Tesla Hit Target Of 500,000 Vehicle Deliveries In 2020

Tesla delivered just 450 cars shy of the 500,000 vehicle delivery target in 2020, the electric vehicle maker said in its Q4 production and vehicle update over the weekend, sending its shares rallying by 5 percent to another all-time high on the NASDAQ early on Monday.  

The total 2020 deliveries of 499,550 vehicles are just 450 lower than the 500,000 target Elon Musk had set, and beat analyst expectations.

“In 2020, we produced and delivered half a million vehicles, in line with our most recent guidance. In addition, Model Y production in Shanghai has begun, with deliveries expected to begin shortly,” the EV maker said in a short statement accompanying the figures.

For 2020, Tesla delivered globally 57,039       Model S and Model X cars, plus 442,511 Model 3 and Model Y vehicles, according to its delivery numbers update. Total production of Tesla models last year was of 509,737 vehicles.

To compare, in 2019, Tesla delivered around 367,500 vehicles globally for the full year, which was then 50 percent more than the previous year and in line with its full-year guidance for 2019.

Commenting on the 2020 delivery figures, Musk tweeted “So proud of the Tesla team for achieving this major milestone! At the start of Tesla, I thought we had (optimistically) a 10% chance of surviving at all.”

Last month, Musk said that a few years ago, when Tesla was struggling through the Model 3 program and production, Apple refused a meeting to discuss potentially buying the electric vehicle maker for around US$60 billion.

Tesla’s share price has rallied by more than 700 percent since the end of 2019, as the EV maker ramped up production and deliveries, started vehicle production at its Shanghai factory in China, and launched the construction of its factory in Berlin, Germany, and in Austin, Texas.

By Tsvetana Paraskova for Oilprice.com

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