Musk Projects Tesla's Sales Growth at 50% Despite Supply Chain Woes

Published January 27th, 2022 - 10:35 GMT
Musk Projects Tesla's Sales Growth at 50% Despite Supply Chain Woes
Among the topics that Musk tackled about was the delaying of Tesla's Cybertruck production to 2023. (Shutterstock)

The electric carmaker, Tesla, reported a record $5.5 billion profit in 2021, and according to its CEO Elon Musk, the company's sales will grow by more than 50% in 2022 despite supply chain issues.

Despite the supply chain crisis, Tesla reported a 71% in revenues to $53.8 billion, as it delivered more than 936,000 cars to customers.

In Q4 2021, the carmaker generated $17.72 billion in revenue, $16.0 billion of which came from its vehicle business. In addition, it reported a net income of $2.32 billion and earnings per share of $2.05.

Nonetheless, the company warned sales growth would slow, as supply chain issues affecting vehicle companies continue to limit its manufacturing capacity. According to the firm, its supply chain was "the main limiting factor" to growth, "which is likely to continue through 2022".

On the other hand, Musk said he expected growth "comfortably above 50%" in 2022.

"While we battled, and everyone did, with supply chain challenges through the year, we managed to grow our volumes by nearly 90% last year," Musk said.

Among the topics that Musk tackled about was the delaying of Tesla's Cybertruck production to 2023.

The automotive industry is among the industries that has have been grappled with a shortage of microchips.

However, Tesla uses chips that are less scarce and quickly re-writes software, which gives it a competitive advantage among other carmakers.


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