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Tesla reports bumper performance for 2021, earning $5.5 billion

Tesla has been on a roll lately, earning big each quarter. The last quarter of 2021 saw it turning $2.3 billion in profit.

Tesla is no longer the company struggling to break even each quarter, and Q4 2021 saw it reporting record performance. The EV maker pulled in $2.3 billion in profit, a massive increase over the same period in 2020 when it earned $270 million. It meant the company earned $5.5 billion for the whole year. The total profit in 2020 was $721 million.

Q4 saw Tesla producing 305,840 vehicles, 70 percent more than the previous year. Through the year, Tesla delivered 936,172, comfortably smashing its goal of a 50 percent year-on-year increase in production that required it to produce only 750,000.

Tesla continued to earn revenue from carbon credits, selling $314 million worth of them, compared to $279 million in the preceding quarter.

Profit margins of its vehicles increased too, coming in at 30 percent, continuing the trend from the 3rd quarter.

Even Elon Musk, the CEO, agrees 2021 had been memorable for Tesla. “2021 was a breakthrough year for Tesla and for electric vehicles in general. While we battled, as everyone did, with supply chain challenges through the year, we managed to grow our volumes by nearly 90 percent last year.”

Speaking of the immediate future, Tesla says its new factories in Texas and Berlin, Germany, may be limited in production by supply chain problems and regional permitting issues. However, the first batch of Model Y to be produced in Texas is nearing finishing, meaning they are getting closer to making actual deliveries once certification is completed.

Even with two new factories yet to come online fully, Tesla is already shopping for a location for its next factory. Musk revealed during the earnings call that a new site might be announced before the end of this year.

Tesla is also focusing on its Full Self-Driving (FSD) offering this year. The company is intent on making its cars drive themselves, with plans for a robotaxi service that will allow Tesla owners to give up their cars for ride-sharing when they are not using them. This will lead to increased utilization of Tesla vehicles.

Musk predicts the robotaxi service will kick off this year, and Tesla has worked hard to reach this goal. During the last quarter alone, Tesla released seven updates to the FSD software and had enrolled about 60,000 Teslas in the public beta. The CEO expects Tesla will achieve FSD that is safer than humans this year.

However, there is some sad news. For folks holding pre-orders of the hotly anticipated Cybertruck electric pickup truck, the wait continues. Tesla has confirmed the truck has been delayed till next year, just as it had been rumored for some time. However, the same fate will befall the Roadster supercar.

Previously, the company had targeted a late 2022 production for the truck but later removed all references to 2022 from the product web pages.

Musk explained that introducing a new vehicle at the moment would decrease their total output. He also pointed out that Tesla is struggling to make the Cybertruck affordable, implying that the starting price of $39,900 announced initially might no longer apply.

The Tesla boss also dispelled rumors of a $25,000 car, similar to why the Cybertruck and Roadster have been delayed. However, he said Tesla would do the affordable EV at some point.

Written by HackerVibes

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