Tesla 2020 deliveries beat estimates supported by China boost

Tesla 2020 deliveries beat estimates supported by China boost

EV maker starts production of Model Y small SUV in Shanghai

Tesla on Saturday reported better-than-expected 2020 vehicle deliveries, driven by a steady rise in electric vehicle adoption, but narrowly missed its ambitious full-year goal during a punishing year for the global auto industry.

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

Musk tweeted 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.

On Twitter, congratulations from supporters and bullish investors poured in, lauding the electric vehicle maker for its stellar year, which has defied wider auto industry trends of slumping sales, quarterly losses and global supply chain disruptions.

Tesla’s share price has risen more than 700% over the last year, the company has reported five consecutive quarterly profits and in December it was included in the S&P 500 index.