San Francisco: Tesla Inc. expects supply chain issues to continue through the year, after posting record quarterly revenue that beat Wall Street’s estimates on Wednesday.
The stock fell 2.7% in after-hours trading.
Revenue rose to $17.72 billion in the fourth quarter, up from $10.74 billion a year earlier. Analysts had expected the electric-vehicle maker to report revenue of $16.57 billion, according to Refinitiv’s IBES data.
The world’s most valuable automaker delivered a record number of vehicles to customers last quarter despite supply chain constraints.
“Our own factories have been running below capacity for several quarters as the supply chain has become the main limiting factor, which is likely to continue through 2022,” Tesla said in a statement.
Tesla said Wednesday that its new factory in Austin will begin production of the Model Y late last year, adding that it plans to begin deliveries to customers after final certification, without a deadline. of expansion.
It said it aims to produce more than 600,000 vehicles per year from its California factory.
Tesla has done better than most automakers in managing supply chain issues by using less scarce chips and quickly rewriting software.
Tesla is facing challenges of ramping up production at two new factories this year, with changes in technology as well as batteries and other supply chain bottlenecks tarnishing the outlook.
It is facing increasing competition from rivals, who are set to launch a range of electric cars, from more affordable models to electric pickups.
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