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Tesla is expected to break its profit record

Tesla has marked an increase in the number of vehicles sold during 2021 and with this it is expected to have an increase in profit.

The vehicle manufacturer sold more than 936 thousand electric vehicles in the global market despite facing a shortage of computer chips, which made production difficult for all companies in the vehicle industry.

Demand for electric vehicles was quite high during 2021, much higher than supply, and Tesla, like other companies in the industry, took advantage of the situation by setting high prices for its vehicles.

Investors expect Tesla to report annual sales revenue of approximately $ 53 billion as well as $ 5.3 billion in annual profit. This, according to Tesla’s announcement that it will publish the financial statements for 2021, on Wednesday, January 26 at 16:30 (central time). Last year Tesla reported $ 31.5 billion in sales and $ 721 million in profit.

Investors on Wednesday will have the opportunity to hear about Tesla’s plans to expand its range of cars it produces. Tesla currently produces only four models of electric vehicles but Mr. Musk has said he plans to offer new products.

The latest model that Tesla released was the 2019 Model Y. Soon Tesla is expected to start producing a new model that is expected to cost around $ 25,000. With this model, electric cars will be accessible even to a wider range of consumers.

The company’s goals are to increase production by 50% each year, in the coming years.  Analysts are optimist that such an increase can occur, based on 2021 sales. Mr Musk had stated that he intends to produce up to 20 million cars a year and aims to achieve this by building two new factories, one in Germany and the other in Texas.