Tesla TSLA This autumn 2021 car supply and manufacturing numbers

Visitors looking at a China-made Tesla Model Y electric vehicle at Auto Shanghai 2021 in Shanghai, China on April 27, 2021.

Qilai Shen | Bloomberg | Getty Images

Tesla am Sonntag said it delivered 308,600 electric vehicles in the fourth quarter of 2021, beating the previous record for a single quarter and analyst expectations. The automaker produced a total of 305,840 fully electric vehicles in the same period.

For the whole year, Tesla has delivered 936,172 vehicles, an 87% increase over 2020 when the company posted its first annual profit on deliveries of 499,647.

In the third quarter of 2021, vehicle deliveries reached 241,300, Tesla’s best quarter to date.

According to a consensus created by FactSet, Wall Street analysts had expected 267,000 Tesla deliveries in the fourth quarter and 897,000 for the whole of 2021.

The deliveries are closest to the sales reported by the CEO Elon Musks Electric car company.

Tesla summarizes the delivery figures of the higher-priced vehicles Model S and X as well as the cheaper vehicles Model 3 and Y. The company does not break down sales or production numbers by region.

Deliveries of the flagship Model S sedan and the Falcon Wing SUV Model X accounted for almost 3% of Tesla’s total deliveries in 2021. Model 3 and Model Y deliveries totaled 296,850 in the last quarter of 2021 and 911,208 for the full year.

Tesla manufactures Model 3 and Y vehicles at its Shanghai and Fremont, Calif., Facility, but only manufactures the X and Y models in Fremont.

Shake off bottlenecks

At Tesla’s annual shareholder in 2021 meeting, Musk lamented a year of supply chain problems that made it difficult to source enough microchips and other unspecified parts.

During the second year of a global coronavirus pandemic, Tesla increased vehicle deliveries by ramping up production at its first overseas factory in Shanghai and making engineering changes to the cars it produced in Fremont, California, some parts together.

Specifically, Tesla announced in May that it Remove radar sensors of Model 3 and Model Y vehicles built for customers in North America. These cars now rely on a camera-based system to enable Tesla’s driver assistance functions such as traffic-dependent cruise control or automatic lane keeping.

looking ahead

Musk has announced plans to increase Tesla’s vehicle sales to 20 million annually over the next nine years. To achieve that growth, Tesla is poised to begin production of the Model Y crossover at its new Austin, Texas factory this year. The aim is to open another factory in Brandenburg, Germany, afterwards.

The company recently relocated its headquarters to Texas. The CEO announced the plan in October, and Tesla made it official in early December.

Last month, Musk wrote on Twitter, with approximately 68.4 million followers, “Giga Texas is an investment of more than $ 10 billion over time that will create at least 20,000 direct and 100,000 indirect jobs.” According to public filings, Tesla plans to spend $ 1.6 billion on the Austin, Texas factory, which is now in phase one.

Despite advances and ambitions in Texas, Tesla has postponed plans to start mass production of its Cybertruck, a distinctly angular pickup truck, until 2023. The company’s semi and redesigned roadster are also still in the works.

Industry outlook

The company now dominates battery electric vehicle sales in the United States and much of the world. However, it is expected to lose market share overall as competitors launch their own all-electric models.

For example, Toyota told investors it will be Invest 35 billion dollars To bring 30 battery electric vehicles to market by 2030. Rivian recently started deliveries his battery-electric pick-up and SUV. and ford no more reservations for his F-150 flash Electric pickup after 200,000 orders.

Tesla sales are still expected to grow with overall demand for electric vehicles, which is in part driven by climate regulation.

Hoping to reduce air pollution from traffic, including states California and new York, are following in the footsteps of several European countries and cities by setting a date by which the sale of most gas-powered vehicles will be banned.

By 2030, Alix Partners predicts that around 24% of new vehicles sold worldwide will be fully electric.

– CNBC’s Jessica Bursztynsky and Jordan Novet contributed to the coverage.

Cathie Wooden says Apple ought to’ve purchased Tesla, however ‘we’re completely happy they did not’

The closely watched finance manager Cathie Wood told CNBC on Wednesday that Apple could have owned the driverless vehicle market by buying it Tesla if they get the chance during the problematic start-up of the electric vehicle manufacturer Model 3.

“We’ve been watching Apple very closely for years. Because what is an autonomous vehicle? It’s the ultimate mobile device,” she said in a broader sense “Squawk Box” Interview in which she also talked about them Ark Invest strategies, the She expects returns long term and Purchase of Zoom after its recent decline.

Apple stocks All-time highs reached last Friday and then again on Monday – market value rose solidly above 2.5 trillion US dollars – afterwards Last week’s Bloomberg report about the tech giant accelerating efforts to introduce a self-driving vehicle. Apple was not immediately available to respond to CNBC’s request for comment on its autonomous ambitions. Tesla was also not immediately available to comment on Wood’s comments.

“It’s very hard work – and with all the turnover in management, we’d be surprised if they could do it that quickly,” Wood said, referring to Bloomberg report in June on the departures from Apple’s autonomous unit of three top managers. In 2018, Apple lured Doug Field, then Tesla’s senior vice president of engineering, back to the company he had previously worked for. Apple has also hired countless other former Tesla employees.

Wood – a longtime Tesla Uber bull and shareholder and supporter of the CEO Elon Musk – CNBC said, “This should have been Apple’s market. Apple should have bought Tesla when they were given the opportunity. We’re glad they didn’t. “

Musk revealed, in a December 2020 tweet for reaching out to Apple’s CEO Tim cook “During the darkest days for the Model 3 program” on the possibility of selling Tesla “(for 1/10 of our current value).” Musk said Cook refused to attend the meeting.

The first Model 3s, a lower-priced EV sedan for mass-market car buyers, shipped in 2017 after increasing production to meet demand was problematic. In 2018, Musk tweeted that the auto business was “Hell” and it was him Sleep in the factory to try to solve the problems.

Today, Tesla joined the $ 1 trillion market cap club, and Musk, the EV company’s largest shareholder, has sold billions of its stock holdings.

Wood told CNBC that she saw “nothing wrong” with Musk selling stocks, taking profits and paying billions of dollars in tax bills related to stock option subsidies.

Applications for admission Late Tuesday, Musk revealed he was exercising options to buy 2.15 million Tesla shares and selling 934,091 shares valued at just over $ 1 billion. Since his Twitter poll on November 6thWhen asked if he should sell shares, Musk dumped 9.2 million shares valued at $ 9.9 billion.

– Reuters contributed to this report.

Taxes aren’t the one purpose Elon Musk is promoting Tesla inventory

Elon Musk’s sales of Tesla Stock last week came as little surprise to those who followed its history potential tax burden of $ 10 billion to $ 15 billion on stock options granted in 2012. However, according to accountants, most of his sales don’t appear to be tax-related – which could mean he’ll be offloading far more shares than expected.

The options on Musk’s 23 million shares expire in August, which is the deadline for filing taxes with California and the Internal Revenue Service. Musk began exercising the options on November 8th. He exercised $ 2.5 billion in stocks and sold $ 1.1 billion of those exercised options to pay taxes.

“The common stock was sold solely to meet the tax withholding obligations of the reporter in connection with the exercise of stock options,” said a footnote from its Securities and Exchange Commission submission for November 8th.

On Monday, Musk sold an additional $ 930 million in shares to pay taxes on options he exercised on 2.1 million shares. This brings his total option exercise to approximately $ 4.6 billion and his shares sold to meet tax withholding obligations to $ 2 billion.

Most of the sales over the past week, however, were for another reason. Instead of selling by exercising an option, Musk began selling his existing shares. Auditors said it would be impractical for Musk to use these existing stocks to pay the tax on his options because they carry a much higher tax burden.

Musk’s options are taxed as normal income as they are considered compensation. The combined state and California rates could be up to 54%. The exercise price of the options is $ 6.24 per share, and Tesla’s share price was over $ 1,160 per share on Monday, so he would pay higher taxes – more than $ 10 billion on his earnings of over $ 20 billion U.S. dollar.

Read more about electric vehicles from CNBC Pro

Typically, executives sell the exercised stock immediately after purchase to pay taxes in what is known as the “cashless” exercise. Since the shares are sold immediately, there is no additional capital gains tax on the shares sold.

Since Musk’s sales were pure stock sales with little or no cost base as of Nov. 9, he would owe long-term capital gains taxes of up to $ 1.3 billion. Using these proceeds to pay option tax would amount to paying taxes twice – once on capital gains and once on options.

“It would not make sense for him to use this income for the option tax from a tax perspective,” said Toby Johnston, partner in charge of the Silicon Valley office of Moss Adams, an accounting, advisory and wealth management firm.

Musk acknowledged that the regular stocks are less tax efficient than selling the option stocks. “An attentive observer would find that my share sales rate (low base) significantly exceeds my option exercise rate of 10 billion (high base), closer to tax maximization than minimization,” he tweeted on Sunday.

Given the relatively high tax cost, why is Musk selling the non-option stocks? Tax experts and Tesla analysts say he will exercise the options before August, as their expiry would leave billions on the table, along with additional ownership of the company even after taxes are paid. That means he has billions left to exercise and billions to sell to pay taxes.

The $ 5.7 billion and any additional non-option stocks he sells are direct payouts. While he owes state capital gains taxes on the sales, he likely does not need to pay state taxes on the profits since he is likely now a Texas tax resident. However, the same rule does not apply to his option taxes as these are considered employee benefits and were earned during his stay in California.

Accountants say the sales are likely not to charity as he would have simply donated valued stocks instead of selling and paying a capital gains tax first. He could use the proceeds for Space X, its privately held space company, or for another private company. Or he might just want to take money off the table after years of being stock rich, cashless and borrowing his stock price to fund his lifestyle. Federal taxes are also likely to rise next year, which creates an additional incentive if he’s already thinking about a payout.

Whatever the reasons, Musk will likely end up selling way more than the $ 10 billion to $ 15 billion he needs in taxes. He conducted a Twitter poll on November 6th in which he asked his followers to sell 10% of his shares and said he would stick to the results. When he voted, 58% of respondents said he should sell 10% of his stock, which could add up to over $ 20 billion in sales.

“Taxes aren’t always the main driver behind investment decisions for people his level,” said Johnston. “It still feels like the puzzle is missing a piece that we may not know about.”

Cramer is skeptical Rivian is the following Tesla and would slightly personal Ford

CNBCs Jim Cramer said Monday that although electric vehicle startup Rivian Automotive has some strong supporters as it prepares to enter the market, it is skeptical that it will be the next Tesla and would prefer shares of Ford engine.

“Even if everything is going well for Rivian, this industry gets a little overcrowded here. When Tesla started there was no one else, ”Cramer continued.Bad money“Now, however,” Rivian has Ford’s F-150 Lightning hot on his heels, along with GM’s electric Hummer and even Tesla’s Cybertruck. “

With Amazon and Ford as great investors, Rivian has valued its stocks between $ 72 and $ 74 for the IPO and is expected to start trading on Wednesday. “Given the company’s plans to offer 135 million shares, we’re talking about a $ 9.85 billion fundraising, making this the sixth or seventh largest public offering in US history,” said Cramer.

Cramer said he wouldn’t be surprised if Rivian stock stood out even at this high valuation because “the people who buy this thing don’t care about valuation.” Rather, investors are betting that the fledgling company can ramp up production and become a major competitor in the growing EV market.

Cramer praised Rivian for the number of orders it received not only for its pickup truck and the planned SUV, but also for its own Big van deal with Amazon. Additionally, the fact that a competitor like Ford is an investor in Rivian is “a great recognition” of Rivian’s potential, he said.

Ultimately, Cramer told the audience that “if you really believe in Rivian, you have my blessings to speculate.” However, he added, “I would prefer to stay on the sidelines and promote my Ford electric vehicle, which is why we own it for the nonprofit foundation.”

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Disclosure: Cramer’s nonprofit trust owns shares in Ford and Amazon.

Cramer says Tesla is a phenomenon that appears to ‘go up endlessly on nothing’

CNBCs Jim Cramer expressed surprise on Monday at the continued strength in Tesla‘s stock – up about 50% last month and about 200% over the past 12 months.

“Tesla is actually a phenomenon that we need to talk about,” said Cramer “Quäk on the street”, before the opening bell on Wall Street. “In fact, I’ve never seen a stock go up forever for nothing.”

At the time of Cramer’s comments, Tesla shares were up about 2% in pre-trading hours.

The stock gained traction during regular trading, closing 8.5% at $ 1,208.59 per share on a market value of $ 1.2 trillion. Tesla stock hit a new all-time intraday high of $ 1,209.75 apiece during the session.

Tesla has soared in the past few weeks after trading below $ 800 per share in the month of October. Based on Friday’s closing price, the stock was up 28.67% from its closing price of $ 865.80 on October 20 as the electric vehicle maker reported record quarterly sales and earnings after the closing bell that day.

Another catalyst for Tesla came a week ago when hertz announced it Order 100,000 vehicles from Tesla to build its electric vehicle rental fleet by the end of next year. On that day, October 25th, shares in Tesla alone increased by 12.66%, bringing the company’s market cap over $ 1 trillion for the first time.

Morgan Stanley Auto analyst Adam Jonas also issued a positive note for Tesla on October 25th, which likely bolstered sentiment.

Tesla is by far the most valuable automaker in the world.

Read more about electric vehicles from CNBC Pro

However, the company’s stock has been a major battleground on Wall Street for years as one of the heavily truncated or most wagered names.

Many bearish investors believe that Tesla is detached from fundamentals and vastly overvalued, while the bulls believe the EV pioneer can continue to dominate the category, the overall size of which is expected to grow in the years to come.

Cramer positively turned to Tesla about two years ago and took this constructive view of the Elon Musk-managed company. Cramer is also bullish At ford as the old automaker is investing heavily in converting to electric vehicles. “Ford is taking a big step,” said Cramer on Monday. “Ford had an amazing quarter. They introduced a dividend.”

Last Thursday the “Bad money” Host said that Ford CEO is Jim Farley “ready to bury Musk.”

Jim Cramer’s Charitable Trust owns shares in Ford. Register here for the new CNBC Investing Club newsletter that tracks cramers every move in the market and gets delivered straight to your inbox.

Vitality secretary defends Tesla EV tax credit score exclusion

Energy Secretary Jennifer Granholm on Friday defended the Biden government’s proposal to provide tax credits for electric vehicles from unionized automakers, a move that could rule out non-unions Tesla.

“This President is very, very positive about organized labor because organized labor has raised the living standards of so many Americans, and we want to make sure that we do everything we can to encourage that the economy and the labor force really focus on the standards for ordinary Americans, “Granholm told CNBC.Squawk box. “

The tax credit in question would lower the cost by $ 12,500 for a middle-class family who purchases an electric vehicle made in America with U.S. materials and union labor, under the $ 1.75 trillion framework for President Joe Biden’s climate and environmental priorities Social spending. Biden announced the blueprint on Thursday after working out a deal with the Senate Democratic objectors. No details were given beyond the White House factsheet.

Elon Musk’s Tesla is the largest electric vehicle manufacturer and recently launched one $ 1 trillion market valuewhat makes it more valuable than General Motors, ford and several other of the largest global automakers together. The EV Titan’s workforce is not unionized, so Tesla products are not eligible for government tax credits as suggested by the Democrats.

In March it was Tesla ordered by the National Labor Relations Board to urge Musk to remove a threatening and anti-union tweet as the company’s financial records consider Musk’s tweets to be official corporate communications. In the tweet, Musk said his workforce was free to unionize but said they would gain “nothing” because they would lose stock options and pay union dues if they were unionized.

Granholm said Biden is keen to create a level playing field in economic terms.

“He wants to close the prosperity gap in this country,” she said. “He wants to raise the middle class. He wants a policy that builds the middle class from the bottom up and the middle out, not from the top down.” She said the president believes trade unions can help make this happen.

The Energy Secretary also said she was “totally optimistic” about investing in the $ 23 trillion global clean energy market, which she believes will be there by 2030, and said the US could get a share of that market instead of “standing on the sidelines”.

“We haven’t brought more alternatives online. We haven’t put more technology into the vehicles to make them affordable for everyone,” she said. Tesla is often viewed as a luxury automaker.

“So that requires investment,” said Granholm. “That is why the tax breaks that come with incentives for the private sector to go from the fringes when investing in clean energy are so important to moving this forward.”

Tesla TSLA earnings Q3 2021

Tesla reported third quarter results after the bell Wednesday, and it’s a blow in terms of both sales and earnings.

The company’s stock was down 1.5% after the close of business. Here are the results.

  • Earnings per share (adjusted): $ 1.86 versus $ 1.59 per refinitive
  • Revenue: $ 13.76 billion versus $ 13.63 billion per refinitive

The company reported net income of $ 1.62 billion (GAAP) for the quarter, exceeding $ 1 billion for the second time. For the year-ago quarter net income was $ 331 million.

The record results were driven by improved gross margins of 30.5% in the automotive business and 26.6% overall, both records for at least the past five quarters.

Auto sales rose to $ 12.06 billion and auto sales cost for the quarter was $ 8.38 billion.

Tesla also posted revenue of 806 million in previous financial filings.

In the energy and storage businesses, the cost of sales rose to the highest level in the last five quarters of $ 803 million in the third quarter.

In a shareholder deck Tesla released ahead of a call to discuss third quarter results, the company said, “A variety of challenges, including semiconductor shortages, port congestion, and rolling power outages, have hampered our ability to keep factories running at full speed.”

Despite these problems, the company reiterated its previous forecast that it expects “an average annual growth in vehicle deliveries of 50%” over a multi-year period.

In the third quarter, Tesla recorded an impairment loss of $ 51 million related to its investment in Bitcoin, which was reported under “Restructuring and other” charges.

Tesla had before disclosed deliveries of 241,300 electric vehicles and production of 237,823 vehicles in the period ended September 30, 2021.

Unlike other automakers, Tesla’s sales soared in the quarter, setting a new company record, despite chip shortages and supply chain challenges weighing on the industry. (Deliveries are the closest approximation of Tesla reported sales.)

Many other automakers have reported record profits during the semiconductor die shortage due to robust consumer demand, but have been unable to generate better sales due to supplier restrictions.

In a shareholder deck for the third quarter of 2021, Tesla remained non-binding regarding the start date for production of the highly anticipated cybertruck. The company is just saying that production of the nontraditional truck will begin sometime after the Model Y starts production in Austin, where Tesla is building a new vehicle assembly plant.

Tesla also said in the deck that for all vehicles in the standard range, “The chemistry of lithium iron phosphate batteries (LFP) is being used around the world.”

Previously, Tesla used lithium-ion battery cells with nickel cathodes in its standard vehicles for customers in North America. Because iron is more abundant than raw materials used in other lithium-ion battery cells, such as nickel and cobalt, LFP batteries are generally cheaper to manufacture.

The two leading manufacturers of such battery cells are CATL and BYD in China. Tesla is already sourcing batteries from CATL, the companies previously announced.

Analysts asked Tesla executives on Wednesday if they plan to source all of their LFP batteries from China. Tesla’s senior vice president of powertrain and energy engineering, Drew Baglino, said the company’s goal is to “localize” automotive and battery production as much as possible to the continents where cars are made. That goal extends to battery cells, he suggested.

Shareholders also asked Tesla how the company would deal with a tougher or more critical federal vehicle safety regulator.

The National Highway Traffic and Safety Administration is currently investigating Tesla for possible safety flaws in its autopilot driver assistance system following a series of accidents in which Tesla drivers collided with parked first aid vehicles while using the autopilot.

Tesla’s vice president of automotive technology, Lars Moravy, spoke of Tesla’s relationship with NHTSA as a partnership when he called on Wednesday. “We always cooperate fully with NHTSA,” said Moravy. As NHTSA figured out the rules and regulations for vehicles with more software-enabled features, he added, “We’re excited to be a part of this journey.”

The comments contrasted with statements made by Tesla CEO Elon Musk. Musk previously accused the Biden government of generally anti-Tesla bias.

And this week, Musk complained about a new NHTSA safety advisor, Missy Cummings, to his tens of millions of followers on Twitter.

Cummings, a professor of engineering and computer science at Duke University, previously criticized Tesla’s approach with the driver assistance systems, which it markets as autopilot and full self-driving options. None of the systems make Tesla vehicles autonomous or safe for use without a driver at the wheel.

“Objectively, their track record against Tesla is extremely biased,” Musk wrote.

US Secretary of Transportation Pete Buttigieg said at a press event on Wednesday, “He’s welcome to call me if he’s concerned.”

Last quarter, Musk said he would no longer make phone calls By default.

The bombastic CEO chose not to speak in front of shareholders and analysts on Wednesday, and the profit call was as known as Musk when compared to previous quarterly calls offended analysts, or called pandemic health orders fascist.

Correction: Due to a processing error, the components of Tesla’s service revenue were incorrectly reported in an earlier version of this article. FSD subscriptions are counted as part of automotive sales.

– CNBCs Michael Wayland Reporting contributed.

Tesla strikes headquarters from California to Texas

Tesla its headquarters are moving from Palo Alto, California to Austin, Texas, CEO Elon Musk announced at the company’s shareholders’ meeting on Thursday.

The meeting took place at Tesla’s vehicle assembly plant under construction outside Austin on property bordering the Colorado River near the city’s airport.

However, the company plans to ramp up production at its California facility regardless of the headquarters move.

“To be clear, we will continue to expand our operations in California,” said Musk. “Our intention is to increase production at Fremont and Giga Nevada by 50%. If you go to our Fremont facility, it will be blocked.”

But he added, “It’s hard for people to afford houses, and people have to come from far … There’s a limit to how big you can scale in the Bay Area.”

Musk’s growing dissatisfaction with California has been evident for some time. In April 2020, on a Tesla winning call, Musk hit California government officials who described their temporary health orders related to Covid as “fascist”.

Later, Muski moved personally to the Austin area of ​​Los Angeles, where he had lived for two decades.

This has enabled Musk, who is also the CEO of aerospace company SpaceX, to reduce his personal tax burden and be closer to a SpaceX launch site in Boca Chica, Texas.

Tesla’s board of directors granted Musk an executive compensation package that can earn him massive stock bonuses due to the automaker’s increase in market capitalization and a few other financial goals. If he sells options that expire in 2021, he could make more than $ 20 billion in revenue this year, according to InsiderScore.

California levies some of the highest personal income taxes in the country on its wealthy residents, but Texas has no personal income tax.

Tesla isn’t the first company to move its headquarters from California to Texas. Oracle and Hewlett Packard, for example, are among the technology giants who took this step last year.

Texas is actively recruiting companies through its Texas Economic Development Act, which provides tax breaks, to help establish new facilities in the state. Austin attracts tech employers with a top tech university and cultural events like South by Southwest.

Such a move is not particularly stressful, said business lawyer Domenic Romano, managing partner of Romano Law in New York City. A Delaware corporation that, like Tesla, operated as a “foreign” corporation headquartered in California could relocate by setting up and hiring a facility in a new state. and relocating key employees.

They wouldn’t have to cease operations in other states, although they usually reduce them.

“From a legal perspective, there are fewer regulatory burdens in Texas,” said Romano. “It’s a more business and employer-friendly state in many ways. In Texas or Florida, as an employer, you have to overcome a lot fewer hurdles than in California in terms of reporting requirements and more.”

Texas Governor Greg Abbott said the Tesla CEO supported those of his state also “social policy”. However, Elon Musk declined to weigh Texas’s restrictive new abortion law after Abbott made that claim.

“In general, I believe that the government should seldom impose its will on the people while trying to maximize their cumulative happiness,” Musk wrote on Twitter at the time. “But I’d rather stay out of politics,” said Musk.

Tesla has generally received tremendous support from the State of California since its inception in 2003. It has grants, tax breaks, incentives, and favorable policies like the California Air Resources Board, and the California Energy Commission California Alternative Energy and Advanced Transportation Finance Authority, among other.

GM says it is going to double income by 2030 in digital push to be seen extra like Tesla

DETROIT – General Motors plans to double its annual sales to $ 280 billion by the end of this decade as the company migrates to all-electric vehicles and diversifies beyond auto and truck sales.

The automaker announced on Wednesday ahead of investor presentations detailing how the company will operate plans to achieve these goals through traditional automotive businesses and new software and data-driven businesses.

The revenue target is based on a moving average of about $ 140 billion for the automaker over the past few years, a company spokesman said. GMs Sales last year was nearly $ 122.5 billion, down 10.8% from 2019, largely due to factory closures at the start of the coronavirus pandemic. The operating profit margin in 2020 was 7.9%.

“If you look at all of the investments we’ve made in over five years, we’re really in execution mode today,” GM CEO and Chairman Mary Barra told reporters during a pre-event briefing. “We have great confidence in our ability to increase sales.”

The two-day investor meeting including product test drives on Thursday is intended to provide a “clear strategy” to convince investors to like the company more like a technology start-up Tesla, which is valued at more than $ 750 billion compared to $ 79 billion for GM.

Barra said GM expects much of the sales growth to come from its new and service-based businesses, with “moderate growth” from its traditional vehicles and operations.

“We are seeing a surge in EVs especially in the first few days, so we see tremendous opportunities to grow from an EV perspective and then subscriptions and services,” she said.

The automaker expects its traditional auto sales and financing business to grow from $ 138 billion to $ 195 billion to $ 235 billion a year. Its new businesses such as the autonomous vehicle subsidiary Cruise and BrightDrop commercial EV business is expected to grow from $ 2 billion, mostly from OnStar, to $ 80 billion over this period.

GM also confirmed plans to rapidly scale its electric vehicle manufacturing, with more than 50% of its plants in North America and China able to produce the vehicles. Currently, only two GM plants in North America are capable of producing electric vehicles, but the company has announced plans to convert at least three more by 2023.

GM President Mark Reuss told investors on Wednesday that the company would soon announce a second battery-electric truck assembly plant. The company’s first EV pickups, including the upcoming ones GMC lobster, is produced in a facility in Detroit.

The automaker is about to Invest 35 billion dollars in electric and autonomous vehicles by 2025, as the company aims to become a fully electric automaker by 2035.

GM said it plans to outperform Tesla as the U.S. leader in electric vehicles, but Barra and Reuss declined to give a timeframe. The company has announced that it will sell 1 million electric vehicles per year worldwide through 2025.

During the event, GM is also expected to explain in more detail this transition as well as the planned commercialization of driver assistance systems and autonomous vehicles.

GM confirmed on Wednesday that it will introduce its new one electric Silverado at CES in January. It is also said that a Chevrolet crossover is in the works for around $ 30,000. GM did not announce any sales dates for the vehicles.

“Nobody will be able to touch us in the battery-electric truck room,” Reuss told reporters on Wednesday. “You will see that we hit the mark with that.”

Regarding self-driving technology, GM said it will launch a new hands-free system in 2023 called “ultra-cruise” that is roadworthy in 95% of the scenarios. The system is expected to be far more powerful than its current Super Cruise system, which is only available on pre-mapped shared highways.

At launch, according to GM, Ultra Cruise will be available on more than 2 million kilometers of road in the US and Canada. Great cruise is currently available on more than 200,000 kilometers of road.

2022 GMC Hummer EV Sport Utility Truck

GM

Tesla TSLA Q3 2021 car supply numbers

Tesla delivered 241,300 electric vehicles in the third quarter of 2021, the company announced on Saturday.

Deliveries for the quarter exceeded expectations. Analysts predict that Tesla will deliver around 220,900 electric cars by September 30, according to StreetAccount estimates.

The company produced 237,823 cars through September 30, 2021, Tesla said in its report. 228,882 of these were for the Model 3 and Y models, the cheaper mid-range offers.

The remainder amounted to 8,941 of the S and X models.

Last quarter, Tesla shipped 201,250 vehicles and produced 206,421 cars, although production of its S and X models fell below 2,500.

“Our delivery count should be viewed as a bit conservative, as we only count a car as delivered when it is handed over to the customer and all papers are correct. Statement.

Tesla does not break down the delivery figures by model, nor do they have any sales or production figures from China compared to the USA (deliveries are the company’s closest approximation of vehicle sales.)

Elon MuskThe electric vehicle maker now manufactures cars at its Shanghai facility and its US facility in Fremont, California, while continuing to manufacture batteries domestically with Panasonic at its sprawling facility outside of Reno, Nevada.

For the period ending September 30, 2021, Tesla started shipping some lithium iron phosphate batteries from China for use in Model 3 vehicles for customers in the US

Tesla has also temporarily shut down some operations at its vehicle assembly plant in Shanghai, where it makes cars for customers in China and Europe. The stops have been attributed to a global semiconductor shortage that has challenged Tesla year-round and plagued the entire auto industry.

New battery electric models, especially Rivians R1T and the long-delayed luxury of Lucid Motors Lucid Air limousine, are now in production and are being sold to customers in the United States, an indication that competition is intensifying for Tesla in key markets.

At the same time, interest in electric vehicles is growing, even in the US, which is lagging behind China and Europe.

According to a June 2021 survey by Pew research, 39% of Americans say that “the next time they buy a vehicle, there is at least a certain chance they are seriously considering an electric drive.” About 7% of Americans said they have already bought a battery-only electric or hybrid electric vehicle.

This demand is only encouraged by rising fuel costs and environmental regulations.

For example in China, Government programs make it much faster and cheaper to get license plates for electric vehicles than vehicles with internal combustion engines. The Chinese government has also offered subsidies, tax breaks, and invested in charging infrastructure to encourage the production and adoption of electric vehicles.

Meanwhile, President Joe Biden has a volunteer destination for half of all new car sales in the USA there should be electric models by 2030 – including battery electrics, plug-in hybrids and hydrogen fuel cell vehicles. The move is part of the Biden government’s commitment to Cut US emissions by half by 2030.

Piper Sandler Senior research analyst Alexander Potter, a bull with a target price of $ 1,200 on Tesla stock, wrote in a note on Sept. 27:

“Tesla’s share of the battery electric vehicle (BEV) market will almost certainly decrease – as many competitors have not yet started selling BEVs. However, we assume that Tesla’s share of the overall market will continue to grow, and we emphasize that BEV’s market share is falling. ”Should not be taken as a bearish signal … After all, Tesla competes with vehicles of all types – not just other electric vehicles . “

Sam Fiorani, vice president of Auto Forecast Solutions, agreed. He said, “Tesla is so far ahead of the competition in the EV market that it is unlikely that anyone will overtake them anytime soon. The Tesla cult will bind buyers to the brand in the years to come. Even Audi and Mercedes are difficult to acquire the same aura. While their market share will decline, Tesla will maintain the leadership position for years to come without any major missteps within the company. “