Tesla's profits soared to a record – but challenges are mounting

A Tesla charging station stands in a parking lot in Springfield, Va., on Jan. 17. The automaker decreased the prices of Teslas by up to 20%, a move seen as a reaction to competition in the global market for electric vehicles and rising inflation rates. (Anna Moneymaker/Getty Images)

Tesla reported record profits and record revenues for 2022, as the company heads into a new year facing a number of steep challenges.

Profit for the year hit $12.6 billion, more than doubling since 2021 and beating the expectations of most analysts.