Tesla reported a $5.5 billion profit as it faced increased demand for eletric vehicles. It recorded an 87% jump in auto deliveries even though there was a global semiconductor shortage. Its revenues jumped 71% as its figures stood at $53.8 billion.
“We plan to grow our manufacturing capacity as quickly as possible. 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.” the company said.
The supply chain issues mainly stem from the lack of semiconductor chips. These chips are needed in every electronic device. Today, consumer electronics segment is taking most of the chips, causing the automobile industry a massive shortage of chips and reducing production. Some manufacturers had to temporarily shut their factories down to avoid greater losses. The supply chain issues have caused Tesla to hold off on its upcoming models as its production is currently below capacity.
Recently, Tesla’s shares fell 12%, wiping out $109 billion from its valuation. Elon Musk announced that the heavily demanded Cybertruck, which got delayed multiple times, will not be available in 2022. Furthermore, Mr. Musk has announced that Tesla is working on a prototype for a humanoid robot named Optimus, which is said to be the “most important product” this year.
In other news, Tesla has officially entered the Turkish markets. There are no new developments regarding Tesla’s entry into Indian markets. Last known facts were that Mr. Musk tweeted that they were facing a lot of challenges with the government & that Minister of Industries, Thangam Thenarasu, invited Mr. Musk to Tamil Nadu over twitter.
Highlight by Aman Agarwal.