Tesla said on Saturday that it delivered 180,570 electric vehicles in the fourth quarter, beating the previous record and Wall Street expectations. The electric car maker produced 170,757 Vehicles in total.
For the year Tesla delivered 499,550 vehicles in 2020, slightly missing its target of around 500,000 vehicles. At an annual general meeting this year, CEO Elon Musk announced to shareholders that he expects deliveries to hit an implicit range of between 477,750 and 514,500 cars per year despite the impact of the coronavirus pandemic.
The fourth quarter numbers set a new record for Musk’s auto business, which hit its best-ever level in the third quarter of 2020 with deliveries of 139,300.
According to a consensus among analysts polled by FactSet, Wall Street expects Tesla to report 174,000 vehicle deliveries in the last three months in the fourth quarter. The estimates ranged from 151,000 at the low end to 184,000 at the high end and included projections released between October and mid-December.
In its quarterly reports, Tesla does not split the delivery and production numbers by region. Tesla is also combining delivery numbers for its older Model S and Model X electric cars, as well as newer, more popular Model 3 and Model Y vehicles.
In the fourth quarter, Tesla delivered 161,650 Model 3 and Y vehicles and produced 163,660 such vehicles. The automaker delivered 18,920 S and X vehicles and produced 16,097 of them.
For the year, Tesla shipped 442,511 Model 3 and Y vehicles while 454,932 vehicles were produced. It delivered 57,039 Model S and X vehicles, while 54,805 such vehicles were produced.
In the course of 2020, Tesla was able to increase vehicle production and delivery by successfully operating a new automobile plant in Shanghai and encouraging new suppliers of battery cells (together with its long-term partner Panasonic) to make more of the high-voltage battery packs that it owns Drive electric cars.
According to Tesla, production of the Model Y has started in Shanghai. Delivery is expected to begin shortly.
Musk has announced that he plans to increase Tesla’s vehicle sales from around 500,000 in 2020 to 20 million a year over the next decade. Plans are in the works for a $ 25,000 electric vehicle, its cybertruck and redesigned roadster.
After Tesla’s Model S unveiling brought in higher than expected pre-orders in 2016, Musk said the company plans to produce 500,000 cars a year at the Fremont plant by the end of 2018. He also said Tesla would produce 800,000 to 1 million cars a year in Fremont in 2020, then reiterate the target in 2018 with a slight hedge that it could look closer to 750,000 a year in Fremont. The company has apparently not yet achieved this goal in California.
Looking ahead to 2021, Tesla is building new factories in Austin (Texas) and Brandenburg (Germany) to increase production and sales volumes, among other things. Musk warned shareholders on the company’s latest earnings statement that it could take 12 to 24 months to reach full capacity in new factories once commissioned – significantly slower than what Tesla achieved in Shanghai.
With Tesla facing a larger number of competitors in luxury and lower-cost segments around the world, IHS Markit predicts that EV sales will account for 10.2%, or 9.4 million, of the nearly 92.3 million vehicles expected to be sold worldwide in 2024 .
Correction: Tesla slightly missed its target for annual deliveries. In an earlier version of this story, the destination was incorrectly specified due to an editing error.