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Photo: Smith Collection/Gado/Getty Images

Tesla delivered 499,550 vehicles throughout 2020, falling just short of CEO Elon Musk's goal of shipping 500,000, the company announced on Saturday.

The state of play: Despite the near miss, the Q4 numbers set a new record for the company, with 180,570 cars shipped for the last three months of 2020 compared to the previous record of 139,300 Q3 deliveries.

  • The company surpassed Wall Street's expectations, as they anticipated it would deliver 174,000 between October and December, CNBC reports.
  • Tesla's annual sales increased by 36% and shares rose by 700%, per AP.

Yes, but: Musk had pushed the company to meet his goal. The CEO sent an email to employees in December telling to increase production as much as possible to meet demand, AP notes.

  • This week, he tweeted that all cars delivered through the last three days of the year would have three months of the full self-driving option for free. The option normally costs $10,000, according to AP.

The big picture: Musk has said he wants to increase the company's sales to 20 million per year over the next decade, per CNBC.

  • Tesla is building new factories in Texas and Germany in an effort to boost production and sales.

What to watch: Tesla said final results could vary by 0.5% or more.

Go deeper

Ben Geman, author of Generate
Jan 29, 2021 - Economy & Business

Chevron posts another quarterly loss under weight of pandemic

Photo: Justin Sullivan/Getty Images

Chevron posted another quarterly loss Friday in the latest sign of how the pandemic is still weighing on oil companies despite some price recovery during the second half of the year.

Driving the news: The oil giant reported a $665 million loss for the October-December period, but it shrinks to $11 million on an adjusted basis after considering charges on its acquisition of Noble Energy and "foreign currency effects."

Dan Primack, author of Pro Rata
10 mins ago - Economy & Business

Pandemic concerns change economic growth forecast

Illustration: Sarah Grillo/Axios

Business economists have tempered their 2021 growth expectations, cutting nearly a point off their annual GDP forecast since earlier this year, according to the NABE outlook survey released today.

Why it matters: This reflects increased concerns over the pandemic's impact on the economy, particularly due to the spread of Delta and other variants. Panelists said that a faster vaccine rollout could improve their outlooks.

Updated 1 hour ago - World

German election: Social Democrats narrowly beat Angela Merkel's bloc

SPD leader Olaf Scholz. Photo: Sean Gallup/Getty Images

BERLIN — The center-left Social Democratic Party (SDP) clinched a narrow victory in Germany's historic federal elections on Sunday, just four years after suffering its worst loss since World War II.

Why it matters: It's a stunning political comeback for the SPD, paving the way for its chancellor candidate Olaf Scholz to form a new governing coalition and lead Europe's largest economy into the post-Merkel era.