TMN - tesla

Tesla Delays Cybertruck Production to 2023

Tesla, Inc. has delayed the production of its Cybertruck, aiming to start in 2023, due to worldwide supply chain challenges.

Accordingly, the leading electric vehicle maker warned that the chip shortage could persist throughout this year.

The company also saw transportation, labor, and other manufacturing issues in the current quarter. These conflicts limited its ability to run factories at total capacity.

Tesla CEO Elon Musk said that the problems would make it impossible to release new models without fewer car deliveries.

The announcement came when its competitors doubled down on efforts to capture the lucrative market.

The company could cede ground to its rival Ford Motor Company, which is ready to deliver its fully electric F-150 Lightning pickup.

At the same time, Ford mentioned plans to triple the production of its Mustang Mach-E, a Tesla Model 3 and Y contender.

Correspondingly, it expects the Mach-E to surpass 200,000 units per year by 2023.

Then, Rivian Automotive also raced ahead of Tesla in launching electric pickups as it had already started deliveries of its R1T pickup truck.

Another likely competitor, GMC, a division of General Motors, rolled out its Hummer EV last December 2021. It is the first truck to incorporate its Ultium platform, motors, and batteries.

Meanwhile, despite the impeded production, Musk also talked about developing robotaxis and a humanoid robot, nicknamed Optimus.

Tesla Hits Record Profit

Remarkably, Tesla beat estimates in its fourth-quarter top and bottom lines despite global supply chain issues.

Its revenue posted an annual increase of 65.00% to $17.72 billion, outpacing the market projection of $16.57 billion.

Subsequently, the automotive revenue edged up 71.00% year-over-year to $15.97 billion.

However, energy generation and storage revenue declined 8.00% to $688.00 million, below the consensus of $815.10 million.

In addition, the figure was the lowest revenue for the division since the first quarter of 2021.

Moreover, Tesla posted adjusted earnings of $2.52 per share, outpacing the expected $2.36.

Eventually, its net income rose 760.00% to $2.32 billion. The firm also reported a 27.40% gross margin, higher than the 26.60% in the previous quarter.

 

Sending
User Review
0 (0 votes)

RELATED POSTS

Leave a Reply

tmn-img-28-1

Share this on

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Rec­om­mended for You

Subscribe to Our Newsletters

Have The Best Of Trade Market News Delivered Directly To Your
Mailbox. Subscribe To Receive The Latest Market News.