Tesla sees record profit as electric car deliveries soar
Tesla posted record fourth-quarter and full-year earnings as its deliveries soared despite a global shortage of computer chips that has slowed the entire auto industry.
The company made $5.5bn last year compared with the previous record of $3.47bn in net income posted in 2020. It was the electric vehicle and solar panel maker’s third straight profitable year.
“There should no longer be doubt about the viability and profitability of electric vehicles,” the company said in a letter to shareholders.
Tesla – which relocated its headquarters from California to Texas last year – delivered a record 936,000 vehicles last year, nearly double the 2020 figure. Fourth-quarter vehicle sales hit 308,600, also a first.
“Its home-run quarter indicates [Tesla] executed flawlessly with CEO Elon Musk doing an outstanding job navigating through global supply shortages,” said Jesse Cohen, senior analyst at Investing.com.
Ahead of Tesla’s report, Musk tweeted that he has been driving a prototype of Tesla’s upcoming electric pickup truck, Cybertruck, around the company’s factory in Austin, Texas, saying, “It’s awesome.”
Musk had promised an updated product roadmap. Some investors expect timeframes for the launch of Cybertruck and a hoped-for $25,000 electric car.
Tesla has weathered the global supply chain crisis better than other automakers, and analysts on average expect December-quarter revenue up 53% to $16.41bn and adjusted earnings per share of $2.32, according to Refinitiv.
Analysts have said Tesla’s two new factories in Texas and Berlin eventually could double production capacity, but it is not clear whether Tesla has started production.
“While production is not ready everywhere today, the fact that they are getting the facilities ready quickly
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