Tesla MISSES Target In Q4 2020. Where Does The Stock Go MONDAY?

Source electrive

Source electrive

Tesla chief and co-founder Elon Musk hailed the figures as a "major milestone" for the firm.

Tesla's annual sales rose 36pc, but the electric auto maker came short of its annual goal to deliver 500,000 vehicles in 2020.

Tesla has revealed its final delivery figures for 2020 - just 450 vehicles less than what Elon Musk was targetting.

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Musk sent an email to employees in December urging them to increase production for the rest of the quarter as much as possible, writing that Tesla has a "high-class problem" of demand being above what its factories can produce.

Tesla's dizzying stock rise made it the world's biggest automaker by market value as the electric-car maker showed it could sustain its profitability with five straight quarters of gains.

The company said Saturday that it delivered 499,500 previous year, including 180,570 SUVs and sedans in the October-through-December period. It also said production of its mid-size SUV, the Model Y, has begun in Shanghai.

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According to elektrek.co, production-wise, Tesla registered robust 24% quarter-on-quarter growth and handsome 71% growth year-on year. The result capped a remarkable year for Chief Executive Officer Elon Musk and his company, which joined the Standard & Poor's 500 Index on December 21 after posting five consecutive quarters of profit. Tesla vehicle deliveries represent only one measure of the company's financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles. For starters, meeting operational forecasts is a routine event for most members of the S&P 500, to which Tesla was added last month.

The company reached its production goal for the year, making a total of 509,737 vehicles.

At present, Tesla manufactures a total of four vehicles, two of which are sedans (Model 3 and Model S) and two are SUVs (Model X and Model Y).

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