The electric car maker delivered 1.3 million vehicles last year, up 40 percent year-on-year, more than ever before.

US electric car maker Tesla posted record profits last year. In the fourth quarter of 2022, sales rose 37 percent to $24.3 billion (around 22.3 billion euros) and profit rose 59 percent to $3.7 billion, the company, led by technology billionaire Elon Musk, announced on Wednesday .

For the whole of last year, sales rose 51 percent to $81.5 billion. Profit increased by 128 percent to $12.6 billion in 2022.

“The fourth quarter of 2022 was another record quarter and 2022 was another record year,” Tesla said. The company was able to sell more than 1.3 million electric cars last year – an increase of 40 percent compared to the previous year and more than ever before.

For the current year, there are “questions” about the “short-term effects of the uncertain macroeconomic environment and, in particular, rising interest rates,” said the carmaker. However, the Tesla team is used to “challenges”. The company intends to continue on its course of reducing costs while at the same time achieving higher production rates.

Tesla stock has lost 65 percent of its value over the past year. Since the beginning of the year, however, the price has risen again. In recent months, Tesla has lowered the prices of its cars to boost sales, first in China and then in Europe and the US. Tesla said on Wednesday that such an approach is necessary to become a manufacturer that builds several million vehicles.

Tesla boss Musk has made headlines in recent months with the purchase and restructuring of the short message service Twitter. Critics feared the feisty multi-billionaire could dwell too much on Twitter while neglecting Tesla.