Tesla posts record earnings, says it won’t produce new models in 2022
DETROIT — Tesla Inc. on Jan. 26 posted record fourth-quarter and fullyear earnings as deliveries of its electric vehicles soared despite a global shortage of computer chips that has slowed the entire auto industry.
Although the company predicted it would be able to build 50% more vehicles than it made last year, CEO Elon Musk said the chip shortage would stop the company from rolling out any new models in 2022. That means another delay for the Cybertruck pickup, which was originally scheduled to go on sale last year. Musk also said Tesla isn’t yet working on a promised $25,000 small electric car, but it will.
“We have enough on our plate right now, quite frankly,” he said.
And Musk said the company is looking at building additional factories and will offer an update on locations later in the year.
The Austin, Texas, company made $5.5 billion last year compared with the previous record year of $3.47 billion in net income posted in 2020. Musk said the annual profit pushed the company’s accumulated earnings since its 2003 inception into profitable territory.
Musk said factory output was constrained last year as the company focused resources on modifying vehicles and manufacturing to deal with the chip shortage and other supply-chain problems that will persist this year. A lot of engineering work and factory tooling are underway to produce the delayed Cybertruck, Semi and a new Roadster, which he said he now hopes to be ready for production next year.
Tesla delivered a record 936,000 vehicles last year, nearly double the 2020 figure.