Tesla Inc (NASDAQ:TSLA) reported on Sunday, January 2, 2021, that it saw annual vehicle deliveries surge by 87% in 2021, growing at their fastest pace in years.
The electric-vehicle maker said it delivered more than 936,000 vehicles globally in 2021, up from nearly half a million the previous year. The company has been aiming to increase annual deliveries by an average of 50%.
Analysts had expected Tesla to deliver around 897,000 vehicles last year. Tesla also said it produced roughly 930,000 vehicles in 2021.
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Tesla said it delivered roughly 308,600 vehicles in the final three months of 2021, up from 180,667 a year earlier and 241,391 in the third quarter of 2021.
Model 3 sedans and Model Y compact sport-utility vehicles made up most of Tesla’s annual deliveries, more than doubling from a year earlier. The company reported delivering a combined 911,208 Model 3s and Model Ys last year.
Deliveries of the company’s higher-end models, the Model S luxury sedan and Model X sport-utility vehicle, totaled roughly 24,964, Tesla said, down from roughly 57,000 in 2020. Tesla last year introduced a revamped version of its luxury sedan called the Model S called the Model S Plaid in a bid to reignite demand.
Tesla’s performance helped propel the company’s stock higher in 2021. Tesla shares rose about 50% last year, lifting the car maker’s market value above $1 trillion.
In pre-market trading on the first session of 2022, Tesla shares were around 7% higher having closed 2021 around $1,056.
Wedbush repeats 'Outperform'
Analysts at Wedbush Securities maintained an 'Outperform' rating and $1,400 price target on Tesla shares in the wake of the 2021 deliveries news, with their 2022 bull case target at $1,800.
In a note to clients, they said: "Taking a step back, with the chip shortage a major overhang on the auto space and logistical issues globally these delivery numbers were 'jaw dropping' and speaks to an EV demand trajectory that looks robust for Tesla heading into 2022. For 2021 this gives Tesla 936k deliveries for the year, well above the 900k best-case number in the eyes of the Street."
The analysts added: "We believe in the month of December alone Tesla delivered roughly 200k vehicles and is a clear indicator of this green tidal wave taking hold for Musk & Co. across the board. We believe China demand was a standout this quarter and will be a focus for the bulls digesting these results."
"In a nutshell, these numbers are hard to poke holes in and will be a major feather in the cap for the bulls on Monday morning and should improve broader sentiment on the EV space as a whole. While there are many competitors in the EV space, Tesla continues to dominate market share as evidenced again this quarter while battling through the chip shortage and now is seeing China demand step up big time after facing headwinds earlier in 2021," they concluded.
Contact the author at jon.hopkins@proactiveinvestors.com