Tesla's profits increased 7-fold last year to $5.5 billion, while revenue posted a 42% increase to $53.8 billion.
In 2020, the company reported its annual results for the first time. At that time, the company's profits rose to $721 million, while revenues stood at $31.5 billion.
Car deliveries were up 87% compared to 2020, a record growth for the company.
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In the report, Tesla has added that supply chain issues and labor shortages could result in factories not operating at full capacity in 2022.
Musk has added that in 2022, Tesla will not launch new models, but will focus on increasing production of existing models.
Tesla will also choose a site for the construction of a new plant by the end of the year and launch production of self-designed batteries.