According to Tesla's recent 10-K filing with the US Securities and Exchange Commission (SEC), the automaker increased its income in China by more than 100 percent for the second year in a row.
As reported by our friends at Teslarati, Tesla China showed an annual revenue of around $13.8 billion in 2021. During the previous year, the automaker had a revenue of ~$6.7 billion. Looking back to 2019, Tesla's revenue in China was at about $2.98 billion.
If you compare Tesla's revenue in China between 2020 and 2021, it amounts to an increase of nearly 109 percent year-over-year. Teslarati points out that while Tesla earned some $9 billion during the first three quarters of 2021, its Q4 2021 revenue was more than half of those previous three quarters combined, at over $4.8 billion.
When Tesla first announced plans to build a factory in China, it was met with plenty of skepticism. However, the automaker was able to build the factory in record time, and Giga Shanghai has since become Tesla's primary export hub. Moreover, its current production capacity has outmatched the company's guidance by a notable margin.
Tesla's US revenue for 2021 was reported as ~$30 billion, so it may take some time for revenue in China to catch up with that of revenue in the States. In addition, while Giga Shanghai is currently Tesla's only factory in China, the automaker has plans to open a second US factory in Austin, Texas, in the near future.
Where do you think Tesla will expand to next? Will it pursue a second factory in China, or invest in major expansion efforts at Giga Shanghai? How many vehicles do you think Tesla will deliver in 2022?
Source: Tesla via Teslarati