Tesla Delivered a Remarkable 308,600 cars In the Fourth Quarter, Exceeding Expectations
Tesla Inc. reported record quarterly deliveries that were well above expectations, despite worldwide chip shortages and as the company ramped up production in China.
This is the world’s most valuable automaker’s sixth consecutive quarter of record deliveries.
Tesla’s October-December deliveries were up over 30% year over year and nearly 70% higher than the previous quarter’s record deliveries.
“Great work by the Tesla team worldwide!” Musk wrote on Twitter.
Despite increased competition and regulatory pressure from consumer complaints about product safety, Tesla increased production in China for domestic sales and exports to Europe and other nations.
In the fourth quarter, Tesla claimed it sold 296,850 Model 3 compact cars and Model Y sport-utility vehicles to customers.
It shipped a total of 11,750 Model S and Model X vehicles in the fourth quarter, up from 9,275 in the third. Analysts were expecting Tesla to deliver 12,879 Model S and Model X cars.
In 2021, the company increased its annual deliveries by 87 percent over the previous year, to 936,172 vehicles.
Tesla will be able to maintain an annual growth rate of more than 50% for “quite a while,” Musk stated in October of last year.
On Sunday, Gene Munster, managing partner at venture capital company Loup Ventures, remarked, “They have beaten all odds.”
“The first is that their items are in extremely high demand. The second point is that they’re doing an excellent job of meeting that demand “he stated
Despite difficulties in production at its new plants and supply chain issues, Munster expects Tesla to produce 1.3 million vehicles this year.
In October, Tesla Chief Financial Officer Zachary Kirkhorn said it was difficult to forecast how quickly the firm would be able to ramp up production at new factories in Texas and Berlin, which will utilize new car technologies and teams.
Tesla said in October that it planned to start producing cars at both locations by the end of 2021, although it is unclear whether it fulfilled that goal. Tesla did not answer an inquiry regarding the plants. It had planned to start manufacturing at its Berlin factory last summer.
In a report released on Friday, Deutsche Bank predicted that Tesla would deliver over 1.5 million vehicles this year, despite chip shortages remaining a concern.