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Musk’s Tesla falls just 450 vehicles short of their half a million EV delivery target, or about 0.09% away from their goal.
Musk’s Tesla falls just 450 vehicles short of their half a million EV delivery target, or about 0.09% away from their goal.
In a Tesla investor release, Elon Musk announced on Saturday that Tesla fell just shy of his goal of delivering half a million (500,000) vehicles in 2020. The company had delivered a still record, 499,550 cars last year, marking 99.91% of their previous goal.
Luckily for Elon still, Tesla is still calculating numbers to finalize, with a possible 0.5% margin remaining. That would be around 2,500 cars not accounted for, which could very well place Tesla’s deliveries just above Elon’s predictions.
Whether or not deliveries hit half a million, last year still marked an incredible time for Tesla, especially considering the impact of the COVID-19 pandemic. That 499k vehicle deliveries still marks more than double what second place EV companies produced last year.
While Tesla had said in January 2020 that it expected to “comfortably exceed” Musk’s 500,000 vehicle goal, the company eventually had to close several factories. These included a new China factory, as well as a large plant in Fremont, California as the world shut down.
Musk had maintained that Tesla would be able to reach his final 2020 goal, with extra steps taken to ensure that the delivery goal was met. This included the early launch of the company’s Model Y SUV in March, well ahead of schedule. Tesla ended up delivering cars at an accelerating speed throughout the year, delivering Wall Street forecasts and more: (numbers are 2020 quarters)
These quarters of back to back expectation besting and growth helped blow up Tesla’s stock, carried even further by institutional buying and young investors. While Tesla’s deliveries from Q4 compared to Q1 more than doubled, that’s nothing compared to its ~700% increase in stock price.
Tesla likely met the goal with the added 0.5% in delivery variance, pushed by enthusiastic pushing by CEO Elon Musk. In yet another quarterly of a little more prodding, Musk brought up efficiency and pushed his employees to beat the goals that they had ahead of them.
Musk had previously pushed for a quarterly profit earlier in 2020, as part of the company’s strive to join the elusive S&P 500 (which they were rejected for, then later accepted). That ended up pushing the company as well, towards its fifth consecutive profitable quarter. While Q4 results were not released yet, the increasing deliveries point towards another profit.
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On Saturday, the report said that Tesla ultimately produced 179,757 vehicles in the fourth quarter, wrapping up the year with 180,570 vehicles delivered. That yet again, adds up to 499,550 vehicles delivered, although 509,747 were produced. Almost half a million in cars delivered represents a 130,000 vehicle gain over 2019.
The magic 500,000 delivered vehicle number I keep referring to, is all part of Elon Musk’s self-imposed goal to single-handedly kickstart the transition from internal combustion engines (ICE) to electric vehicles. While he originally planned for Tesla to sell 1,000,000 cars by 2020, he obviously stepped back.
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