September 29, 2022

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Tesla reports record earnings but sees supply chain issues in 2022

SAN FRANCISCO — Tesla on Wednesday anticipated provide chain issues to keep on via this yr, following posting report quarterly income that defeat Wall Street estimates.

The stock fell 2.7% in soon after-hrs investing.

Income rose to $17.72 billion in the fourth quarter, from $10.74 billion a yr before. Analysts experienced expected the electric-vehicle maker to report profits of $16.57 billion, according to IBES facts from Refinitiv.

The world’s most useful automaker very last quarter handed more than a document selection of cars to consumers even with supply chain headwinds.

“Our possess factories have been operating beneath ability for a number of quarters as source chain turned the primary limiting component, which is probable to carry on by means of 2022,” Tesla stated in a statement.

Tesla mentioned on Wednesday that its new manufacturing facility in Austin started creation of Product Y late past yr, expressing it strategies to start deliveries to consumers following remaining certification, devoid of elaborating on the timeframe.

It reported it aims to improve output from its California factory further than 600,000 cars for every year.

Tesla has fared superior than most automakers in controlling offer chain challenges by applying a lot less scarce chips and speedily re-writing software package.

Tesla faces challenges of scaling up creation at two new factories this calendar year with technologies variations as very well as battery and other source chain constraints clouding the outlook.

It faces soaring levels of competition from rivals who are established to start an array of electric powered autos, from more inexpensive versions to electric pickups.