Tesla Inc zipped past Wall Street estimates for quarterly revenue on Wednesday as the world’s most valuable automaker handed over a record number of vehicles to customers despite supply chain headwinds.
Revenue rose to $17.72 billion in the fourth quarter, from $10.74 billion a year earlier. Analysts had expected the electric-vehicle maker to report revenue of $16.57 billion, according to IBES data from Refinitiv.
Tesla has fared better than legacy automakers in dealing with the supply-chain issues by using less scarce chips and re-writing software quickly while others including General Motors and Ford Motor Co have had to idle production.
Investors are tracking comments on Tesla’s two new factories in Texas and Berlin that eventually could double the company’s production capacity as competition heats up in the electric-vehicle market from legacy automakers as well as new entrants.
Net income attributable to shareholders was $2.32 billion, or $2.05 per share, compared with $270 million, or 24 cents per share, a year earlier.
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