Tesla Beats GM and Ford on Net Income

Tesla had more net income than GM and ford in Q1 2022.

Total Q1 vehicle sales:
• GM: 1,427,000 (down -19.5% YoY)
• Ford: 970,000 (down -9% YoY)
• Tesla: 310,048 (up +67.7% YoY)

Total Q1 net income:
• Tesla: $3.3B (+607% YoY)
• GM: $2.9B (-3% YoY)
• Ford: $2.3B (if not including $5.4B loss Rivian)

Ford’s adjusted results excluded a loss of $5.4 billion on the company’s 12% stake in Rivian. Its net loss, including the stake in Rivian, totaled $3.1B.

Ford adjusted net income was $2.3 billion if the Rivian loss is excluded.
Ford’s total revenue, including autos and financial services, falling 5% to $34.5 billion.

Ford shipped 970,000 vehicles in the first quarter, down 9% from a year ago as a continuing global shortage of semiconductors held down the automaker’s January and February production and shipments. In fact, Ford has about 53,000 vehicles mostly complete but waiting for parts.

Tesla had $18.8 billion in revenue in Q1 2022. If Tesla gets to 600,000 cars in Q4 2022 then Tesla will likely pass Ford and GM on quarterly revenue.

Tesla has passed Ford and GM on net income and will soon pass Ford and GM completely on revenue and then on vehicle sales.