Tesla beats Q4 estimates, delivered 936,222 vehicles in 2021

Tesla reported Q4 revenue of $17.7 billion.

Electric vehicle pioneer and renewable energy company Tesla Motors reported Q4 revenue and profit figures that easily topped consensus estimates. 

Revenue in Q4 rose to $17.7 billion, yielding an EPS of $2.54 a share. Analysts had been modeling $16.64 billion and $2.36 per share. The company reported a $2.3 billion GAAP net income. 

Tesla said it delivered 308,650 vehicles in the quarter and 936,222 vehicles in 2021. The number had been previewed in a preliminary release from the company earlier this month. 

Tesla noted that in Q4, it saw "a continuation of global supply chain, transportation, labor and other manufacturing challenges" that limited the ability to run factories at full capacity. The report sent Tesla shares down 3.80% in late trading. 

"We plan to grow our manufacturing capacity as quickly as possible. Over a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries," the company said. "The rate of growth will depend on our equipment capacity, operational efficiency, and the capacity and stability of the supply chain. Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through 2022."

Tesla said its gross profit margin was 30.6% in the quarter, compared to 30.5% in the prior quarter, and 24.1% in the year-earlier quarter. Tesla considers gross profit as a key indicator of its success as it seeks to consistently reduce the cost of goods.

The company is still small compared to internal combustion engine-based manufacturers such as Ford, which sells millions of units every year. Tesla's challenge is to be more than a boutique vendor.   

The report follows Tesla's annual shareholder meeting in October when CEO Elon Musk confirmed rumors the company is moving its corporate headquarters from Fremont, California to Austin, Texas. Factories are being built in Austin and in Brandenburg, Germany.

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