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Shares of the world's most valuable carmaker were up about 7% at
$1,126.5 in premarket trading.
"Q4 2021 production results should bolster 2022 expectations but
we believe ultimately the pace of capacity expansion (Germany,
Texas) will be the larger determinants," said Joseph Spak, an
analyst at RBC Capital Markets.
Spak revised his quarterly revenue estimate, bumping it up by
$2.3 billion. J.P. Morgan raised its profit estimates.
Tesla delivered 308,600 vehicles in the fourth quarter, higher
than analysts' forecasts of 263,026 vehicles.
The company, like others, faces component shortages, as a global
logistic crunch and factory closures due to the pandemic limited
supply. But Tesla managed to overcome much of the problems by
reprogramming software to use less scarce chips.
Zachary Kirkhorn, Tesla's finance chief, said in October it was
difficult to predict how quickly the company will be able to
boost production at its new factories.
Analysts are expecting new factories to start operating early
this year, ramping up production and easing much of the supply
constraints.
"Tesla continues to shrug off the chip supply crunch and clearly
has ramped Shanghai at breakneck speed," Cowen analyst Jeffrey
Osborne said.
"We expect a gradual ramp of Berlin and Austin and anticipate
those ramps will lead to a deceleration of exports from
Shanghai, many of which have been bound for Europe in 2021,"
Osborne said.
For the quarter, Model 3 and Y production rose 79% but those of
its flagship Model S and X fell 19% largely due to a slowdown in
production as the company installed new equipment.
(Reporting by Aniruddha Ghosh and Nivedita Balu in Bengaluru;
Editing by Maju Samuel)
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