Tesla surpasses2020 deliveries estimates but misses Musk’s target

Tesla Inc on Saturday posted 2020 vehicle deliveries that bested estimates but narrowly missed its target for the year.

In 2020, Tesla delivered a total of 499,550 vehicles, surpassing Wall Street’s estimate of 481,261 vehicles, according to Refinitiv data. The actual figures, however, are 50 units shy of Elon Musk’s targeted deliveries.

Over the last year, Tesla’s share price has grown by over 700% as the automaker has posted five consecutive quarterly profits.

With rivalry intensifying in its home turf as legacy automakers double down on their investments in the booming EV space, Tesla has pinned hopes for new markets such as Europe and Asia.

The leading automaker’s new Shanghai factory, which is the only plant currently producing vehicles outside California, helped boost the company’s deliveries. Tesla said its Model Y production in Shanghai has started, with deliveries expected shortly.

Palo Alto, California-based Tesla reported it delivered 180,570 vehicles during the fourth quarter.