Tesla reports a record net profit

News of the day, Friday, April 22

Tesla has reported the revenue data for the first 2022 quarter. The YoY total revenue increased by 81% to $18.76 billion and the net profit is $3.31 billion which is seven times more than the results of the 2021 first quarter. This is an all-time high quarterly profit for the company. The last record Tesla made was in the 2021 fourth quarter — 2.3 billion. According to Elon Musk, Tesla will deliver more than 1.5 million cars in 2022 — 60% more than in 2021. The company's long-term goal is to grow deliveries by 50% yearly. Musk mentioned, that the production in Shanghai is recovering. Previously it was suspended for almost a month because of the Covid-19 flare.

The Fed’s chairman Jerome Powell has disclosed the most aggressive approach to restrain soaring inflation, approving an interest rate hike of 0.5% or even more. 

“It is appropriate in my view to be moving a little more quickly” to raise interest rates, Powell said. “I also think there is something to be said for front-end loading any accommodation one thinks is appropriate. ... I would say 50 basis points will be on the table for the May meeting.”

The price of Brent crude is $106.30, WTI — $101.80, GBP/USD — 1.2888, EUR/USD — 1.0798, and gold costs $1945.60 per ounce.