Tesla (TSLA) Reports Strong Q4 Beat, Achieves Record Vehicle Deliveries in 2021

January 26, 2022 5:06 PM EST
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Tesla (NASDAQ: TSLA) reported its Q4 results, with EPS coming in at $2.54, better than the Street estimate of $2.26. Revenues grew 65% year-over-year to $17.72 billion (vs. Street’s $16.35 billion) driven by the growth in vehicle deliveries and growth in other parts of the business. The annualized vehicle production run-rate in Q4 was over 1.22 million. The company achieved record vehicle deliveries of 0.94 million in 2021.

After the final certification of Austin-made Model Y (builds started in late 2021 at Gigafactory Texas), the company plans to start deliveries to customers. According to the company, it aims to maximize output from its Fremont factory, with the potential to extend the overall capacity beyond 600,000 per year, while ramping new factories. The company is still in the process of finalizing the manufacturing permit from local authorities for its Gigafactory Berlin-Brandenburg, which will allow it to start delivering German-made vehicles in Europe.

The company anticipates achieving 50% average annual growth in vehicle deliveries over a multi-year horizon.

Commenting on the results, Wedbush analyst Dan Ives said "Taking a step back, with the chip shortage still a major overhang on the auto space and logistical issues globally, these delivery numbers combined with this "impressive earnings beat" speaks to an EV demand trajectory that looks quite robust for Tesla heading into 2022."

"Importantly, Tesla confirmed builds of Model Y started in late 2021 at Giga Austin in line with our thoughts, with deliveries to customers starting once final certification is achieved," he added. The analyst reiterated an Outperform rating and $1,400 price target on Tesla.

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