Friday, March 31, 2023

Tesla exceeds expectations with record vehicle deliveries

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Stock market bulls that have eight-folded Tesla shares in 2020 received a New Year’s gift on Saturday, as the electric-car maker announced record deliveries of new vehicles that comfortably exceeded Wall Street expectations.

You’re here said it delivered 180,570 vehicles in the fourth quarter, ahead of 174,000 analysts expected. It also came within a hair’s breadth of hitting the half-million 2020 goal that chief executive Elon Musk set earlier in the year, with shipments reaching 499,550.

The latest figures suggest that Tesla was pulling all cylinders at the end of a year in which the global auto industry suffered a sharp contraction in sales. Sales were driven by the rapid ramp-up of production at a new factory in Shanghai, which opened earlier this year, and the launch of the Model Y, a crossover based on the company’s Model 3.

After You’re here Mr Musk first showed his Model 3 in 2016, leading to a rush for deposits from potential buyers, Mr Musk predicted sales would reach up to 1 million vehicles in 2020. the previous year – showed still that Tesla was increasing its global operations faster than some had anticipated.

Deliveries for the quarter were also a new record, climbing 30% from the previous record set in the third quarter. The company said on Saturday that it had also started producing the Model Y in China, and new factories in Texas and Germany are expected to start this year.

Tesla shares ended last year at a record high after it was listed on the S&P 500 Index in December, valuing the company at $ 669 billion.


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