The shares fell as much as 5% in after-hours trading on Wednesday after the automaker reported fourth-quarter results that came in stronger than expected.
The company performed.
In the quarter, revenue rose 65% and automotive revenue increased by 71%. Revenue from energy generation and storage was down 8%.
Net income was up 760%, and the company said it had a 27.4% gross margin, compared with 26.6% in the previous quarter.
Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor.
This year has been a supply chain nightmare, and it's not over, wrote Musk in November. I will give an updated product plan on the next earnings call.
The report comes in the middle of the most important tech earnings season in years. Many investors have begun to sour on the promise of high-growth tech stocks, which has led to the worst January since 2008.
When it reported its first annual profit in 2020, it delivered 499,647 vehicles. In the fourth quarter, it delivered over 300,000 electric vehicles. The closest approximation to sales reported by the company is deliveries.
The company's long-awaited heavy duty Semi truck, experimental Cybertruck pickup, and plans for a $25,000 compact car are expected to be given a progress update by CEO Musk and other execs.
The company said in a shareholder deck that they are making progress on the industrialization of Cybertruck, which is currently planned for Austin production after Model Y. According to the deck, the Semi is still in development.
When high-volume vehicle production and deliveries are expected to start at each plant, shareholders want to know.
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