Tesla posts record $12.6 billion profit in 2022

Tesla earned more in 2022 than ever before in a fiscal year despite high inflation, economic worries and supply chain problems.
Elon Musk's electric car company increased profits by 128% year-on-year to $12.6 billion dollars, Tesla reported on Wednesday after markets closed.
Revenues grew 51% to $81.5 billion, according to the statement.
Tesla wants to expand production in 2023 "as quickly as possible" and continues to target annual growth of 50%.
Recently, price cuts by the company had raised concerns among investors about a possible dwindling demand.
In the final quarter, Tesla increased net income by 59% to $3.7 billion, also setting a new record. Revenue rose 37% to $24.3 billion in the three months to the end of December, exceeding analysts' expectations.
Despite the record figures, Tesla was battered on the stock market last year. The share price slumped by around 65% in 2022.
Musk's escapades surrounding the controversial takeover of Twitter and his Tesla share sales to finance the roughly $44 billion deal went down badly with investors.