On Saturday, driven by a steady adoption of electric vehicles, Tesla Inc reported a better-than-expected 2020 vehicle deliveries and narrowly missed its CEO’s ambitious full-year delivery goal. The results come at a time when the global auto industry, like most others, was ravaged by the coronavirus-induced COVID-19 pandemic.
During 2020, Tesla delivered 499,550 vehicles above Wall Street estimates of 481,261 vehicles, just 450 units shy of Musk’s delivery target.
In a tweet Musk said, 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,” said Musk.
Congratulations poured in from investors and supporters lauding Tesla’s feat in an extremely difficult year as stellar. Tesla’s performance has defied the wider auto industry trends of slumping sales, quarterly losses and global supply chain disruptions.
Share prices of Tesla has risen by more than 700% over the last year with the company reporting five consecutive quarterly profits; in December 2020 it was included in the S&P 500 index.
With competition intensifying in its home turf, Tesla has pinned hopes on new markets including in Asia and Europe, with legacy automakers doubling down on their investments in the booming electric vehicle space.
Tesla’s ambitious delivery target was supported by its new Shanghai factory, the only plant currently producing vehicles outside California.
In a statement Tesla said, production of the Model Y has begun in Shanghai and deliveries are expected shortly.
Palo Alto, California-based Tesla delivered 180,570 vehicles during the fourth quarter, marking a quarterly record and beating estimates of 163,628 vehicles deliveries.