Tesla ‘not introducing new vehicles this year’

Tesla won’t release any new EVs this year but its chief executive Elon Musk expects the Cybertruck, Semi, a new Roadster and more to come in 2023.

However, he doubts a proposed ‘US$25k’ compact car will be ready until full autonomy is available.

“We are not working on it (the compact car) – there are too many other things on our plate right now,” Musk told a fourth quarter of 2021 earnings call where Tesla reported stronger results than expected.

Instead, Tesla is focusing on developing autonomous vehicle technology and ramping up production at its Texas and Berlin plants.

Musk says Texas is building the Model Y with a structural battery pack and 4680 cells, and that a key consideration is to make the Cybertruck “affordable”.

Tesla recorded US$17.72 billion revenue (up more than US$1b on expectations) last year – revenue rising 65% year-on-year in the last quarter.

Automotive revenue was up 71% to nearly US$16b, Musk adding Tesla had a good year in spite of COVID restrictions, supply chain issues and a microchip shortage impacting many in the automotive industry.

Musk expects the microchip issue to continue globally into 2022, although he says the situation is improving.

Net income of US$2.32b was up about 760%.

Tesla says its Full Self-Driving (FSD) software is a key focus and should aid the company’s profitability, Musk adding he would be “shocked” if FSD could not be introduced as “safer than a human” this year.