Tesla set new records in production and deliveries while beating analyst expectations.
Statista
Tesla published their Q4 2022 and full-year financial results, setting new records in production and deliveries while beating analyst expectations. Tesla’s annual profit rose to $12.6 billion in 2022, from $5.5 billion in 2021. Annual revenue rose to $81.5 billion, from $53.8 billion the year prior. Tesla reported fourth-quarter revenue of $24.32 billion beating analysts' $24.07 billion estimate. The automaker also reported earnings per share of $1.19 beating analysts' $1.12 estimate.
Tesla’s stock rose more than 5% in after-hours trading following the earnings release and surged more than 10% the next day.
Tesla's Q4 2022 revenue set a new record for the company, up 59% from a year earlier. In addition to automotive revenue of $21.3 billion, Tesla recognized $324 million of deferred revenue from the company’s driver assistance systems.
FSD Beta Numbers
Tesla reported that 90 million miles have now been driven with FSD Beta, up from 58 million miles in the previous quarter. The company also confirmed that they have about 400,000 FSD Beta users in North America, a sizeable increase since the last report. With such a steep increase in miles driven and FSD Beta becoming widely available in North America, Tesla is making significant progress with its autonomous driving software.
In late 2022 and into this year, Tesla began cutting prices on its cars globally. Elon spoke about how recent price cuts have fueled a surge in demand for Tesla: “Thus far in January we’ve seen the strongest orders year-to-date than ever in our history. We’re currently seeing orders of almost twice the rate of production.” He added: “These price changes really make a difference for the average consumer.” Tesla acknowledges that average sales prices have to decrease over time because affordability is part of Tesla's mission to grow into a company that sells multiple millions of cars annually.
Price cuts will impact profitability, but margins should remain healthy, Tesla CFO Zach Kirkhorn affirmed. Tesla has wider operating margins than the industry average, which allows them to make such price cuts.
Elon issued an uncertain forecast for 2023, saying Tesla planned on 1.8 million vehicles for the year without specifying whether that was a target for production or deliveries. If the company were to deliver 1.8 million vehicles in 2023, that would result in 37% annual growth.
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After launching puddle lights that spell out ‘Tesla’ in China several months ago, Tesla has finally added the add-on Projection Puddle Lights to the North American store. Before launching them worldwide, Tesla appears to have been using China as a testing ground for its accessories. This is an interesting move, and it's not the first product we’ve seen soft launch in China before a North American and European launch. Tesla did the same with the Caraoke Mic it launched in the U.S. back in July.
Puddle Lights
This pair of puddle lights costs $65 USD or $90 CAD at the Tesla Store right now and is available for the Model Y, as well as all versions of the Model 3. This includes the 2024 Model 3 Highland Refresh, as well as older Model 3s built before 2024. Currently, these are not available for the Model X and Model S.
The lights themselves present a high-definition Tesla wordmark – text only, no logo – of Tesla onto the ground whenever the driver and front passenger doors are opened. While these would technically be compatible with the rear two doors as well, Tesla doesn’t state this.
Third-party options that include the rear two doors often mention that they suffer from reduced brightness as the wiring harness in the rear door doesn’t bring as much power to the rear door puddle lights.
Installation is done by the customer, and isn’t covered by Tesla – but they do offer a page on their DIY service manual on how to get them installed. Installation is straightforward, but you'll need a blunt plastic tool to remove them from the door and to detach the power adapter from the original puddle lights.
We recently discussed a bunch of features that the Tesla Android App is missing in comparison to the Tesla iOS App, but we didn’t look at the other side.
If you’ve got an NFC-capable Android phone and a Tesla, you actually have a feature that’s not available on iPhones. You can tap your phone on Tesla’s NFC card reader to unlock or lock your car, just like you can with your keycard. Tap to Unlock is enabled by default on Android and cannot be turned off on NFC-capable phones unless you disable NFC in your system settings.
Tap to Unlock
Android provides Tesla with access to the API necessary for Tap to Unlock to function over Near-Field Communications (NFC). This means that the Tesla app can serve as a backup keycard if, for some reason, your Phone-as-a-Key (PAAK) doesn’t immediately unlock the car upon waking it.
You’ll need to be a bit precise with this, as most phones have a small NFC location near the center on the back of the phone. You’ll also want to place it slightly under the B-pillar camera, where the car’s NFC reader is.
When you’re successful, the car will honk twice and unlock. Of note, this will not load your pre-set profiles as if you’re unlocking using your phone key, as the car treats this as a unique key. You will not be able to set up Tap to Unlock to load a particular profile – it seems to load a “default” profile every time. This also means that if you’ve got your mirrors set to unfold or your seats to move back, this will also not happen.
However, once you hop in, you can select your profile and everything will adjust to you. Your phone will continue to work as a phone key to keep you authenticated so that you can start your car.
Unlock Car Even If Phone Battery is Drained
This feature serves as a convenient way to get your car open and unlocked if your phone won’t power on or if the car doesn’t recognize your phone key, which can sometimes happen. On newer Android phones, NFC remains on even if your phone battery has run out since NFC uses so little power.
If you disable Bluetooth on your phone or your phone battery is on empty, your phone key won’t work, so you’ll need to authenticate again inside the vehicle to start the car. You can place your phone on either the Wireless Charger (for newer vehicles) or in the NFC slot between the cup holders and the center armrest to authenticate.
Other NFC Devices
For those more adventurous, you can also use other NFC-capable devices as Tesla keycards. Personally, the author uses an NFC-capable ring, as well as a third-party app on an Android Watch as backups. They serve solely as backups in the case of a lost phone rather than my primary keys.
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