What's new

Welcome to Metatrader MT4 and MT5 Gpl Authority

Join us now to get access to all our Codebase MT4 and MT5 Free Paid Download. MetaTrader is a free application for traders allowing to perform technical analysis and trading operations in the Forex and exchange markets.

Add Codebase

Add Codebase to Our Community

Answer

Answer Questions and Become an Expert on Your Topic

Contact Staff

Our Experts are Ready to Answer your Questions

Tesla Beats Analyst Estimates for Deliveries, But Falls Just Shy of Elon Musk's Target

N

News Feed

Moderator
Staff member
Joined
Aug 4, 2020
Messages
11,258
Reaction score
0
Points
0
Video source: YouTube, Reuters

(Reuters) - Tesla Inc on Saturday reported better-than-expected 2020 vehicle deliveries, driven by a steady rise in electric vehicle adoption, but narrowly missed its ambitious full-year goal during a punishing year for the global auto industry.

The company delivered 499,550 vehicles during 2020, above Wall Street estimates of 481,261 vehicles, according to Refinitiv data - but 450 units shy of CEO Elon Musk’s target.

Musk tweeted that he was "proud of the Tesla team for achieving this major milestone."

“At the start of Tesla, I thought we had (optimistically) a 10% chance of surviving at all,” he said.

On Twitter, congratulations from supporters and bullish investors poured in, lauding the electric vehicle maker for its stellar year, which has defied wider auto industry trends of slumping sales, quarterly losses and global supply chain disruptions.

Tesla’s share price has risen more than 700% over the last year, the company has reported five consecutive quarterly profits and in December it was included in the S&P 500 index.

But some online investor accounts criticized Tesla for saying it had achieved its guidance.

Tesla at the start of 2020 said it would “comfortably exceed 500,000 units” for the year, a target it has left unchanged despite the pandemic. Chief Financial Officer Zachary Kirkhorn in October said Tesla was “aiming to achieve (its) original 2020 guidance.”

Tesla has pinned hopes on new markets such as Europe and Asia, with competition intensifying in its home turf as legacy automakers double down on their investments in the booming EV space.

Tesla's delivery push has been supported by its new Shanghai factory, the only plant currently producing vehicles outside California. The carmaker said Model Y production in Shanghai has begun, with deliveries expected shortly.

Palo Alto, California-based Tesla said it delivered 180,570 vehicles during the fourth quarter, a quarterly record for the electric carmaker, beating estimates of 163,628 vehicles.

Reporting by Munsif Vengattil, Eva Mathews and Derek Francis in Bengaluru and Tina Bellon in New York; Editing by Andrea Ricci

_____

Source:
You do not have permission to view link Log in or register now.
 
shape1
shape2
shape3
shape4
shape7
shape8
Top