Last Year Tesla Saw A Breakthrough With A $5.5 Billion Net Income

Musk said that 2021 was a breakthrough year for Tesla and electric vehicles in general, as the EV maker ended the year with $5.5 billion in net income, compared to $721 million in 2020.

In the 4th quarter, Tesla produced 305,840 vehicles, up 70% from the previous year.

The company delivered 936,172 vehicles in 2021, just short of the promised 1 million vehicles, but an increase of 87% over the year before.

"While we battled, as everyone did, with supply chain challenges through the year, we managed to grow our volumes by nearly 90% last year," Tesla CEO Elon Musk said in an earnings call late on Wednesday.

Tesla said its first Model Y vehicles to be made at its new Austin, Texas factory were nearing completion.

In 2022, he said, "we will look at factory locations to see where it makes the most sense, and perhaps announce some news by the end of the year."

Tesla also highlighted its controversial Full Self-Driving product as "a primary area of focus."