Despite delivering a record number of vehicles in 2021, Elon Musk-run electric car maker Tesla lost nearly $109 billion in market value in a single day after its fourth-quarter earnings and outlook failed to impress investors.
Tesla produced 305,840 vehicles in the fourth quarter, up 70% from the previous year.
However, Musk said last week that Tesla will not be bringing new electric vehicles to market in 2022 despite so much buzz around the Cybertruck, Semi truck and cheaper Tesla.
According to him, 2022 is the year when "we will look at factories to see what makes the most sense, and maybe some kind of announcement will be made by the end of this year."
The news sent Tesla stock down 12% to close at $829, its lowest since October 14, 2021.
It was also the second time that the electric car maker lost more than $100 billion in market value in a single day, following such a drop on November 9 last year.
Musk said 2021 was a breakthrough year for Tesla and for electric vehicles in general, as the electric vehicle maker ended last year with a net profit of $5.5 billion compared to $721 million in 2020. For the whole of 2021, the company delivered 936,172 vehicles.
Nevertheless, predicts vehicle deliveries to rise over 50% year-on-year in 2022 despite ongoing supply chain issues that are not expected to be ironed out until next year.