The latest earnings results for Tesla have dropped and with it comes another major look at how the company is doing as of this most recent quarter. Elon Musk’s electric vehicle company has continued to be one of the most dominate forces in the electric vehicle industry and that appears to be the case here in Q3 2022 as well. The company had a decent finish on EPS even if it fell a bit short on revenue versus expectations, and it came away with $21.1 billion USD in cash to end the quarter.
Tesla (TSLA) shared its Q3 2022 earnings results via its investor relations website on October 19, 2022. Where the company reported a miss versus estimates on total revenue and a win regarding its earnings-per-share (EPS), cash was another highlight of the report. According to Tesla’s earnings results, it was able to grow its cash pool by around $2.2 billion USD to finish Q3 2022 with $21.1 billion in total cash. The company actually accrued around $3.3 billion, which was offset by around $0.9 billion in debt repayment.
While revenue was down against estimates, Tesla still looks quite strong going into Q4 2022. The company ramped up production of vehicles to ship a record number in the quarter, and it has ramped up battery manufacturing as well to shore up its supplies against expected shortages down the line (US President Joe Biden’s administration has also shifted $2.8 billion USD in grants into EV battery manufacturing). With $21.1 billion in cash, Tesla remains liquid enough to continue to shift and adapt to its priorities as the global economy remains troubled.
Tesla’s growing cash flow is likely to be a boon to the company through the end of its fiscal year, delivery and supply issues or not. With its Q3 2022 in the books, be sure to check out our other reporting and stay tuned for further quarterly finishes in the tech industry throughout the coming weeks.