May 26, 2022

The Queens County Citizen

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Tesla | 5.5 billion profit in 2021 at a record level

Tesla |  5.5 billion profit in 2021 at a record level

(New York) Tesla has made a record $ 5.5 billion profit in 2021 with the e-vehicle craze, but warns that problems with its supply chain could continue throughout this period.

Posted 4:17 pm
Updated at 4:55 pm.

Elon Musk Group has already announced that it has increased its deliveries by 87% last year, despite a shortage of semiconductors and supply problems affecting the automotive sector as a whole.

Its turnover rose 71% to 53.8 billion, slightly higher than analysts’ estimates.

“2021 is a wonderful year for Tesla. There can be no doubt about the viability and profitability of electric vehicles, ”the group said in a statement.

Tesla claims that its operating margin in the fourth quarter was higher than that of all major traditional automakers, “showing that electric vehicles can make more money than vehicles with internal combustion engines”.

Earnings per share, excluding exceptional items, again exceeded the benchmark US $ 6.78 on Wall Street.

In the fourth quarter alone, the group’s turnover increased 65% to 17.7 billion and its net profit rose to 2.3 billion.

The automaker, which has been announcing since the beginning of 2021 that it wants to increase deliveries by an average of 50% per annum for many years, is pursuing this goal.

But he warned, “The growth rate depends on efficiency [ses] Equipment, operational efficiency and supply chain efficiency and stability ”.

“Our own factories have been operating below capacity for several quarters, mainly due to the supply chain, which is expected to continue until 2022,” he said.

To increase production, the group has set up new factories in Austin, Texas and Berlin. Tesla said on Wednesday that it was expected to start production there last year but was still in the testing phase.

Group share in electronic trading fell 3% after the close of the New York Stock Exchange.

After announcing a mega-order of 100,000 electric vehicles from rental company Hertz, Tesla entered Wall Street in late October into a small club of companies valued at more than US $ 1000 billion. Like most tech stocks it has fallen slightly backwards.

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