Tesla Exceeds Wall Street Expectations in Q4 Deliveries
Elon Musk’s Tesla Inc revealed on Sunday its quarterly deliveries, marking a new reported record, exceeding Wall Street expectations as the globe battles through a semiconductor crisis.
For Tesla, this signaled a six consecutive quarter following its report highlighting its high record deliveries. The electric vehicles (EV) company supplied in its fourth-quarter 308,600 cars, surpassing analysts’ calculations of 263,026 units.
Elon Musk’s company reached a delivery margin of 70 percent in Year-over-Year (YoY), almost a 30 percent increase from its previous quarter.
“Great work by Tesla team worldwide!” the billionaire expressed on Twitter.
Tesla heightened production in China despite facing fierce competition and regulatory scrutiny from the Chinese government “following consumer complaints about product safety.”
Chinese production for the EVs are sent to Europe and certain Asian regions. Annually, the manufacturer ramped up its deliveries by 87 percent YoY, reaching a whopping 936,172 vehicles in 2021 alone.
In October 2021, the billionaire revealed that the automaker has the capacity to sustain its annual growth to exceed 50 percent for “quite a while.”
“They have beaten all the odds,” managing partner at venture capital firm Loup Ventures, Gene Munster, said on Sunday.
“The first is the demand for their products is through the roof. And the second is they’re doing a great job of meeting that demand,” he added.
Munster further stated that his expectation for Tesla lies in the company’s ability to increase deliveries to 1.3 million vehicles in 2022.
In October, Zachary Kirkhorn, the EV giant’s Chief Financial Officer (CFO), revealed that they wouldn’t bet on a specific prediction as to when Tesla will have the capacity to increase production to its new factories in Texas and Berlin. He further added that these factories would have a much higher capacity as they will use new technologies and new teams.
The automaker had previously uncovered plans to develop its production vehicles at both factories by the end of 2021. However, Tesla has yet to reveal if it has met its target.
When asked for a comment, Tesla did not respond to Reuters on the matter.
In its report on Friday, Deutsche Bank said it was expecting Tesla to create an estimate of 1.5 million vehicles this year, despite the chip shortage crisis bombarding the tech sector.