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Tesla reports record profit, sees more supply chain woes in 2022

  • Sun Online Desk
  • 27th January, 2022 09:57:49 AM
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Tesla rode rising demand for electric vehicles to a record $5.5 billion profit in 2021, but cautioned that supply chain problems would continue to crimp production through 2022.

Elon Musk's company, which scored an 87 percent jump in auto deliveries last year in spite of the global semiconductor shortage, reported a 71 percent rise in revenues to $53.8 billion, AFP reported.

But the electric auto maker said it saw no immediate relief from supply chain woes that have hit activity "for several quarters," it said.

"We plan to grow our manufacturing capacity as quickly as possible," Tesla said in a news release that reiterated the company's target of 50 percent annual growth.

"The rate of growth will depend on our equipment capacity, operational efficiency and the capacity and stability of the supply chain," Tesla said.