Tesla, on Wednesday, expected annual deliveries to increase by more than 50 percent year on year in 2022 despite supply chain problems it said will continue this year and limit production of electric cars.
Forecasts showed that even Tesla could not avoid the supply shortage that affected many of the largest auto companies last year.
Tesla faces an additional challenge with the opening of two new factories this year due to a shortage of chips and other components, as well as the introduction of new batteries and technologies.
Tesla shares rose 1.6 percent after CEO Elon Musk’s comments on growth.
The company also achieved record quarterly revenue that beat Wall Street expectations. Revenue rose to $17.72 billion in the fourth quarter from $10.74 billion a year earlier.
Analysts expected the electric car maker to report revenue of $16.57 billion, according to IBSS data from Refinitiv.
Tesla has done better than most automakers at managing supply chain problems, using less scarce chips and quickly cloning software. The world’s most valuable automaker last quarter delivered a record number of vehicles to customers despite supply chain problems.
“Our factories have been operating at less than capacity for several quarters, as supply chains have become the main obstacle, which is likely to continue through 2022,” the company said in a statement.
New model
Tesla added on Wednesday that its new factory in Austin began production of the Model Y late last year, explaining that it plans to start deliveries to customers after final approval, without going into details of the time frame.
It said it aims to maximize production at its California plant by more than 600,000 cars per year.
Tesla faces increasing competition from rivals preparing to launch a range of electric cars, from affordable models to electric trucks.
Musk said he expects Tesla cars to achieve full self-driving capability this year. Currently, a person must be seated behind the wheel to drive the car if necessary.
The number of pilot self-driving vehicles in the United States has risen to nearly 60,000, compared to a few thousand at the end of September.
Tesla is testing a modified version of its automated driving software on public roads, but said the features do not make cars self-driving.
Refinitiv data shows that Tesla’s adjusted earnings of $4.09 billion before interest, tax and depreciation (EBITDA) beat estimates of $3.89 billion.
Meanwhile, Tesla is recalling more than 475,000 Model 3 and Model S electric cars to address rear-view camera and bag issues that increase crash risks.