Name: Tesla profits, deliveries disappoint Wall Street
Uploaded: 2021-01-30T20:55:14.000Z
Duration: 1 min 37 s
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for Tesla's posted record earnings Wednesday still disappointed Wall Street posting adjusted income short of the $1.1 billion analysts had hoped for.

Investors had also hoped to see CEO Elon Musk's electric carmaker set AH higher target for vehicle deliveries in 2021.

But the company on Lee gave a vague outlook, driving shares down 5%.

It caps 12 months that saw Tesla's shares surge some 700%.

Investors have bet on expectations that Tesla will quickly and profitably expand after setting a goal of delivering half a million vehicles last year.

Instead, in a statement, the company did not stay a concrete delivery goal.

Under Musk's leadership, Tesla bucked the 2020 trend of economic upheaval with steady sales at a time when many carmakers reported losses.

Its success allowed Tesla to join the S and P 500 index, defying long term skeptics who had bet against the company over the past year.

Tesla, a ramped up production in China though it faces local competition by the likes of neo and ex Peng Tesla A is also building new car and battery manufacturing factories in Texas and Germany.

But the race is now on for car makers who are developing electric vehicles of their own to challenge Tesla's lead.

 Several carmakers are slated to release new electric models this year, including Ford's Mustang, Mach E and Volkswagen's I D four. 