On Sunday, electric vehicle (EV) maker Tesla announced that it shattered previous product delivery records in the final quarter of the year as well as all of 2021.
Fourth quarter deliveries, October through December, were 308,000 vehicles, and more than 936,000 vehicles throughout the year, according to the company’s release. This represented an 87% increase in deliveries compared to 2020 and a 72% increase from 2020 fourth quarter deliveries.
Sunday’s report far exceeded Wall Street expectations which predicted Tesla would make 267,000 deliveries in the final quarter and deliver less than 900,000 vehicles in 2021, CNBC reported.
Daniel Ives, a tech analyst for Wedbush Securities tweeted, “This was a ‘trophy case’ quarter for Musk & Company with massive momentum moving into 2022.
Tesla’s stock reacted immediately on Monday, surging on the positive news after the market opened. Tesla shares were trading more than 10% higher about two hours into the session. The stock ended up $51.03 at $1199.78 on Monday.
Tesla own a whopping 67% of the U.S. electric vehicle market share, according to research firm Experian. Tesla is in an ideal situation as EV’s continue to represent a greater share of total new car sales across the world, according to the International Energy Agency (IEA). The IEA is projecting that there will be nearly 125 million electric vehicles produced by 2030.
EV growth will be fueled by avid climate change enthusiasts from the U.S. and other Western governments in their effort to slow climate change. An example is U.S. President Joe Biden, who has vowed to ensure 50% of private car sales are electric by 2030 and that every addition to the federal governments’ massive vehicle fleet is an EV by 2035.
Several other governments have even implemented future bans on cars with traditional internal combustions engines, the IEA said.