Despite Sharp Contraction In Global Automobile Industry, Tesla Achieves Record Deliveries Of Almost Half A Million Electric Cars In 2020

Despite Sharp Contraction In Global Automobile Industry, Tesla Achieves Record Deliveries Of Almost Half A Million Electric Cars In 2020
Elon Musk at the launch of the Tesla v7 operating system for the Tesla Model S in CHina (VCG/VCG via Getty Images)

Even as the global automobile industry suffered a sharp contraction due to the disruption caused by pandemic, electric car marker Tesla announced that it delivered a record 499,550 vehicles globally in 2020, up from roughly 367,500 that it sold in 2019.

The company said that it delivered 180,570 SUVs and sedans in the fourth quarter of 2020. In the first nine months of the year, Tesla reported that it delivered just over 318,000 vehicles worldwide, including a record 139,300 in the third quarter.

Tesla faced production disruptions this year as it had to close its Fremont plant in California for several weeks starting in March as local authorities imposed tough restrictions on businesses to slow the spread of the virus.

Tesla even filed suit against Alameda County, California, after local authorities refused permission to the company reopen its Fremont factory,

Angered by the decision of health authorities, CEO Elon Musk lashed out at the California county for blocking Tesla from reopening its only U.S. car plant. Musk threatened to shift the company's headquarters to Texas or Nevada, where shelter-in-place rules are less restrictive.

Tesla is likely to set a target of 840,000 to one million cars in 2021. The company is hoping that two additional production facilities it is setting up in Berlin, Germany and Austin, Texas will become functional this year.

The company has plans to produce 20 million cars annually by 2030.

Tesla's shares closed 2020 on a record high with its valuation soaring to $669 billion. The company's share made an entry S&P 500 index in December.