Transportation

Tesla reports record annual profits of $5.5 billion

A Tesla car battery station
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Tesla reported a record annual profits of $5.5 billion in its 2021 full-year earnings call on Wednesday, saying the figure proved the “viability and profitability” of electric vehicles.

The Wall Street Journal reported Tesla also made $53.8 billion in sales, with gross margins for the company’s cars rising to 29.3 percent from 25.6 percent in 2020.

“We believe competitiveness in the EV market will be determined by the ability to add capacity across the supply chain and ramp production,” Tesla said.

Tesla’s sales were up despite supply chain issues that rattled many car companies in the industry.

The previous record for annual profits for the company was hit in 2020 when the company made $3.47 billion, The Associated Press reported.

In the fourth quarter of 2021 alone, Tesla had $2.32 billion in profits. 

“There should no longer be doubt about the viability and profitability of electric vehicles,” Tesla said.

Tesla also broke its record for vehicles in 2021, delivering 936,000 cars, according to the Journal.

The company is expected to deliver upwards of 1.5 million vehicles in 2022, and is aiming for annual growth of 50 percent for car deliveries in the coming years. 

The news comes after sources told Reuters Tesla would be delaying production of its Cybertruck until 2023.

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