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Tesla 2020 deliveries beat estimates, however fall simply in need of Musk’s goal By Reuters

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© Reuters. FILE PHOTO: Tesla Motors CEO Elon Musk poses during a television interview following his company’s IPO on the NASDAQ New York market

(Reuters) – Tesla (NASDAQ 🙂 Inc reported better-than-expected vehicle deliveries for 2020 on Saturday, driven by a steady surge in electric vehicle adoption, but narrowly missed its ambitious full-year target for a year of penalties for the global auto industry.

The company shipped 499,550 vehicles in 2020, which is above Wall Street’s estimates of 481,261 vehicles according to Refinitiv data – but 450 units are below CEO Elon Musk’s target.

Musk tweeted https://twitter.com/elonmusk/status/1345382294966571008?s=21. He was “proud of the Tesla team that achieved this important milestone”.

“At the beginning of Tesla, I thought we had a 10% chance of survival (optimistically),” he said.

Congratulations from supporters and bullish investors poured in on Twitter, commending the electric vehicle maker for a stellar year bucking general auto industry trends of declining sales, quarterly losses and global supply chain disruptions.

Tesla’s stock price is up more than 700% in the past year, the company has reported five consecutive quarterly profits, and was in the December.

However, some online investor accounts criticized Tesla for reaching its forecast.

Tesla said earlier in 2020 it would “comfortably exceed 500,000 units,” a target it has left unchanged despite the pandemic. Zachary Kirkhorn, Chief Financial Officer, said in October that Tesla “aims to meet (its) original 2020 guidelines”.

Tesla has hoped for new markets like Europe and Asia. Competition in his home country is intensifying as older automakers double their investments in the booming EV space.

Tesla’s push of deliveries has been helped by its new Shanghai facility, the only facility currently manufacturing vehicles outside of California. The automaker said https://ir.tesla.com/press-release/tesla-q4-2020-vehicle-production-deliveries Production of the Model Y in Shanghai has started, with deliveries expected shortly.

Tesla of Palo Alto, Calif., Announced it had shipped 180,570 vehicles in the fourth quarter. That’s a quarterly record for the electric automaker, beating estimates of 163,628 vehicles.

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