San Francisco: Tesla Inc predicted Wednesday that annual sales will increase by more than 50% annually in 2022 despite supply chain issues that will limit electric vehicle production.
CEO Elon Musk’s upbeat outlook sent shares up 1.6% after hours and came after the world’s most valuable automaker posted record quarterly revenue that beat Wall Street’s expectations.
But a cautionary note about the woes of the supply chain showed that even Tesla may not escape the shortfall that plagued many big automakers last year. And Tesla has the added challenge of opening two new factories and introducing new batteries and technologies this year with short supplies of chips and other parts.
Musk said Tesla will not introduce new models this year, but expects to launch Cybertruck, Semi and Roadster next year.
Revenue rose to $17.72 billion in the fourth quarter, up from $10.74 billion a year earlier. Analysts had expected the electric-vehicle maker to report revenue of $16.57 billion, according to Refinitiv’s IBES data.
Tesla has done better than most automakers at managing supply chain issues 04 by using less rare chips and rewriting software more quickly. The automaker delivered a record number of vehicles to customers last quarter despite supply chain headwinds.
“Our own factories have been running below capacity for several quarters as the supply chain has become the main limiting factor, which is likely to continue through 2022,” Tesla said in a statement.
Tesla said Wednesday that its new factory in Austin plans to begin deliveries to customers after final certification, starting production of the Model Y late last year, without elaborating on a deadline.
It said it aims to produce more than 600,000 vehicles per year from its California factory.
“The pace of production ramps in Austin and Berlin will be influenced by the successful introduction of many new products and manufacturing technologies into new locations, supply-chain related challenges, and regional permitting,” Tesla said.
It is facing increasing competition from rivals, who are gearing up to launch a range of electric cars, from more affordable models to electric pickups.
The automaker also said it has increased the number of fully self-driving beta vehicles in the United States from a few thousand at the end of September to about 60,000. Tesla is testing an improved version of its automatic driving software on public roads, but has said the features do not make the cars autonomous.
Tesla’s $4.09 billion in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) beat the consensus estimate of $3.89 billion, according to Refinitiv. It appeared to qualify Musk for an additional option payment as part of his 2018 compensation package.
Quarterly profits took a $340 million hit from payroll taxes related to exercise options related to Musk’s 2012 compensation package.
This benefit is also reflected in rising raw material, commodity and logistics costs and expenses related to warranties and recalls. Tesla is recalling more than 475,000 of its Model 3 and Model S electric cars to address rearview camera and trunk issues that increase the risk of accidents.
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