Tesla Reviews Document Revenue however Warns of Provide Issues

Tesla mentioned Wednesday that its revenue leapt greater than sixfold final yr to $5.5 billion, the very best whole in its 19-year historical past, as gross sales soared additional, particularly in Europe and China.

However the automaker warned that provide chain troubles stemming from the pandemic would once more constrain manufacturing by means of this yr.

“Our personal factories have been operating under capability for a number of quarters as provide chain grew to become the primary limiting issue, which is more likely to proceed by means of 2022,” the corporate mentioned.

Tesla’s income rose to $53.8 billion in 2021, from $31.5 billion a yr earlier. Deliveries elevated 87 p.c, to 936,000 vehicles. It closed the yr with a robust fourth quarter wherein income climbed 65 p.c, to $17.7 billion, and internet revenue rose to $2.3 billion, from $270 million within the comparable interval in 2020.

The corporate generated $4.6 billion in money within the fourth quarter and ended the yr with $17.5 billion in money available.

Elon Musk, Tesla’s chief government, mentioned the corporate wouldn’t announce any enlargement of its product lineup this yr so it may concentrate on rising manufacturing.

Including fashions whereas demand is outstripping provide “wouldn’t make sense,” he mentioned in a convention name with analysts. “If we launched new autos, our whole output would lower.”

Tesla mentioned it was engaged on its Cybertruck pickup, which was supposed to enter manufacturing in 2021.

The corporate repeated a earlier forecast that it anticipated gross sales to develop about 50 p.c a yr on common for the subsequent few years. Mr. Musk mentioned Tesla would develop “comfortably above” that determine in 2022.

Tesla grew final yr regardless of a scarcity of laptop chips that affected the whole business. The corporate was capable of mitigate the affect of the scarcity by switching to forms of chips that had been extra available. Tesla could make such a change as a result of its software program permits its vehicles to work with a better number of chips than different automakers’ autos do.

“The chip scarcity continues to be a difficulty,” Mr. Musk mentioned Wednesday. “We anticipate to be chip-limited this yr. It ought to alleviate subsequent yr.”

Along with its established factories in Fremont, Calif., and Shanghai, Tesla wants output from crops it’s constructing in Texas and Germany to take care of its fast development.

“We purpose to extend our manufacturing as rapidly as we are able to, not solely by means of ramping manufacturing at new factories in Austin and Berlin, but additionally by maximizing output from our established factories in Fremont and Shanghai,” the corporate mentioned Wednesday. “We imagine competitiveness within the E.V. market might be decided by the power so as to add capability throughout the availability chain and ramp manufacturing.”

Mr. Musk mentioned Tesla would in all probability begin scouting places for a brand new car plant by the tip of the yr.

The corporate mentioned it hoped to start transport Mannequin Y compacts made in Austin. Manufacturing on the plant close to Berlin, which had been anticipated to start out by the tip of 2021, has been delayed due to disputes with German authorities over permits.

Tesla dominates the marketplace for electrical autos in the US, however it’s more likely to lastly face some severe competitors this yr. Ford Motor, Normal Motors, Volkswagen and Hyundai have all outlined bold plans to introduce new electrical vehicles in the US. Two fledgling electrical car producers, Rivian and Lucid Motors, even have simply began transport autos supposed to compete with Tesla.

Tesla’s bottom-line determine for 2021 included practically $1.5 billion that it earned from promoting regulatory credit to different automakers, barely lower than within the earlier yr.