Tesla hit its goal of building a half-million cars in 2020, a first for the company, it reported Saturday.
The company produced 179,757 cars in the fourth quarter, up 71% from a year earlier, and it delivered 180,570, a 61% jump. While Tesla CEO Elon Musk provided guidance in October that the company would reach the 500,000-car target for the year, Wall Street analysts were expecting the company would miss it by about 9,000 cars, rather than a few hundred. Hitting that half-million number „is a major feather in the cap for the company and the bulls,“ given the hit to consumers‘ buying power during the pandemic, wrote analyst Dan Ives of Wedbush Securities. „In a nutshell, Tesla had a high bar to hit for the fourth quarter and impressively exceeded the Street… an eye popping performance to finish the year.
