With the close of Tesla’s Q4 2022 fiscal quarter and year, the company had more to say on the previous quarter, including answering to various shareholder questions. One such question was about demand, especially given recent moods and politics around the company. However, Elon Musk claimed that any fear of ebbing demand in Tesla should be put to bed. Not only is demand for Tesla vehicles strong, but Musk claimed that it’s actually the strongest the company has ever seen.
Elon Musk made this claim on the Tesla Q4 2022 conference call accompanying its quarterly earnings results on January 25, 2023. During the call, Musk specifically addressed an investor question about demand in the company’s products coming into 2023.
“Thusfar in January , we’ve seen the strongest orders year-to-date than ever in our history,” Musk said. “We’re currently seeing orders at almost twice the rate of production. It’s hard to say whether it will continue to remain at twice the rate of production, but the orders are high and we actually raised the Model Y price a little bit in response to that.”
Elon Musk went on to share his thoughts on how demand will continue deeper into 2023.
“We think demand will be good despite probably a contraction in the automotive market as a whole,” Musk added.
Tesla also looks to be in a strong position as far as pursuing new projects and business in 2023. In its Q4 2022 results, Tesla reported a balance sheet with over $22 billion in cash on hand. On top of this, the company reported being prepared to begin production on the Cybertrunk in 2023, as well as expanding into Nevada with new facilities focused on battery and semi-truck production.
The stats seem to suggest that Elon Musk isn’t just fluffing the brand. Demand for Tesla’s products continues to remain high. Stay tuned as we continue to report on Tesla and further tech companies reporting on the end of their latest fiscal quarters.