Tesla has beaten Wall Street revenue estimates for the fourth quarter of 2022.
The electric vehicle company capped Q4 with $24.3 billion in revenue beating analysts’ expectations of $24.2 billion.
Tesla’s fourth-quarter revenue represents a 37% increase from the same quarter last year and a 13% increase quarter-over-quarter.
While Tesla as a whole closed the quarter with a 16% operating margin, automotive gross margins came in at 25.9%, which is the lowest figure in the last five quarters.
On Tuesday, Tesla announced plans to invest an additional $3.6 billion into its Nevada gigafactory to build a battery cell facility and a Semi truck factory.