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		</div><p>Tesla has posted record fourth-quarter and full-year earnings as deliveries of its electric vehicles soared despite a global shortage of computer chips that has slowed the entire car industry.</p>
<p>The Texas company made 5.5 billion dollars (£4bn) last year compared with the previous record year of 3.47 billion (£2.57bn) in net income posted in 2020. It was the electric vehicle and solar panel maker’s third straight profitable year.</p>
<p>In a letter to shareholders, Tesla said 2021 was a breakthrough year for the company.</p>
<p>“There should no longer be doubt about the viability and profitability of electric vehicles,” the letter said.</p>
<p>Tesla made 2.32 billion (£1.72bn) in the fourth quarter. Excluding special items such as stock-based compensation, the company made 2.54 dollars per share.</p>
<p>That beat Wall Street expectations of 2.36 per share. Revenue for the quarter was 17.72 billion (£13.16bn), also ahead of analysts’ estimates of 17.13 billion, according to FactSet.</p>
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<p>Tesla delivered a record 936,000 vehicles last year, nearly double the 2020 figure. Fourth-quarter vehicle sales hit 308,600, also a record. Tesla said it expects 50% annual growth in vehicle deliveries “over a multi-year horizon”.</p>
<p>The company said its factories have been running below their capacity for several quarters, limited mainly by supply-chain constraints that are likely to continue through this year.</p>
<p>It also said CEO Elon Musk was awarded 245 million dollars (£181m) in the fourth quarter because he reached some operational milestones in his compensation package.</p>
<p>Tesla said it started building Model Y SUVs late last year at its new factory near Austin.</p>
<p>After final certification, it plans to start delivering them to customers.</p>
<p>The company said it is testing equipment at its new factory in Germany, and is still trying to get a manufacturing permit from local authorities.</p>
<p>It still lists the Cybertruck electric pickup as “in development”. It was supposed to go on sale last year.</p>
<p>The company said it was able to drive cost reductions in the final quarter of the year, as well as grow vehicle sales. But it faced rising raw-material, commodity and logistics costs as well as increased warranty and recall expenses.</p>
<p>It said that “Full Self-Driving” software is now being tested on public roads by owners in 60,000 vehicles in the US.</p>
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<p>It was only about 2,000 in the third quarter, Tesla said.</p>
<p>The software, which costs 12,000 dollars and cannot yet drive itself, is a primary area of focus for the company and should accelerate Tesla’s profitability, the company said.</p>
<p>Tesla’s shares initially tumbled in extended trading after the earnings were announced but recovered to rise slightly. The stock closed on Wednesday up 2% to 937.41.</p>
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