Tesla Finally Almost Hit 500,000 Deliveries, Two Years Behind its Promise, for a Global Market Share of… 0.7% | Wolf Street

Tesla announced today that it finally almost reached 500,000 deliveries in a calendar year, with its 499,550 vehicles delivered globally in 2020, and that it finally hit its target of producing 500,000 vehicles a year – two years behind its promises. Back in May 2016, it had promised in its quarterly report that it would produce 500,000 vehicles in 2018.

But it didn’t happen in 2018, far from it, and it didn’t happen in 2019 either. It finally happened in 2020. That promise in May 2016, like so many of Tesla’s and CEO Elon Musk’s promises, had caused its shares to surge.

Every promise Tesla and Musk issue is worth many billions of dollars in the company’s market capitalization, which then allows the company to raise many more billions of dollars by selling more shares. In 2020 alone, it raised $12.3 billion through share sales, on top of the $20 billion or so it had raised since its IPO.

This 500,000 in deliveries globally is a big number for Tesla. But it’s a minuscule number in the overall global auto market, which in 2020 is estimated at 73 million deliveries. Tesla’s global market share in 2020 has reached a whopping 0.7%.

Tesla Finally Almost Hit 500,000 Deliveries, Two Years Behind its Promise, for a Global Market Share of… 0.7% | Wolf Street