Although everyone recognises that electrification is the way forward, other than Tesla, predicting which carmakers will be the winners remains challenging. But, as we wait for an answer, Tesla sets a new record.
For the most period, GM and Ford have reigned supreme in this business. That is no longer the case. Yes, they continue to sell more automobiles and generate more money than Tesla, but they no longer earn greater profits.
Tesla just announced a first-quarter net profitability of $3.31 billion. This represents a 658 percent increase over the first quarter of 2021. Tesla had earned $438 million at the time.
In instance, GM reported a net profit of $2.93 billion in the first quarter of 2022, a 3.04 percent decrease from the same period in the previous year.
Ford, for its part, has gone into the red since the company revealed a $3.1 billion net loss from January to March 2022.
Musk’s company was already the top carmaker in the United States in terms of market value. What is remarkable is that it has managed to grab the title of the most profitable American carmaker by delivering significantly fewer vehicles overall than its two rivals.
The final two titles Tesla might capture from Ford and GM are that of the top American carmaker in terms of revenue and vehicles made and delivered every year. For the time being, GM owns both of them, followed by Ford. It’s only a matter of time before it happens.
Reference- The Street Article, Clean Technica, Inside EVs, EV Obsession