Image Source: Visual China
BEIJING, April 25 (TMTPOST) — Multinational electric vehicle maker Tesla saw 52.8% year-on-year growth in revenues from the Chinese market in Q1 2022, according to the company’s recently announced results.
In Q1 2022, the electric vehicle maker reaped US$4.65 billion in revenues from the Chinese market, up 52.8% fromt the same period of 2021. However, the revenues in Q1 were down by US$179 million from the US$4.829 billion in Q4 2021, due to Covid-related restrictions introduced in March.
The company’s earnings report shows that the revenue growth was mainly driven by the increasing production capacity of the company’s Gigafactory in Shanghai and delivery volume.
China is currently Tesla’s second-biggest market, accounting for 24.8% of the company’s total revenues. The United States remains Tesla’s biggest market. In Q1, revenues from the market in the United States were US$8.734 billion, accounting for 46.56% of the total revenues.
Tesla’s total revenues in Q1 reached US$18.756 billion, up 81% from the same period of 2021, beating analysts" expectations. Meanwhile, net income was US$3.318 billion, registering year-on-year growth of 658%. The gross margin of the automotive business segment was 32.9%, breaking records.
Tesla’s Gigafactory had resumed production on April 24 after three weeks of suspension amid the lockdown of Shanghai. Around 8,000 employees had reported back to the Shanghai Gigafactory and resumed the operation of production lines.
Workers at the plant are required to take regular Covid-19 tests and work in a closed-loop environment, which means the workers cannot return home after work but stay at the plant. Workers are compensated with additional US$63 per day and free meals.
Volkswagen China also announced on Monday that its plant in Shanghai started to resume work and production and that its plant in Changchun will continue to work to increase production output.
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