Tesla reports record Q4 profit, Supply Chain Challenges, Cybertruck delayed

Today, after the closing bell, Tesla (TSLA) reported a record Q4 profit, beating Wall Street estimates. The carmaker cited supply chain challenges as a ‘main limiting factor,’ and indicated that they are likely to continue, delaying the production of the Cybertruck and the Roadster. He also mentioned that no new vehicles would be announced this year. Shares were down more than 7% in aftermarket trading.

Analysts were expecting to get more insight in Tesla’s production outlook from the new plants in Austin, TX and Berlin, Germany, and therefor expected earnings and profit for the coming year.

Bloomberg compared the company’s numbers with the Wall Street consensus estimates and reported the following.

Tesla reports record Q4 profit

Tesla’s Q4 revenues were $17.719 billion, which is an increase of 65% year over year. Wall Street estimated $16.64 billion. Net income was up 760% at $2.32 billion. The adjusted earnings were $2.54 compared to $2.37 per share.

Tesla posted a $5.5 billion annual profit on $53.8 billion of sales in 2021, up from $721 million in profit and $31.5 billion in sales in 2020.

Tesla said that it expects global supply disruptions and constraints to continue, resulting in the shares dropping 7.41% in aftermarket trading.

“The rate of growth will depend on our equipment capacity, operational efficiency and the capacity and stability of the supply chain,” Tesla said in a statement. “Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through 2022.”

Tesla Gigafactory Texas Attaching Seats To A Structural Battery Pack
Attaching seats to a structural battery pack at Tesla Gigafactory Texas

Earlier in the afternoon, Elon Musk tweeted that he had taken the Cybertruck for a quick spin around the Gigafactory Texas.

Been driving latest Cybertruck prototype around Giga Texas. It’s awesome!

Both the Cybertruck and the Roadster will be delayed to ‘hopefully next year,’ Musk said during the call.

“If we were to introduce new vehicles, our total vehicle output will decrease,” Musk said. “We will not be introducing new vehicle models this year.”

Musk also said that, “We are not currently working on a $25,000 car.”

Earlier this month, Tesla reported that in the last three months of 2021, the company had produced produced 305,840 vehicles and delivered 308,600 vehicles.

Getting the new factories in Texas and Germany up to steam is crucial in Tesla’s ability to keep up with the demand for their electric vehicles.

Tesla stock closed at $918.40, down for the day.

Tesla Gigafactory Shanghai General Assembly
Tesla Gigafactory Shanghai general assembly

Here’s is the link to the Tesla presentation, the transcript, and the Tesla Q4 2021 Earnings Q&A.

You can listen to the Tesla Q4 and full-year 2021 financial results and Q&A below.

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Haye Kesteloo
Haye Kesteloo is the Editor in Chief and Founder of EVXL.co, where he covers all electric vehicle-related news, covering brands such as Tesla, Ford, GM, BMW, Nissan and others. He fulfills a similar role at the drone news site DroneXL.co. Haye can be reached at haye @ evxl.co or @hayekesteloo.
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