Tesla expects 50% growth despite supply chain woes

Tesla sales will grow by more than 50% in 2022 compared with last year despite supply chain problems, chief executive Elon Musk has said.

The electric carmaker recorded a record $5.5bn (£4bn) earnings last year.

Sales at the firm rocketed 71% to $53.8bn in 2021, as it delivered more than 936,000 vehicles to customers.

But the firm warned growth would slow, as supply chain issues affecting carmakers continue to limit its manufacturing capacity.

Mr. Musk said that 2021 was “a breakthrough year for Tesla, and for electric vehicles in general”.

“While we battled, and everyone did, with supply chain challenges through the year, we managed to grow our volumes by nearly 90% last year,” he said.

The company said its supply chain was “the main limiting factor” to growth, “which is likely to continue through 2022”.

He said he expected growth “comfortably above 50%” in 2022.

Carmakers around the world are grappling with a shortage of microchips, among other production and supply chain snarls, though Tesla had been seen as faring better than most.

It uses chips that are less scarce and quickly re-writes software, while competitors slow production.

Read More: https://www.bbc.com/news/business-60149374

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