Tesla shares rose after the carmaker delivered a record number of vehicles

Tesla shares rose on Monday after the electric car maker broke its own production and delivery records in recent months.

The company dismissed supply chain problems and other issues to hand over keys to customers for more than 308,000 vehicles in the fourth quarter, bringing its inventory up as much as 10 percent at the start of trading.

The exhaust figure, released on Sunday, rounded out the year Tesla is in broke through bottlenecks and a rapid increase in factory production in China to approach reaching 1 million annual vehicle sales.

Growing confidence that the carmaker could overcome its persistent growth pains while achieving comfortable profit margins has raised its market value by one-third in 2021. more than $ 1 billion.

A jump in shares on Monday brought Tesla’s market value to $ 1.15 billion.

Tesla’s deliveries in the fourth quarter were about 40,000 more than the average estimate of Wall Street analysts, according to FactSet. The strong performance led to its total delivery for 2021 at 936,172, up from 499,550 the year before.

Disadvantages of semiconductors and other supply constraints last year hit some carmakers, slowing production.

Speaking to investors in October, Zach Kirkhorn, Tesla’s chief financial officer, said shortages prevented the company from running its factories at full capacity, and big jump production in the first nine months of this year was “extremely difficult to achieve”.

Despite these hurdles, Tesla surpassed its own record production volume in the last quarter, with 305,840 new vehicles coming off its production lines, 68,000 more than in the previous three months.

The 308,600 new vehicles delivered to customers in the last quarter were 28 percent higher than the previous record, set in the third quarter. That was also 71 percent more than in the same period last year.

With two new factories expected to start boosting production this year, Wall Street predicts another jump in sales, and Tesla’s deliveries are expected to reach 1.42 million.

This is despite delays with some of the company’s planned models, with volume production Cybertruck the takeover has been delayed until 2023 and there are no target delivery dates for its semi-truck and new version of the original Roadster.

Additional reporting by Joe Rennison of New York.