Tesla Inc. set a record on its earnings but indicated that the supply chain bottleneck constraints would continue, which will prevent the company from introducing a new model in 2022 and instead focus on expanding the current line-up production.
This decision means that cybertruck fans will have to wait until the following year. According to CEO Elon Musk, full self-driving features will come in 2022 as a humanoid robot is on the fast-track development job.
Headquartered in Austin, Texas, the company reported fourth-quarter earnings of $2.88 billion excluding extraordinary items as it posted strong sales on its mass-market models. The earnings per share of $2.54 beat analysts’ $2.36 per share.
Tesla delivered 87% more vehicles in 2021, accounting for more than 936,000 vehicles globally. This was above the average 50 % annual expansion project over several years. However, it is cautioning that shortages that affect sales for most major auto manufacturers will also affect Tesla.
As per Tesla, the factories were running below capacity for several quarters as the supply chain became the limiting factor, likely to continue in 2022.
After initially falling sharply, Tesla stocks advanced by 2.1% to $937.41 at close on Wednesday in New York, and this year it is down by 11 %.
The fourth-quarter revenue grew to $17.7 billion compared to estimates of $16.6 billion, up by 65%. Projections for growth will continue to be above the comfortable 50% for 2022 as per the company’s executives’ call with the investors.
Musk re-joined the call Wednesday after being absent in the last quarter’s earnings call. He outlined the company’s roadmap for 2022. He said it wouldn’t be introducing the cybertruck in 2022 or any other new models until 2023. The investors also asked him about the $25000 vehicle, which would be affordable for more buyers.
The key goals for Tesla would be to scale up the production in its existing factories while looking for new locations and achieving its total self-driving vehicles. The company has begun manufacturing Model Y with 4680 battery cells in Texas. The deliveries will start after the final certification, expected relatively soon.
Musk also updated the development on the Optimus Human-Robot, which according to him, has to potential to be more significant than vehicle business as they could help overcome labor shortages in the future. The robot will be first used in Tesla factories.
Tesla’s gross margin for the fourth quarter grew to 30.6% over the previous quarter, a key profitability metric. The results allowed Tesla to show profits continuously since its inception in 2003.
Tesla has generated billions of revenues by enabling other automakers to comply with stricter emission norms. It did not specify how much it earned manufacturer-wise or regional breakdowns. Revenues from this segment were up from $279 million to $314 million in the last quarter. According to Tesla, its cost per car dropped to $36,000 in the first half of 2021.
