Tesla Inc.‘s quarterly income rose because the world’s most dear automaker bought a report variety of automobiles to prospects regardless of provide chain headwinds.

Web earnings attributable to shareholders surged to $2.32 billion, in contrast with $270 million a yr earlier.

Income rose 65 p.c to $17.72 billion within the fourth quarter, from $10.74 billion a yr earlier. Tesla has fared higher than legacy automakers in coping with the supply-chain points by utilizing much less scarce chips and re-writing software program shortly whereas others together with Common Motors and Ford Motor Co have needed to idle manufacturing.

The corporate delivered greater than 936,000 automobiles worldwide in 2021, up 87 p.c from the yr earlier than and above the 50 p.c common annual enlargement projected over the course of a number of years.

Buyers are monitoring feedback on Tesla’s two new factories in Texas and Berlin that ultimately might double the corporate’s manufacturing capability as competitors heats up within the electric-vehicle market from legacy automakers in addition to new entrants.

Analysts had anticipated the electric-vehicle maker to report income of $16.57 billion, in keeping with IBES knowledge from Refinitiv.

Tesla shares fell 2.3 p.c to $915.50 in after hours buying and selling.

This story shall be up to date.

Bloomberg contributed