Tesla Posts Record Profit, Won't Produce New Models In 2022

Tesla Inc. has posted record fourth-quarter and full-year earnings as deliveries of its electric vehicles soared despite a global shortage of computer chips.

Although the company predicted it would build 50% more vehicles than it made last year, CEO Elon Musk says the chip shortage will stop the Tesla from rolling out any new models in 2022.

That means another delay for the Cybertruck pickup, which was originally scheduled to go on sale last year.

Musk also said Tesla isn’t working on a promised $25,000 small electric car, but it will.

Tesla made $5.5 billion last year compared with the previous record year of $3.47 billion in net income posted in 2020.