Tesla publishes profit record, sees supply chain problems moving forward New Technologies

Shares of the electric vehicle company fell 2.7 percent in overtime trading.

Tesla Inc. on Wednesday expected supply chain problems to continue this year, following the release of a quarterly revenue record that surpasses Wall Street’s calculations.

Shares fell 2.7 percent in overtime trading.

Revenue rose to $ 17.72 billion in the fourth quarter from $ 10.74 million a year earlier. Analysts expected the electric vehicle manufacturer to generate $ 16.57 billion in revenue, according to Refinitiv’s IBES data.

In the last quarter, the world’s most valuable carmaker delivered a record number of vehicles to its customers despite the headwinds of the supply chain.

“Our factories have been below capacity for several quarters as the supply chain has become a major limiting factor and is likely to continue until 2022,” Tesla said in a statement.

Tesla said Wednesday that the new U.S. plant in Austin, Texas, began production of the Model Y late last year. The company said it intends to start shipping to customers after the final certification, without specifying the timeframe.

He said he wants to maximize production at the California plant by more than 600,000 vehicles a year.

Tesla has done better than most automakers in managing supply chain problems by using fewer chips and rewriting software quickly.

Tesla faces the challenge of increasing production at two new plants this year as technology changes, as well as other limitations in the battery and supply chain, cloud the outlook.

There is growing competition from companies willing to market a range of electric cars, from cheaper models to electric pickups.