Tesla 2020 Results Top Expectations
Tesla EV Sales Top Wall Street Estimates
Source: Tesla Concept R
Outperforming the Auto Industry Despite Global Pandemic
During the 2020 global pandemic, Tesla continued to accelerate its business and outperform the global automotive industry. Tesla vehicle sales for the entire year of 2020 were far better than expected and beat Wall Street estimates. The company delivered 499.550 vehicles, well above the estimated 481, 261 for the year. This was just 450 vehicles short of CEO Elon Musk's ambitious plan to reach a benchmark of 500,000 vehicles delivered in 2020. Musk tweeted he is proud of what his team has accomplished. Indeed, during a crippling global COVID pandemic that has brought the global economy and the automotive industry into a very rough place, what Tesla accomplished in 2020 is amazing. Of note for entrepreneurs, Musk confided recently that at the start of Tesla he thought the company had a 10% chance of surviving.
Tesla 2020 Accomplishments
Tesla has achieved outstanding sales and business results in the middle of the ongoing pandemic. Other automakers have experienced slumping sales, quarterly losses, missed product debuts and global supply chain breakdowns. During 2020, Tesla has opened gigafactories in Shanghai and Germany and seen it share price rise 700% over 2019. It is now part of the S&P 500 Index. Tesla has had five consecutive quarterly profits during the past year and a quarter.
What Makes Tesla Different?
Tesla entered the electric vehicle market early and now is the global leader in EVs. It competed head-on as an alternative to gas combustion cars and has continued to innovate its product line. It is growing globally by building new market opportunities in Europe and Asia. Tesla is outperforming the global automotive industry with new product innovations, global growth strategies, sheer guts and nimbleness.