EV pioneer Tesla now growing faster than all competitors: Fortune

Electric automobiles & clean energy giant Tesla Motors, which once started as a little EV startup, is now growing faster than all of its competitors in the United States, according to world-renowned business “Fortune” magazine.

Fortune magazine notes that 2021 was a record year of growth for companies around the world. While it was really hard for many companies to either make it to Top Global 500 list or to stay on it; very few grew exponentially, and Elon Musk-led Tesla Motors was one of them. In other words, Tesla was one of the few companies that enjoyed exponential growth in its revenues last year.

The business magazine noted that Tesla was once a little startup automaker that was stuck to its crazy ideas and burnt a lot of cash to turn those crazy ideas into realities. Once, the company went bankrupt but now it is among the world’s fastest-growing companies. According to the magazine, Tesla is not only among the fastest-growing companies of the world, but it is also the fastest-growing “big” company in the United States, where it topped the growth of each and every peer over the course of a year.

Since the year of 2008, Tesla has produced more than 3 million EVs. Now, the company aims to achieve an annual production run rate of at least 2 million vehicles. For reference, it produced slightly more than 900,000 EVs last year. Still, it aims to achieve 50 per cent growth for the current year, by producing nearly 1.5 million electric cars. By the end of next year, it aims to achieve the capacity to produce 2 million vehicles per year.

In an interview, Musk said, “We’re aiming to achieve a 2 million vehicle run-rate by the end of the year. Thanks to the hard work of the Tesla team, we’ve already been able to achieve a 1.5 million unit annualized run rate.” Tesla first entered Fortune’s Top Global 500 list last year, landing in the 392nd spot out of five hundred companies. It took just one for the EV giant to shot up 150 spots, thanks to its impressive revenue growth of 71 per cent. With deliveries of roughly 1 million cars last year, the company enjoyed a growth of 87 per cent year-over-year. Based on revenue, Tesla emerged as the 19th largest automaker in the world.