Tesla is poised for global expansion despite hitting annual vehicle deliveries of 499,550 in 2020, slightly lower of 500,000 goal, according to Bloomberg. The company delivered a record 180,570 for the final quarter of 2020 but warned the figure is slightly conservative and final numbers could vary by up to 0.5% or more.
- Analysts believe Tesla has the formula consumers want, and the challenge for 2021 is ramping production to keep up with the demand.
- Tesla’s projected global expansion reflects the growing demand for battery-powered cars, with 2020 recording a 36% rise from the prior year.
- The electric vehicle maker announced that its Model Y production in Shanghai has begun, with deliveries expected soon.
- Tesla is also building two new vehicle assembly operations, one in Berlin expected to assemble about 500,000 cars annually and in Texas.
- So far, Tesla’s shares rallied 743% in 2020 to take the electric car market to $668.9 billion stock-market capitalization while Elon Musk, its CEO, ended the year as the world’s second-richest
- Analysts also predicted Tesla would meet its sales goal for the year, which further buoyed the company’s shares in the final days of 2020
Tesla’s stock is currently gaining. TSLA is up 2.85% on premarket
