Elon Musk Says Tesla Likely To Make Over 1.5M Cars This Year

Tesla Inc TSLA is likely to make 1.5 million cars in 2022, CEO Elon Musk told analysts on a post-earnings call on Wednesday.

What Happened: The billionaire entrepreneur said Tesla has a reasonable shot at delivering a 60% rise in production in 2022 over the last year.

Tesla produced 930,422 electric vehicles last year and delivered 936,172 units.

See Also: How To Buy Tesla (TSLA) Stock

“It seems likely we will be able to produce over 1.5 million electric cars this year,” Musk said.

“We are aspiring to head to 20 million units a year. We are only 5% along the way towards that goal. We are confident of exceeding 50% annual growth over several years.”

Tesla's production and delivery numbers shot past the one million mark each in the past 12 months, a first for the EV maker.

See Also: Tesla Zips Past The Million Mark For Both Output And Deliveries Over Past 12 Months

Why It Matters: Austin, Texas-based Tesla reported a record first quarter despite chip shortages, inflationary pressures, and COVID-19 outbreaks hurting production in Giga Shanghai.

The company's recently opened Giga Berlin and Giga Texas factories are expected to add a million units when they are running at full capacity. 

Tesla said it aims to ramp up manufacturing capacity as quickly as possible.

“With new factories, the initial ramp-up looks slow but it eventually grows exponentially,” Musk told analysts. 

Wedbush analyst Daniel Ives last month estimated Tesla “could now be on a 2-million-unit run-rate exiting 2022."

Price Action: Tesla stock closed 4.96% lower at $977.2 a share on Wednesday, but rose 5.5% in extended trading following quarterly results.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceAfter-Hours Centerelectric vehiclesElon MuskEVs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!