Tesla just missed its goal of delivering half a million vehicles last year

by

in

Elon Musk
Elon Musk.

Tesla had established a goal of 500,000 deliveries for 2020. On Saturdayit announced it missed the target by 450 vehicles.
Some analysts had stated the ambitious target could be tough to reach due to a slump in auto sales during the coronavirus pandemic.
The company attained its production target for the year, building a total of 509,737 vehicles. It also said creation of its midsize SUV, the Model Y, has begun in Shanghai. 
Visit Business Insider’s homepage for more stories.

Tesla just missed its goal of delivering 500,000 vehicles last year, the company announced Saturday.

The electrical automaker delivered 499,550 vehicles in 2020, 450 shy of CEO Elon Musk’s target.

Some analysts had stated the ambitious target could be tough to reach due to a slump in auto sales during the coronavirus pandemic.

Consumers cut back spending on cars during the pandemic and Tesla’s sales in the first half of 2020 fell 15% in the second half 2019. To reach its 500,000 deliveries aim, the automaker needed to market roughly 181,650 vehicles in the final few months of this year – 30 percent more compared to the next quarter.In an earnings call in October, Tesla declared that the 500,000 goal had”become more difficult,” but it might reach the target if it produces more Model Y and Shanghai vehicles, as well as make its delivery and logistics more efficient.

Read more: Tesla’s stock price soared 740 percent in 2020. Here’s where 5 analysts say the shares are headed .

The automaker delivered 180,570 electrical cars in the fourth quarter produced 179,757 vehicles,” it said. 

The company stated Saturday that its shipping numbers”should be viewed as slightly conservative” since it simply counts a vehicle as delivered if it is moved to the client and all paperwork is accurate. “Final numbers could vary by up to 0.5% or more” when it declares its fourth quarter earnings, so it said.The company attained its production target for the year, building a total of 509,737 vehicles. It also said creation of its midsize SUV, the Model Y, has begun in Shanghai. 

“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,” Musk tweeted Saturday.Demand from China was a blessing to Tesla in 2020, with the automaker selling roughly 22,000 Model 3 vehicles therein in November.

Read the first post on Business Insider

Article Source and Credit feedproxy.google.com http://feedproxy.google.com/~r/businessinsider/~3/RB7AFSnFPAM/telsa-just-missed-its-goal-of-delivering-500000-vehicles-2021-1 Buy Tickets for every event – Sports, Concerts, Festivals and more buytickets.com

Discover more from Teslas Only

Subscribe now to keep reading and get access to the full archive.

Continue reading