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(Reuters) – Tesla Inc on Saturday reported better-than-expected 2020 vehicle deliveries, driven by a steady increase in electric vehicle adoption in the world’s largest economies.
The company delivered 499,550 vehicles in 2020, above Wall Street’s estimate of 481,261 vehicles, according to Refinitiv data, but 450 below CEO Elon Musk’s half-million target.
Musk, however, tweeted here he was “proud of the Tesla team for taking this important step”.
“When Tesla started, I thought we had (optimistically) a 10% chance of surviving,” he said.
Tesla has anchored its hopes in new markets such as Europe and Asia, with competition intensifying in its territory as traditional automakers double their investments in the burgeoning electric vehicle space.
Its delivery push was supported by its new plant in Shanghai, the only plant currently producing vehicles outside of California. The automaker said here that production of the Model Y in Shanghai has started, with deliveries expected shortly.
Tesla, based in Palo Alto, Calif., Said it delivered 180,570 vehicles in the fourth quarter, a quarterly record for the electric car maker, beating estimates of 163,628 vehicles.
Reporting by Munsif Vengattil, Eva Mathews and Derek Francis in Bengaluru; Editing by Andrea Ricci
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