Cleveland, Ohio – Tesla sold nearly $20 billion worth of electric vehicles (EVs) in 2019, a 13% increase, as it surpassed Wall Street expectations for production and earnings. In the fourth quarter, the company earned $132 million, though it lost $775 million for the full year. Even that loss, though, was a 27% improvement from 2018’s $1.1 billion loss.
“Our pace of execution has also improved significantly, as we have incorporated many learnings from our experience launching Model 3 in the United States,” Tesla officials said. “As a result, we were able to start Model 3 production in Gigafactory Shanghai in less than 10 months from breaking ground and have already begun the production ramp for Model Y in Fremont (California).”
Because the China plant opened so quickly. The company says it will be able to shift production for Asia to that facility and free up the Fremont plant for more North American capacity. That extra capacity should allow the company to surpass 500,000 deliveries of EVs this year, up 36% from 2019’s 367,656 level.
Production is underway on a plant in Germany with a 2021 production planning date, so Telsa’s capacity should continue to increase. The company says 2020 production will likely outstrip sales as it pre-produces Model Y models.
About the author: Robert Schoenberger is the editor of Today's Motor Vehicles and a contributor to Today's Medical Developments and Aerospace Manufacturing and Design. He has written about the automotive industry for more than 19 years at The Plain Dealer in Cleveland, Ohio; The Courier-Journal in Louisville, Kentucky; and The Clarion-Ledger in Jackson, Mississippi.