While rising demand for electric vehicles has increased Tesla’s profit to a record $5.5 billion in 2021, the electric carmaker calls it a bigger feat as it made 87% deliveries and scored a 71% ($53.8 billion) rise in revenues despite the global semiconductor shortage.
No Immediate Relief From Supply Chain Woes To Tesla
In a press release, Tesla stated that the company planned to boost production to achieve the target of 50% annual growth. But it maintained that the stability of the supply chain would play a crucial role in the growth.
Tesla’s press release further stated that their factories had been running below capacity due to supply chain anomaly and that the problem would continue in 2022.
Elon Musk Has Hope
Musk said that the new semiconductor capacity could plug the demand and supply gap by the end of 2022 or early 2023. But he also hinted at other issues that could surface in 2022. Elon Musk was speaking to analysts and investors during a conference call.
No New Products This Year
The decision to roll out new products has to be deferred due to supply chain issues. But the company would work on its electric pickup “Cybertruck” for its possible launch in 2023. Musk added that had the company added new models in 2021, that would have resulted in lower production. About the $25,000 electric vehicle that Musk had previously discussed, he said that the product was not in the new models.
Tesla is busy ramping up its facilities in California and Shanghai. Also, the work in new factories in Germany and Texas is going in a full swing. In 2021, the company started making Model Y vehicles in Texas and began equipment testing in its German facility. But the company has yet to obtain a manufacturing permit from local German authorities.
Elon Musk said that he was considering opening more factories in 2022. In the share market, the company saw a meager jump of 0.8% to $944.50 in after-hours trading.
CFRA Research analyst Garrett Nelson said that Tesla had skillfully beat expectations in nine of the past 10 quarters by mastering underpromising and overdelivering. Nelson gave a “Buy” opinion to Tesla.