Tesla market value touches $144 billion after record deliveries

Tesla made record deliveries of about 3,08,600 electric vehicles in its fourth quarter.Tesla chief Elon Musk earned around $33.8 billion on Monday as the shares of the EV company saw a rise.
By : HT Auto Desk
| Updated on: 04 Jan 2022, 06:31 PM
File photo of Tesla electric vehicles. (REUTERS)
File photo of Tesla electric vehicles. (REUTERS)
File photo of Tesla electric vehicles. (REUTERS)
File photo of Tesla electric vehicles.

Tesla has started 2022 on a strong note as the electric vehicle company delivered almost one million EVs around the world last year. With it, Tesla even bettered its own previous target. Following this, the valuation of the EV company touched $144 billion on Monday. The share of it also increased by 14 per cent in New York which is the brand's biggest gain since March last year, reported Bloomberg.

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Tesla's total market value now stands equivalent to the entire Honeywell International Inc. or Starbucks Corp. Reportedly it is also more than the value of almost 90 per cent of the companies in the S&P 500 Index. 

In the fourth quarter, Tesla worldwide deliveries stood at 3,08,600 vehicles. It also topped the company's own previous record of 2,41,300 EVs in the previous quarter. Tesla delivered about 9,36,000 electric vehicles last year, which is nearly double the deliveries it made in 2020.

(Also read | Elon Musk earns $1.41 billion per hour on Monday as Tesla surge continues)

Highlighting Tesla's growth, Daniel Ives, an analyst at Wedbush Securities, said that this is a jaw-dropping performance by the EV company at the end of the year that gives a massive push to the company as it enters 2022. “This is a trophy-case quarter for Tesla as the company blew away even bull-case expectations," Ives further added. The analyst also conveyed that these numbers are a result of robust demand for Tesla vehicles in China and the company's smart skill in navigating through the ongoing semiconductor shortage.

On deliveries, Tesla CEO Elon Musk who had pledged delivery growth despite the supply chain nightmare took to the microblogging site to praise his crew on the record deliveries. Previously, Tesla has said repeatedly it expects 50 per cent annual increases in deliveries over a multi-year period.

(Also read | Around 40 lakh people to drive Tesla cars by the end of 2022: Report)

Another Cowen analyst Jeffrey Osborne stated that the EV company continues to execute well in terms of production and deliveries above consensus expectations. “As the competition heats up from incumbent OEMs and new entrants alike, we see 2022 becoming a critical year for Tesla," added Osborne.

 

First Published Date: 04 Jan 2022, 06:31 PM IST
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