Published On: Tue, Jan 4th, 2022

Tesla share price: Musk’s carmaker sees profits skyrocket by twelve percent | City & Business | Finance


The increase in demand has suggested that has avoided the supply chain woes that have hit other automakers. Shares of the world’s most valuable carmaker were up 11.58 percent to a one-month high of $1,179.20 on Monday. Tesla shares increased by $122.42 today due to bumper delivery numbers.

Analysts say there will be strong delivery numbers for Tesla products in 2022.

There has also been an expansion of the new Tesla factories in Berlin and Texas.

Speaking to Reuters, Cowen analyst Jeffrey Osborne said: “We expect a gradual ramp of Berlin and Austin.

“We anticipate those ramps will lead to a deceleration of exports from Shanghai, many of which have been bound for Europe in 2021.”

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However, the analyst said Tesla has a lot to watch out for in 2022 as competition heats up with other carmakers.

He added: “We see 2022 being a more challenging year than 2021 was in light of increasing competition.

“We believe the design of the four vehicles on the road are getting long in the tooth which likely decelerates growth.”

Elon Musk welcomed the news of the increase in the share price on his Twitter account.

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He wrote: “Great work by Tesla team worldwide!”

A press release from Tesla about the profitable fourth-quarter results said: “In the fourth quarter, we achieved production of more than 305,000 vehicles.

“We also achieved deliveries of over 308,000 vehicles.

“In 2021, we delivered over 936,000 vehicles.

“Thank you to all of our customers, employees, suppliers, shareholders, and supporters who helped us achieve a great year.”

Reporting on Tesla’s share price increase, Bloomberg Wealth tweeted: “Elon Musk added to his lead as the world’s richest person after Tesla reported it had smashed its previous record for vehicle deliveries.”

However, Mr Musk has come under fire for building a Tesla outlet in Xinjiang province in western China where a reported crackdown is ongoing by Beijing against the Uighur ethnic minority.

Washington Post contributor took to Twitter and said: “Just days after Biden signed into law a bill banning exports from Xinjiang, Elon Musk’s Tesla opens its first store and showroom in Xinjiang.

“A shocking move.”



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