Tesla, Inc. 10-K form for the fiscal year ended 2023-12-31, page 50: Tesla, Inc.

Consolidated Statements of Operations

(in millions, except per share data)
|    |                                                                                                                    |                         |        |       |        |       |        |        |    |        |
|---:|:-------------------------------------------------------------------------------------------------------------------|:------------------------|:-------|:------|:-------|:------|:-------|:-------|:---|:-------|
|  1 |                                                                                                                    | Year Ended December 31, |        |       |        |       |        |        |    |        |
|  2 |                                                                                                                    | 2023                    |        | 2022  |        | 2021  |        |        |    |        |
|  3 | Revenues                                                                                                           |                         |        |       |        |       |        |        |    |        |
|  4 | Automotive sales                                                                                                   | $                       | 78,509 |       |        | $     | 67,210 |        | $  | 44,125 |
|  5 | Automotive regulatory credits                                                                                      | 1,790                   |        |       | 1,776  |       |        | 1,465  |    |        |
|  6 | Automotive leasing                                                                                                 | 2,120                   |        |       | 2,476  |       |        | 1,642  |    |        |
|  7 | Total automotive revenues                                                                                          | 82,419                  |        |       | 71,462 |       |        | 47,232 |    |        |
|  8 | Energy generation and storage                                                                                      | 6,035                   |        |       | 3,909  |       |        | 2,789  |    |        |
|  9 | Services and other                                                                                                 | 8,319                   |        |       | 6,091  |       |        | 3,802  |    |        |
| 10 | Total revenues                                                                                                     | 96,773                  |        |       | 81,462 |       |        | 53,823 |    |        |
| 11 | Cost of revenues                                                                                                   |                         |        |       |        |       |        |        |    |        |
| 12 | Automotive sales                                                                                                   | 65,121                  |        |       | 49,599 |       |        | 32,415 |    |        |
| 13 | Automotive leasing                                                                                                 | 1,268                   |        |       | 1,509  |       |        | 978    |    |        |
| 14 | Total automotive cost of revenues                                                                                  | 66,389                  |        |       | 51,108 |       |        | 33,393 |    |        |
| 15 | Energy generation and storage                                                                                      | 4,894                   |        |       | 3,621  |       |        | 2,918  |    |        |
| 16 | Services and other                                                                                                 | 7,830                   |        |       | 5,880  |       |        | 3,906  |    |        |
| 17 | Total cost of revenues                                                                                             | 79,113                  |        |       | 60,609 |       |        | 40,217 |    |        |
| 18 | Gross profit                                                                                                       | 17,660                  |        |       | 20,853 |       |        | 13,606 |    |        |
| 19 | Operating expenses                                                                                                 |                         |        |       |        |       |        |        |    |        |
| 20 | Research and development                                                                                           | 3,969                   |        |       | 3,075  |       |        | 2,593  |    |        |
| 21 | Selling, general and administrative                                                                                | 4,800                   |        |       | 3,946  |       |        | 4,517  |    |        |
| 22 | Restructuring and other                                                                                            | -                       |        |       | 176    |       |        | (27)   |    |        |
| 23 | Total operating expenses                                                                                           | 8,769                   |        |       | 7,197  |       |        | 7,083  |    |        |
| 24 | Income from operations                                                                                             | 8,891                   |        |       | 13,656 |       |        | 6,523  |    |        |
| 25 | Interest income                                                                                                    | 1,066                   |        |       | 297    |       |        | 56     |    |        |
| 26 | Interest expense                                                                                                   | (156)                   |        |       | (191)  |       |        | (371)  |    |        |
| 27 | Other income (expense), net                                                                                        | 172                     |        |       | (43)   |       |        | 135    |    |        |
| 28 | Income before income taxes                                                                                         | 9,973                   |        |       | 13,719 |       |        | 6,343  |    |        |
| 29 | (Benefit from) provision for income taxes                                                                          | (5,001)                 |        |       | 1,132  |       |        | 699    |    |        |
| 30 | Net income                                                                                                         | 14,974                  |        |       | 12,587 |       |        | 5,644  |    |        |
| 31 | Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries | (23)                    |        |       | 31     |       |        | 125    |    |        |
| 32 | Net income attributable to common stockholders                                                                     | $                       | 14,997 |       |        | $     | 12,556 |        | $  | 5,519  |
| 34 | Net income per share of common stock attributable to common stockholders                                           |                         |        |       |        |       |        |        |    |        |
| 35 | Basic                                                                                                              | $                       | 4.73   |       |        | $     | 4.02   |        | $  | 1.87   |
| 36 | Diluted                                                                                                            | $                       | 4.30   |       |        | $     | 3.62   |        | $  | 1.63   |
| 37 | Weighted average shares used in computing net income per share of common stock                                     |                         |        |       |        |       |        |        |    |        |
| 38 | Basic                                                                                                              | 3,174                   |        | 3,130 |        | 2,959 |        |        |    |        |
| 39 | Diluted                                                                                                            | 3,485                   |        | 3,475 |        | 3,386 |        |        |    |        |
The accompanying notes are an integral part of these consolidated financial statements.
50






Question: How much did Tesla's net income increase from 2022 to 2023?
Answer: Tesla's net income increased from $12,587 million in 2022 to $14,974 million in 2023, which is an increase of approximately 18.95%.