Tesla posted record fourth-quarter and full-year earnings in what it called a “breakthrough year”, despite supply chain problems.
In the final three months of 2021, Tesla generated $17.72 billion in revenue, $16.0 billion of which came from its vehicle business. From that total, Tesla’s Q4 saw net income of $2.32 billion and earnings per share of $2.05. On an adjusted basis, the company earned $2.54 per share.
Tesla EV sales rocketed 87% in 2021, as it delivered more than 936,000 vehicles to customers. The Austin, Texas-based company made $US5.5 billion last year compared with the previous record year of $3.47 billion in net income posted in 2020. It was the Tesla’s third straight profitable year.
Although the company predicted it would be able to build 50 percent more vehicles than it made last year, CEO Elon Musk said on the company’s earnings call that he expects Tesla to remain “chip-limited” in 2022. Instead of new models, Tesla is focused on producing more of the existing models in 2022.
“We will not be introducing new vehicle models this year. We will still be parts constrained.” He said the company would instead work on engineering and tooling to create those future vehicles.
The CEO also said the company is not currently working on a $25,000 compact electric vehicle, contrary to announcement at a Tesla Battery Day presentation in 2020. “We’re not currently working on the $25,000 car. At some point we will. We have enough on our plate right now. Too much on our plate, frankly,” Musk said.