Connect with us

Hi, what are you looking for?

Business

Tesla shares dip in after-hours trading despite record revenue

Tesla posted record quarterly revenue Wednesday that beat Wall Street estimates, but said it expected supply chain issues to continue through this year. The stock fell 2.7% in after-hours trading. Revenue rose to $17.72 billion in the fourth quarter, from $10.74 billion a year earlier. Analysts had expected the electric-vehicle maker to report revenue of $16.57 billion, according to IBES data from Refinitiv. The world’s most valuable automaker last quarter handed over a record number of vehicles to customers despite supply chain headwinds. “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 said in a statement. Tesla said on Wednesday that its new factory in Austin, Texas, started production of its Model Y late last year, saying it plans to start deliveries to customers after final certification, without elaborating on the timeframe. It said it aims to maximize output from its California factory beyond 600,000 vehicles per year. Tesla has fared better than most automakers in managing supply chain issues by using less scarce chips and quickly re-writing software. Tesla faces challenges of scaling up production at two new factories this year with technology changes as well as battery and other supply chain constraints clouding the outlook. It faces rising competition from rivals who are set to launch an array of electric cars, from more affordable models to electric pickups.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *




You May Also Like

Business

Contact The Author Female employees at CNN are furious that chief spokesperson Allison Gollust is keeping her job after lying about her affair with...

Business

North Korean hackers managed to steal a fortune in cryptocurrency in 2021, according to the results of a recent study. Cybercriminals based in North...

Business

Katie Couric dished on Jeff Zucker and Allison Gollust’s relationship in her tell-all memoir last fall, saying it struck staffers as “super strange” when...

Business

Apple has started allowing some customers back into its New York City stores — just hours after the tech giant had banned all in-person...