Business

Tesla reports record profits but warns of supply problems

Tesla said on Wednesday that profits have grown more than sixfold to $5.5 billion in 2021, the highest total in its 19-year history, as sales continue to grow, especially in Europe. Europe and China.

However, the automaker warned that supply chain troubles stemming from the pandemic will continue to be a production limiting factor next year.

“Our factories have been operating below capacity for several quarters as supply chains have become a major limiting factor, which is likely to continue into 2022,” the company said.

The automaker reports that its revenue has grown to $53.8 billion in 2021, from $31.5 billion a year earlier. Deliveries increased by 87% to 936,000 vehicles.

The company’s final profit figure includes the nearly $1.5 billion it earned from selling regulatory credits to other automakers, down slightly from the previous year.

Tesla grew last year even though computer chip shortages have limited other manufacturers’ production through much of 2021. It can mitigate the impact of the shortage by switching to types chip more readily available and write new instructions or firmware, embedded in the chip.

In addition to the established factories in Fremont, Calif.and Shanghai, Tesla needs output from the new plants the company is building in Texas and Germany to sustain its rapid growth. It echoed an earlier forecast that it expected sales to grow by an average of about 50% annually over the next few years.

“We aim to increase production as quickly as possible,” the company said on Wednesday.

Tesla dominates the electric-vehicle market in the US, but it may end up facing some serious competition this year. Ford Motor, General Motors, Volkswagen and Hyundai have all outlined ambitious plans to introduce new electric vehicles in the US Two fledgling electric vehicle manufacturers, Rivian and Lucid Motors, have just begun shipping vehicles designed to designed to compete with Tesla.

https://www.nytimes.com/2022/01/26/business/tesla-earnings.html Tesla reports record profits but warns of supply problems

Fry Electronics Team

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