Electric vehicle giant Tesla Inc (NASDAQ:TSLA) reported fourth-quarter and full-year financial results after market close Wednesday. Here are the highlights.
What Happened: Tesla reported fourth-quarter revenue of $17.7 billion, up 65% year-over-year. The total beat a consensus estimate of $16.4 billion, according to Benzinga Pro. Automotive revenue made up $16 billion of the total and was up 71% year over year.
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Tesla reported fourth-quarter earnings per share of $2.54, beating analyst estimates of $2.26 per share.
The company produced 305,840 vehicles in the fourth quarter, up 70% year-over-year. The majority (292,731) of the vehicles produced were the Tesla 3 and Tesla Y.
A total of 308,650 vehicles were delivered in the fourth quarter, up 71% year-over-year.
Tesla reported 85 MW of solar energy deployed and 978 MW of storage deployed. Tesla ended the quarter with 3,476 Supercharger locations and 31,498 Supercharger connectors.
The company reported $1.26 billion in digital assets at the end of the fourth quarter with no Bitcoin (CRYPTO: BTC) transactions recorded in the quarter.
For the full fiscal year, Tesla reported revenue of $53.8 billion, up 105% year-over-year. the company reported full-year production of 930,422 vehicles and 936,222 vehicles delivered, up 83% and 87%, respectively, year over year.
Related Link: What To Expect From Tesla's Q4 Earnings Call
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What’s Next: Tesla called 2021 a “breakthrough year” and said its journey was just beginning.
“There should no longer be doubt about the viability and profitability of electric vehicles,” the company said. “After a successful 2021, our focus shifts to the future.”
The company said its operating margins in the quarter were the highest of all volume OEMS based on available data, outpacing profits from traditional combustion engine vehicles.
Watch Tesla's Q4 2021 Earnings Call Below
Tesla said it plans to increase its production as quickly as it can through ramping production at new factories in Austin and Berlin and by maximizing output at factories in Fremont and Shanghai.
“We believe competitiveness in the EV market will be determined by the ability to add capacity across the supply chain and ramp production.”
The company expects to achieve 50% average annual growth in vehicle deliveries, depending on capacity and the stability of the supply chain.
Tesla said it's making progress on the Cybertruck, which is planned for production at the Austin factory subsequent to Tesla Model Y production.
Tesla will host an earnings conference call at 5:30 p.m. EST Wednesday to discuss the earnings results.
TSLA Price Action: Shares are down 1.8% to $920 in after-hours trading.