Tesla shares jump in premarket as deliveries surge 87% in 2021, smash quarterly record
Tesla Inc. delivered more than 308,000 vehicles in the fourth quarter, blowing away analysts’ expectations, and saw deliveries surge about 87% in a year that saw the electric-vehicle maker top $1 trillion in market cap for the first time.
In a statement Sunday, Tesla TSLA,
Wall Street consensus was calling for fourth-quarter deliveries of about 266,000 vehicles, with some bullish analysts predicting numbers between 275,000 and 289,000.
Shares of Tesla jumped 6% in premarket trading on Monday, ahead of the first session of 2022. Tesla stock rose about 50% in 2021, and has rallied 36% over the past three months despite a roughly monthlong selloff as Musk sold about 10% of his stake in the company, while exercising even more stock options.
“This was a ‘trophy case’ quarter for Musk & Co. with massive momentum moving into 2022,” Wedbush analysts Daniel Ives tweeted Sunday.
The increase in production and deliveries was even more impressive considering the chip shortage and supply-chain problems that plagues auto makers in 2021. The Wall Street Journal has reported Tesla’s in-house software engineering helped make it more agile than its rivals at adjusting to the chip shortfall.
“Great work by Tesla team worldwide!” Tesla Chief Executive Elon Musk tweeted Sunday. He later tweeted: “Let’s make the roaring 20’s happen!”
After topping $1 trillion in market capitalization for the first time in October, it briefly fell below that level during the selloff, but rejoined that exclusive club in December. As of Dec. 31, the company was valued at about $1.06 trillion.
