Tesla warns of supply chain constraints as it reports record profits


Tesla has warned that supply chain constraints will weigh on the carmaker’s performance “until 2022” as it reported a record net profit of $ 2.3 billion in the fourth quarter of 2021.

Quarterly figures show that the pioneer of electric vehicles, led by Elon Musk, has skillfully navigated the supply chain congestion and chip shortages that plague the rest of the car industry.

But on Wednesday, Tesla said in a profit statement that its factories “have been operating below capacity for several quarters since [the] the supply chain has become the main limiting factor “, a trend that” is likely to continue until 2022 “.

Shares of Tesla immediately fell more than 5%, but later traded 1.5% higher in after-hours trading as Musk, CEO, spoke during a conversation with investors.

Despite supply chain problems, Musk said Tesla’s volume growth this year should be “conveniently over 50 percent.” Last year, Tesla delivered 936,222 vehicles, an annual gain of 87 percent.

Musk also “solved” the full technology of self-driving in 2022 – a claim he made in previous years without success.

Industry experts were skeptical that Tesla could achieve its ambitions for self-driving, but that didn’t stop the company from selling its driver support features for $ 10,000.

In the long run, Musk said full self-driving features will become a major part of Tesla’s profitability, turning cars from devalued assets into products that increase in value over time as owners can rent them out. to earn revenue.

“I would be shocked if this year we do not achieve full self-driving, safer than humans,” Musk said.

Tesla’s net quarterly profit of $ 2.3 billion was 760 percent higher than a year earlier, but still below Wall Street’s expected $ 2.55 billion. The company registered net profits for 10 consecutive quarters. For the whole of 2021, it registered $ 5.5 billion in net profit, which is 665% more than in 2020.

Revenue for the fourth quarter jumped 65% year-over-year to $ 17.7 billion, well above the $ 16.6 billion forecast.

Fans of the company, who are looking for updates on the upcoming Cybertruck, Semi and Roadster cars, left the announcement of the profit disappointed, as Musk confirmed that “we will not introduce new vehicle models this year – it will not make sense.”

He explained that efforts to introduce vehicles will lead to a reduction in total production and the focus in 2022 will be on increasing operations.

When asked about Tesla’s $ 25,000 potential, Musk objected. “We’re not working on a $ 25,000 car right now,” he said. “At some point… But that’s the wrong question. What’s extremely important is when the car is autonomous?”

Despite recent supply chain difficulties, the company called 2021 a “breakthrough year”, adding that its operating margin of 14.7% was better than all carmakers, “demonstrating that [electric vehicles] may be more cost-effective than vehicles with an internal combustion engine. ‘

Shares of the company, now based in Austin, Texas, fell 22 percent this year after moving from California before the results were released on Wednesday, reducing its market capitalization to $ 934 billion.

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