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NEW YORK: Tesla rode rising demand for electrical autos to a file $5.5 billion revenue in 2021, however Elon Musk’s firm cautioned Wednesday that offer chain issues would proceed to crimp manufacturing by 2022.
The electrical carmaker, which scored an 87 % soar in auto deliveries final yr despite the worldwide semiconductor scarcity, reported a 71 % rise in revenues to $53.8 billion.
However Tesla mentioned it noticed no rapid reduction from provide chain woes which have hit exercise “for a number of quarters,” it mentioned.
“We plan to develop our manufacturing capability as rapidly as attainable,” it mentioned in a information launch that reiterated the corporate’s goal of fifty % annual progress.
“The speed of progress will depend upon our gear capability, operational effectivity and the capability and stability of the provision chain,” Tesla mentioned.
“Our personal factories have been operating under capability for a number of quarters as provide chain grew to become the principle limiting issue, which is more likely to proceed by 2022.”
Musk mentioned he was heartened by introduced new semiconductor capability that ought to alleviate the imbalance by the tip of 2022 or early 2023.
However “there could possibly be different points” that floor this yr, he mentioned throughout a convention name with analysts and traders.
Musk cited the provision chain points as a consider a choice to defer rollouts of latest merchandise this yr, including that the corporate will do engineering of its “Cybertruck” electrical pickup with a watch in direction of a attainable launch in 2023.
“The elemental focus of Tesla is scaling autos,” Musk mentioned, including that had the corporate launched new fashions in 2021, it will have resulted in decrease total manufacturing.
Musk has beforehand additionally mentioned introducing a $25,000 electrical automobile, however mentioned that product too was not on the entrance burner.
“Now we have an excessive amount of on our plate,” Musk mentioned.
In the latest quarter, Tesla scored a $2.3 billion revenue, up greater than eight instances the year-ago stage as revenues jumped 65 % to $17.7 billion.
Tesla has been ramping up manufacturing at factories in California and Shanghai, whereas additionally constructing new amenities in Germany and Texas.
Tesla mentioned it started constructing Mannequin Y autos in Texas in late 2021, whereas it began gear testing in Germany across the similar time.
“We’re nonetheless within the means of finalizing the manufacturing allow from native authorities” in Germany, Tesla mentioned.
Musk mentioned he’s including extra manufacturing places, with additional bulletins probably in late 2022.
CFRA Analysis analyst Garrett Nelson characterised the corporate’s cautious remarks on provide chains as unalarming.
“Tesla has turn into masterful at underpromising and overdelivering and has now beat (expectations) in 9 of the previous 10 quarters,” Nelson wrote. “We reiterate a ‘Purchase’ opinion.”
Shares of Tesla gained 0.8 % to $944.50 in after-hours buying and selling.
The electrical carmaker, which scored an 87 % soar in auto deliveries final yr despite the worldwide semiconductor scarcity, reported a 71 % rise in revenues to $53.8 billion.
However Tesla mentioned it noticed no rapid reduction from provide chain woes which have hit exercise “for a number of quarters,” it mentioned.
“We plan to develop our manufacturing capability as rapidly as attainable,” it mentioned in a information launch that reiterated the corporate’s goal of fifty % annual progress.
“The speed of progress will depend upon our gear capability, operational effectivity and the capability and stability of the provision chain,” Tesla mentioned.
“Our personal factories have been operating under capability for a number of quarters as provide chain grew to become the principle limiting issue, which is more likely to proceed by 2022.”
Musk mentioned he was heartened by introduced new semiconductor capability that ought to alleviate the imbalance by the tip of 2022 or early 2023.
However “there could possibly be different points” that floor this yr, he mentioned throughout a convention name with analysts and traders.
Musk cited the provision chain points as a consider a choice to defer rollouts of latest merchandise this yr, including that the corporate will do engineering of its “Cybertruck” electrical pickup with a watch in direction of a attainable launch in 2023.
“The elemental focus of Tesla is scaling autos,” Musk mentioned, including that had the corporate launched new fashions in 2021, it will have resulted in decrease total manufacturing.
Musk has beforehand additionally mentioned introducing a $25,000 electrical automobile, however mentioned that product too was not on the entrance burner.
“Now we have an excessive amount of on our plate,” Musk mentioned.
In the latest quarter, Tesla scored a $2.3 billion revenue, up greater than eight instances the year-ago stage as revenues jumped 65 % to $17.7 billion.
Tesla has been ramping up manufacturing at factories in California and Shanghai, whereas additionally constructing new amenities in Germany and Texas.
Tesla mentioned it started constructing Mannequin Y autos in Texas in late 2021, whereas it began gear testing in Germany across the similar time.
“We’re nonetheless within the means of finalizing the manufacturing allow from native authorities” in Germany, Tesla mentioned.
Musk mentioned he’s including extra manufacturing places, with additional bulletins probably in late 2022.
CFRA Analysis analyst Garrett Nelson characterised the corporate’s cautious remarks on provide chains as unalarming.
“Tesla has turn into masterful at underpromising and overdelivering and has now beat (expectations) in 9 of the previous 10 quarters,” Nelson wrote. “We reiterate a ‘Purchase’ opinion.”
Shares of Tesla gained 0.8 % to $944.50 in after-hours buying and selling.
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