TESLA SHIFTS TO HIGH GEAR
Stox soar with record deliveries
Tesla delivered a record number of vehicles in 2021 after it easily topped fourth-quarter expectations, sending shares of the electric carmaker up sharply on Monday.
Shares of Elon Musk’s company closed up more than 13% after it reported deliveries had jumped to higher than expected levels.
Monday’s share-price gain built upon a 50% advance for the stock in 2021. In October, Tesla surpassed $1 trillion in market value, making it the sixth US company to close above that milestone.
According to figures Tesla released on Sunday, the company delivered 308,600 vehicles during its fourth fiscal quarter.
The delivery total was higher than analysts’ projection of 263,026 vehicle deliveries and surpassed the carmaker’s previous quarterly record of 241,300.
In total, Tesla delivered a record 936,172 electric cars in the 2021 fiscal year — an 87% increase compared with the previous year, when it shipped 499,550 vehicles.
Stock analysts said Tesla’s growth in vehicle deliveries underlined that the company had room to keep revving ahead amid strong demand for electric vehicles, or EVs.
“With the chip shortage a major overhang on the auto space and logistical issues globally these delivery numbers were ‘jaw dropping’ and speaks to an EV demand trajectory that looks robust for Tesla heading into 2022,” Wedbush analyst Daniel Ives said in a note to investors.
Tesla reported the blowout delivery numbers despite ongoing supply-chain issues that have plagued automakers.
Key components, including semiconductor chips used in Tesla vehicles, are in short supply.
Musk hailed the delivery totals on Twitter.
“Great work by Tesla team worldwide!” Musk tweeted.
Musk has expressed concern about the supply-chain crunch on several occasions.
In July, the Tesla CEO said the company was reprogramming its software to use computer chips that were more readily available in its vehicles.
“We were able to substitute alternative chips, and then write the firmware in a matter of weeks,” Musk said during an earnings call at the time.
“It’s not just a matter of swapping out a chip; you also have to rewrite the software.”
Topping $1 trillion
Despite the supply-chain issues, Tesla’s market capitalization has surged in recent months. The company’s valuation exceeded $1.15 trillion as of Monday.
Tesla’s stock closed the day at $1,199.78 a share, up more than 13.5% on the day and far outstripping the broader market, with the S&P 500 index up only 0.6%.