argus) — Sales of electric vehicles (EVs) will continue to grow in most major markets this year, but at a slower rate, according to the latest Global EV Outlook report from the International Energy Agency (IEA). Global EV sales this year are set to top 17mn, more than a fifth of total global vehicle sales, but growth is expected to slow in major markets compared with 2023. Almost 14mn new EVs were registered last year , up by 35pc compared with 2022, with almost 95pc of EV sales coming from China, Europe and the US. China is expected to account for over half of global EV sales this year, down from a share of around 60pc in the past two years, with sales expected to grow by 25pc on the year in 2024, passing 10mn for the first time. Sales in the US are expected to grow by 20pc on the year to almost 500,000, accounting for an estimated one of every nine new vehicles sold in the country. Growth in Europe is expected to be the weakest of the three, predicted to rise by just 10pc to around 3.5mn units in 2024. The phase-out of EV subsidies in Germany and other countries is expected to weigh on demand, although EVs are still forecast to account for around a fifth of all vehicle sales in the EU. Smaller markets such as Vietnam and Thailand are expected to grow by 15pc and 10pc, respectively, this year. Under the IEA's stated policies scenario, EVs make up half of all car sales by 2035, reducing oil demand by over 10mn b/d, equivalent to the amount used for road transport in the US today. Chinese exports are expected to rise this year, after more than 60pc of Chinese EVs sold in 2023 were lower in price than their internal combustion engine (ICE) equivalents. Purchase prices for ICE cars remained cheaper on average in the US and EU. China's largest carmaker BYD hit record monthly export sales in March, as nationwide exports continued to grow, raising concerns from US and EU officials about whether their carmakers will be able to compete. Charging point installations are also set to increase, after a 40pc rise in 2023 from a year earlier and with particularly strong growth for fast chargers. Charging networks will need to grow sixfold by 2035 to meet EV sales targets set by governments, according to the report. The IEA also said that policy makers must make sure that the supply of electricity is secure, affordable and emissions-light, while ensuring that electricity demand does not outstrip grid capacity during the transition to EVs. By Chris Welch Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Thailand woos Chinese EV investment, secures Chery
Thailand woos Chinese EV investment, secures Chery
Singapore, 23 April (Argus) — Chinese state-owned auto producer Chery Automobile will build an electric vehicle (EV) factory in Thailand after more than two years of discussions with Thailand's Board of Investment (BOI), which has secured multiple other EV-related investment. Chery will build a plant in Rayong province with a first phase capacity of 50,000 unit/yr of battery and hybrid EVs, which is scheduled to begin production in 2025, BOI said on 22 April. The plant's capacity is expected to be expanded to 80,000 unit/yr by 2028 in a second phase. Chery's project has also been approved by BOI for the country's investment promotion. Thailand's investment promotion strategy grants successful projects tax and non-tax incentives. BOI secretary-general Narit Therdsteerasukdi this month met executives from seven Chinese battery manufacturing firms, including Gotion High-tech, China Aviation Lithium Battery and the world's largest battery producer CATL. Two major manufacturers are expected to invest in cell-level battery production in Thailand this year, which will each come with 6-10 GWh of capacity in their first phase and with a combined investment value of over 30bn baht ($810mn). All the firms were interested in Thailand's incentives for EV battery manufacturers , said Narit. "I believe that in two years Thailand will have a large-scale battery cell factory. This will be another milestone to strengthen the supply chain and the long-term foundation of the electric vehicle industry in Thailand," said Narit. Thailand aims to attract Bt1 trillion of investment for its future automobile industry by 2030 as it seeks to become a future mobility hub, Thai prime minister Srettha Thavisin said in February. The country has since secured Bt240bn of investment from Japanese car producer Isuzu . Thailand last year also secured Bt9.8bn of investment from Chinese major auto manufacturer Changan Automobile , similarly after two years of discussions. Thailand's EV registrations in 2023 more than quadrupled from a year earlier to nearly 90,000 units, reaching a 10pc vehicle sales share that is comparable to the US, according to the IEA's Global EV Outlook 2024 . By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Hydro invests in metal recycling plant at Hoyanger
Hydro invests in metal recycling plant at Hoyanger
London, 22 April (Argus) — Norwegian aluminium producer Hydro has invested 240mn kroner ($21.8mn) in a new recycling facility alongside its primary aluminium smelter in Hoyanger, Norway. The recycling plant will process 36,000 t/yr of post-consumer aluminium scrap, as Hydro moves towards its 2030 target of reducing its emissions by 30pc compared with 2018 levels. The new facility will process scrap metal from vehicles, building facades, furniture, packaging and other consumer goods, which will be mixed with primary metal made with renewable hydropower at the Hoyanger plant. Among Hydro's low-carbon aluminium products is the Circal brand of aluminium, which is made with 75pc recycled content, and the Reduxa brand, which is made with renewable energy and generates emissions of less than 4kg CO2/kg aluminium produced. They are key to the company's emission reduction targets and ultimately reaching net zero by 2050. "Recycling is the fastest way to zero. With this new facility, we deliver on our strategy to increase recycling capacity in our efforts to decarbonise our own production processes and make products that the world needs for the green transition," the executive vice-president of Hydro's aluminium metal business, Eivind Kallevik, said. By Jethro Wookey Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Baltimore opens third temporary shipping channel
Baltimore opens third temporary shipping channel
New York, 22 April (Argus) — A third temporary shipping channel has opened at the Port of Baltimore to allow more vessel traffic around the collapsed Francis Scott Key Bridge. Located on the northeast side of the main channel, the new passage has a controlling depth of 20-ft, a 300-ft horizontal clearance, and a vertical clearance of 135-ft. When combined with two other temporary channels opened earlier this month the port should be able to handle "... approximately 15 percent of pre-collapse commercial activity," said David O'Connell, the federal on-scene coordinator. The main shipping channel of the Port of Baltimore — a key conduit for US vehicle imports and coal exports — is expected to be reopened by the end of May, the Maryland Port Administration said earlier this month. The bridge collapsed into the water late last month when the 116,851dwt container ship Dali lost power and crashed into one of its support columns. Salvage teams have been working ever since to remove debris from the water and containers from the ship in order to clear the main channel. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Business intelligence reports
Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.
Learn more