Tesla 2020 deliveries beat estimates, but fall short of Musk’s target

NEW YORK: Tesla Inc on Saturday reported better-than-expected 2020 vehicle deliveries, driven by a steady rise in electric vehicle adoption across the world’s largest economies.

The company delivered 499,550 vehicles during 2020, above Wall Street estimates of 481,261 vehicles, according to Refinitiv data, but 450 shy of CEO Elon Musk’s target of half a million.

Musk, however, tweeted here he was “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,” he said.

Tesla has pinned hopes on new markets such as Europe and Asia, with competition intensifying in its home turf as legacy automakers double down their investments in the booming EV space.

Its delivery push has been supported by its new Shanghai factory, the only plant currently producing vehicles outside California. The carmaker said here Model Y production in Shanghai has begun, with deliveries expected shortly.

Palo Alto, California-based Tesla said it delivered 180,570 vehicles during the fourth quarter, a quarterly record for the electric carmaker, beating estimates of 163,628 vehicles.

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