Tesla delivered 308,600 vehicles in the fourth quarter, far higher than analysts’ forecast of 263,026 vehicles.
see photosThis was the sixth consecutive quarter that the automaker made record deliveries.
Tesla Inc. reported record quarterly deliveries on Sunday that far exceeded Wall Street estimates, riding on global chip shortages as it ramped up production in China.
This was the sixth consecutive quarter that the world’s most valuable automaker recorded record deliveries.
Tesla, led by billionaire CEO Elon Musk, delivered 308,600 vehicles in the fourth quarter, far higher than analysts’ forecast of 263,026 vehicles.
Tesla’s October-December deliveries were up about 70% from a year ago and up about 30% from record deliveries in the previous quarter.
“Great work by the Tesla team around the world!” Musk wrote on Twitter.
His electric car company ramped up production in China, although competition grew and regulatory pressure mounted following consumer complaints over product safety.
On an annual basis, the automaker increased its deliveries to 936,172 vehicles in 2021 from 87% a year ago.
Tesla ships models made in China to Europe and some Asian countries.
On an annual basis, the automaker increased its deliveries to 936,172 vehicles in 2021 from 87% a year ago.
Musk said in October last year that Tesla would be able to maintain an annual growth rate of over 50% for “a considerable amount of time”.
new factories
“They have overcome all odds,” Gene Munster, managing partner at venture capital firm Loop Ventures, said on Sunday.
“First the demand for their products is through the roof. And the second is that they are doing a great job of meeting that demand,” he said.
Munster said he expects Tesla’s deliveries to increase to 1.3 million vehicles this year, while production is hampered at its new factories and supply chain problems.
Tesla Chief Financial Officer Zachary Kirkhorn said in October that it was difficult to predict how quickly the company would be able to ramp up production at new factories in Texas and Berlin, which would use new vehicle technologies and new teams.
Tesla said in October that it aimed to build its first production cars at both facilities by the end of 2021, but it is not known whether it will meet that goal. Tesla did not respond to a question from Reuters about the plants. Its Berlin factory was initially scheduled to begin production last summer.
Deutsche Bank said in a report on Friday that it expects Tesla to deliver about 1.5 million vehicles this year, although chip shortages remain a risk to production.
Tesla ships models made in China to Europe and some Asian countries.
Lack of ‘super crazy’
In 2020, automakers cut chip orders as the pandemic and lockdown measures hit demand. But Tesla never lowered its production forecast with suppliers to support its rapid growth plan, which helped it cope with chip shortages, Musk has said.
According to Musk, Tesla, which unlike most automakers designs some chips in-house, also reprogrammed the software to use less rare chips.
Musk, who previously said “2011 has been a year of super crazy supply chain shortages,” said in October that he was optimistic those issues would pass in 2022.
Tesla posted strong sales this year even after sharply increasing the prices of US vehicles to offset higher supply chain costs.
Tesla generated more than $1 trillion in market capitalization in October, when rental car company Hertz said it ordered 100,000 of its vehicles. Shares of the company fell somewhat after Musk wrote on Twitter in November that he was considering selling his 10% stake in Tesla.
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Overall, Tesla shares rose 50% last year.
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