According to the 10-K annual report submitted by automaker Tesla to the the US Securities and Exchange Commission (SEC) on Tuesday, the firm’s revenue in the Chinese market reached an impressive $13.844 billion in 2021, marking a year-on-year increase of 107.8%. Tesla’s income in China has now increased by over 100% annually for two consecutive years.
During the first three quarters, Tesla earned $9.015 billion in the country. In the fourth quarter, revenue increased by 53.6% and amounted to $4.829 billion. The rise in Tesla’s domestic revenue was mainly due to an increase in production and delivery by the company’s local factory, “Giga Shanghai.”
Tesla is also expanding capacity at its US-based plants. The automaker has applied for a permit to expand its existing factory in the Texan city of Austin with a building to produce cathodes for battery manufacturing, Reuters reported on February 3.
At present, China is Tesla’s largest market outside the US. The company’s 2021 financial report shows that its total revenue last year amounted to $53.823 billion, of which the Chinese market accounted for 25.7%. In addition, Tesla’s net profits last year were $5.519 billion, an increase of 665% compared with $721 million in the same period of 2020 – the highest since its listing 19 years ago.
In terms of market share, a report released on January 31 by CleanTechnica, an American auto information website, showed that Tesla led with 14.4% and was the only vehicle company in the world with a market share exceeding 10%.
In terms of electric vehicle sales, Tesla delivered a total of 936,172 electric vehicles in 2021, slightly lower than the company’s previous commitment of 1 million vehicles, but still achieving an increase of 87% compared with 499,647 vehicles in 2020.
In the Chinese market, according to statistics published by the China Passenger Car Association, Tesla delivered 484,130 vehicles last year, accounting for 51.7% of Tesla’s global delivery.