Tesla made record 5.5 bn annual earnings in 2021

Detroit: Tesla Inc. released their record fourth quarter and full-year earnings as the company's electric vehicles (EV) sales surged despite the shortage in computer chips that slogged the global automobile industry, Associated Press reported.

Tesla, based in Texas's Austin, made 5.5 billion US dollars last year in contrast to 3.47 billion us dollars the year before. Its accumulated earnings have entered the profitable territory, Elon Musk, Tesla CEO, said. The company earned 2.32 billion US dollars in the fourth quarter and 2.54 US dollars per share. Net revenue in the fourth quarter was 17.72 billion US dollars. The company sold a record number of 9,36,000 vehicles last year, which is almost double of 2020. Fourth-quarter sales alone were 3,08,60, again a record.

However, no new models will be launched this year due to the chip shortage, Musk informed and thus Tesla's Cyber Truck pickup scheduled this year might be delayed. He said that his company has not yet started working on the 25,000 US dollar small electric car, but he added it will. He opined that electric vehicles are viable and profitable.

The company is planning to build additional factories, and the locations for that will be revealed late this year.

Last year, the company's output was limited as it focused on modifying vehicles and vehicle building due to the chip shortage. There are other supply chain issues that are expected to persist this year, too, he said. He added that engineering work and equipping factories are going on to produce the Cybertruck, Semi and a new Roadster. He is hoping that the works will be completed to start production this year.

Tesla further said that its's new software, which costs 12,000 US dollars, intended to self-drive vehicles, is being tested by owners of around 60,000 cars in the US. However, Musk said the full-self driving is a driver assist system as of now and would not drive on its own.

The company expects an annual sales growth of 50 per cent, it said.