Tesla rises above global chip shortage, reports uptick in quarter 4 sales
- Tesla sales were bumped up by 71% from a year earlier
- Q4 sales of Tesla gave a push of 308,600 units
- Global chip shortage has restricted sales of multiple automobile manufacturers
Tesla seemed to rise above the ongoing trend of reporting dipping sales in the automobile industry, most of which is has been attributed to a shortage of computer chips and other essential parts. Elon Musk's Tesla, however, broke the tradition and posted boosted fourth-quarter sales. It was bumped up by 71% from a year earlier.
Tesla's final annual sales consisted of nearly 936,000 units after the final quarter of 2021 gave a substantial push of 308,600, according to reports from CNN.
Other automobile manufacturers in the industry are also due to release their sales numbers for the United States in the coming weeks, however, many experts believe the fourth quarter stats are likely to show a dip. Tesla, on the other hand, reportedly only releases its global figures.
Wedbush Securities analyst Daniel Ives says the numbers are “jaw-dropping” given the ongoing global chip shortage affecting the automotive industry. Ives says the production increase was likely boosted by growing demand from car buyers in China, as well as broader enthusiasm for electric vehicles, according to reports from Associated Press.
Cox Automotive said that it expects a decline of about 24% in the fourth quarter figure for United States sales. The organisation cited a severe shortage of computer chips, which had adverse impacts like shutting production plants and restricting inventory in dealerships.
In Asia, manufacturers of everything from toys to cellphones suffered from a global shortage of computer chips and surging costs for components, raw materials and shipping.
Cox Automotive's chief economist said in a statement, "Total sales in the second half of 2021 were the slowest in a decade. Demand is healthy, but supply and production disruptions kept the industry in check. You can't sell what you do not have", according to reports from CNN.
(With AP inputs)