Tesla had one of the biggest years ever in 2020, as it finally managed to break past (or at least come very, very close to) the barrier of half a million deliveries. In an year when its founder became the richest individual on the planet, the Q4 and FY20 results speak for themselves, and puts the company on the roadmap for an even better 2021.
Tesla started 2020 with the goal of 500,000 deliveries, something that seemed very probable seeing the automaker’s trajectory in the year before. However, that is when COVID 19 hit, and shut down production in a large part of the world. Tesla, despite all odds, managed to continue its march towards it goal, and reported 180,667 deliveries in Q4 2020. Out of this, 124,318 deliveries were for the Model3/Y vehicles, while the rest of the 15,275 were covered by Model S/X.
Thus, with 88,496 deliveries in Q1, 90,891 deliveries in Q2, 139,593 deliveries in Q3 and Q4’s stellar performance, Tesla reported 499,647 deliveries in the entire year, just shy of its goal of 500,000 deliveries.
The company reported a 46% jump in revenue YoY, with Q4 bringing in $10.7 billion for the Elon Musk led venture. Of this, Tesla managed to squeeze out a gross profit of more than $2 billion, with a total GAAP gross margin of 19.2%. Over the entire year, the company managed to generate a revenue of $31.5 billion, with a gross profit of $6.6 billion, up 63% from last year.
Tesla said that it managed to increase its revenue in Q4, thanks to a substantial growth in vehicle deliveries as well as growth in other parts of business.
The company also noted that users are gravitating more towards its cheaper offerings-Model 3 and Model Y, as average selling price declined 11% YoY.
The company says that it is planning on growing its manufacturing capability as quickly as possible. It says that it expects to vastly increase production capabilities in the coming year and has enough cash to fund its product road map, long term capacity expansion plans and other expenses.
Tesla is also building a Model Y capacity at its gigafactories in Berlin and Texas, and remains on track to start deliveries in these locations from 2021.