Tesla Was So Close to Delivering 500,000 Vehicles in 2020

Tuesday, 05 Jan, 2021

The electric vehicle maker delivered a record number of cars in the final quarter of 2020, but fell just short of its 500,000-unit goal for the year.

The company didn't release sales figures by region or model.

"Our delivery count should be viewed as slightly conservative, as we only count a auto as delivered if it is transferred to the customer and all paperwork is correct". The result capped a remarkable year for Chief Executive Officer Elon Musk and his company, which joined the Standard & Poor's 500 Index on December 21 after posting five consecutive quarters of profit.

Tesla, however, solved the problems and has since racked up a string of quarterly profits. Tesla claimed it produced 509,737 cars in the year. Musk sent an email to employees in December urging them to increase production for the rest of the quarter as much as possible. For starters, meeting operational forecasts is a routine event for most members of the S&P 500, to which Tesla was added last month. Auto industry leaders have historically been lucky to eke out a valuation of 10 times earnings. Prior to receiving the license, Tesla operated in Israel as a "small importer", which allowed it to bring in up to twenty vehicles, mainly for testing.

NIO will unveil its new sedan model and share the latest development of its autonomous driving and other core technologies at the fourth NIO Day scheduled for January 9.

Tesla Model 3 electric cars built at the company's Shanghai factory scored well in a Chinese-market J.D. Power quality survey, according to a recent South China Morning Post report.

Tesla Inc shares rose to a record high in the first trading session of 2021, extending last year's more than eight-fold surge that helped it become the world's most valuable carmaker. Its delivery push so far has been supported by the new Shanghai factory, the only plant now producing vehicles outside California.

At present, Tesla manufactures a total of four vehicles, two of which are sedans (Model 3 and Model S) and two are SUVs (Model X and Model Y).

Its deliveries stood at about 318,000 at the end of September, meaning it had to deliver a demanding 180,000 vehicles in the fourth quarter.

Still, Musk took took to his Twitter account Saturday and cast the news as a big win for the company, writing, "So proud of the Tesla team for achieving this major milestone!".