Tesla shares surge after record vehicle deliveries

0
49

[ad_1]

Elon Musk‘s electric carmaker Tesla delivered a record number of vehicles in 2021 after it easily topped fourth-quarter expectations.

The company delivered 308,600 vehicles during its fourth fiscal quarter, according to figures released Sunday.

The delivery total was higher than analysts’ projection of 263,026 vehicle deliveries and surpassed the carmaker’s previous quarterly record of 241,300.

In total, Tesla delivered a record 936,172 electric cars in the 2021 fiscal year — a whopping 87 percent increase compared to the previous year when it shipped 499,550 vehicles.

Tesla shares jumped nearly 9 percent on Monday morning in response to the delivery report.

Tesla electric cars and charging stations are lined up outside the customer delivery center in front of Tesla Motors
Tesla delivered 308,600 vehicles during its fourth fiscal quarter.
Michael Macor/The San Francisco Chronicle via Getty Images
Tesla CEO Elon Musk
Tesla CEO Elon Musk has expressed concern about the supply chain crunch.
FREDERIC J. BROWN/AFP via Getty Images

“With the chip shortage a major overhang on the auto space and logistical issues globally these delivery numbers were ‘jaw dropping’ and speaks to an EV demand trajectory that looks robust for Tesla heading into 2022,” Wedbush analyst Daniel Ives said in a note to investors.

Tesla reported the blowout delivery numbers despite ongoing supply chain issues that have plagued automakers. Key components, including semiconductor chips used in Tesla vehicles, are in short supply.

Musk touted the delivery totals on Twitter.

“Great work by Tesla team worldwide!” Musk tweeted.

Musk has expressed concern about the supply chain crunch on several occasions. In July, the Tesla CEO said the company was reprogramming its software to use computer chips that were more readily available in its vehicles.

“We were able to substitute alternative chips, and then write the firmware in a matter of weeks,” Musk said during an earnings call at the time. “It’s not just a matter of swapping out a chip; you also have to rewrite the software.”

Brand new Tesla motors electric cars, including the Tesla Model 3 on a car carrier truck awaiting delivery near the company's headquarters and factory in the Silicon Valley, Fremont, California, July 28, 2018.
The delivery total was higher than analysts’ projection of 263,026 vehicle deliveries.
Smith Collection/Gado/Getty Images

Despite the supply chain issues, Tesla’s market capitalization has surged in recent months. The company’s valuation exceeded $1.15 trillion as of Monday.

[ad_2]

Source link