Tesla Finally Almost Hit 500,000 Deliveries, Two Years Behind its Promise, for......

[marmar]

Tesla Finally Almost Hit 500,000 Deliveries, Two Years Behind its Promise, for a Global Market Share of… 0.7%
by Wolf Richter • Jan 2, 2021 •

But Tesla’s market capitalization is higher than the combined total of Toyota, Volkswagen, Daimler, GM, BMW, Honda, Ford, and Fiat-Chrysler. The zoo has gone nuts.
By Wolf Richter for WOLF STREET.


Tesla announced today that it finally almost reached 500,000 deliveries in a calendar year, with its 499,550 vehicles delivered globally in 2020, and that it finally hit its target of producing 500,000 vehicles a year – two years behind its promises. Back in May 2016, it had promised in its quarterly report that it would produce 500,000 vehicles in 2018.

But it didn’t happen in 2018, far from it, and it didn’t happen in 2019 either. It finally happened in 2020. That promise in May 2016, like so many of Tesla’s and CEO Elon Musk’s promises, had caused its shares to surge.

Every promise Tesla and Musk issue is worth many billions of dollars in the company’s market capitalization, which then allows the company to raise many more billions of dollars by selling more shares. In 2020 alone, it raised $12.3 billion through share sales, on top of the $20 billion or so it had raised since its IPO.

Never mind that these promises either don’t happen at all, or happen finally years behind the promised date, by which time many more promises were issued that drove the shares even higher, allowing the company to raise many more billions. Musk walks on water, and the SEC is blissfully asleep. .............(more)

https://wolfstreet.com/2021/01/02/tesla-finally-almost-hit-500000-deliveries-2-years-behind-its-2016-promise-for-a-global-market-share-of-0-7/

[beachbumbob]

1. this was no small feat and hats off to Tesla and Musk

[Voltaire2]

2. Global auto sales are down except tesla.

stock valuation is ridiculous.

Musk is an asshole, but also a genius.

[marmar]

4. But there's a big caveat to that:

https://fortune.com/2020/09/30/tesla-profit-revenue-environmental-credits-elon-musk/

[Voltaire2]

5. that's revenue not vehicle sales

tesla vehicle sales are strongly up in 2020 while almost everyone else is having trouble moving units.

[Miguelito Loveless]

7. Yeah, that gets brought up a lot by anti-EV media,

but the cost of making the car keeps falling, sales keep rising, and even without the credit they are profitable.

Also, Tesla is not just a car company. They are a green energy company, selling to end users and big utilities. Their Hornsdale battery facility in Australia broken even after only two years, and demonstrated viability of industrial scale load shifting, frequency control, and grid resiliency. They are also a software company, who will be able to license their patents and software to other companies.

I have been watching "experts" predict their failure for over ten years now.

[Tikki]

3. A good portion of those Tesla 3's found their way into my community.

Pretty much a Tesla or two in every parking I find myself in anywhere in this County.


Tikki

[Miguelito Loveless]

6. The interview,

which I watched just last night on the Youtube channel "Now You Know", was from 2014, and he predicted 2020, not 2018. You can see it here, at 6:45

&t=406s

There is much one can criticize Musk for (being a major asshole at times), but he has succeeded where all others have failed, and he put EVs on the table.

Woldstreet.com is a major news source for shorts who have, to date, lost $38 billion shorting Tesla stock.