With $5.5 bln net income, Elon Musk's Tesla marks more than seven-fold increase over 2020

With $5.5 bln net income, Elon Musk
# 27 January 2022 13:01 (UTC +04:00)

2021 turned out to be a big breakthrough year for Tesla as CEO Elon Musk said on Wednesday evening that his Electric Vehicles (EV) company scored a $5.519 billion annual net income, compared to $721 million it made in 2020, APA reports citing Sputnik.

Tesla produced 305,840 vehicles in the fourth quarter of 2021, a 70 percent increase over the previous year.

However, Musk quickly pointed out that the supply-chain problem continues to be a roadblock in the production of electric vehicles.

"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," Musk said.

"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," he added.

Musk shared that he doesn't plan to introduce new vehicle models this year, and is instead focusing on growing the manufacturing capacity of his electric vehicles.

"If we were to introduce new vehicles, our total vehicle output will decrease. We will not be introducing new vehicle models this year. It wouldn't make sense," he added.

According to him, 2022 is the year "we will be looking at factory locations to see what makes the most sense with possibly some announcement by the end of this year".

Tesla said its first Model Y vehicles to be made at its new Austin, Texas factory were nearing completion.

Tesla also highlighted its controversial Full Self-Driving (FSD) product as "a primary area of focus".

"There are several profound improvements to the FSD stack that are coming in the next few months," he said.

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