Tesla China increased its income by over 100% for two consecutive years, according to the company’s most recent 10-K SEC filing. Tesla reported a revenue of $13.844 billion in the Chinese market for 2021. In 2019, Tesla posted a revenue of $2.979 billion from China and $6.662 billion in 2020.
In comparison, Tesla posted a revenue of $23.973 billion in the United States for 2021. Tesla’s revenue in the United States has grown over the last two years, but not at the same level as in China. In 2019, Tesla reported a revenue of $12.653 billion in the U.S. and $15.207 in 2020.
With a revenue of $13.844 billion in 2021, Tesla China experienced a year-over-year increase of 107.8%. During the first three quarters of 2021, Tesla earned $9.015 billion in China. In Q4 2021, Tesla China’s revenue increased by 53.6% to $4.829 billion.
It is no surprise that Tesla China’s revenue growth was attributed to Giga Shanghai, which has been steadily improving production capacity since its operations began. Tesla reported delivering 936,172 vehicles in 2021, and Giga Shanghai made significant contributions to those numbers. As per Tesla’s financial report, the company’s total revenue for 2021 was $53.823 billion, meaning the Chinese market accounted for 25.7% of its total revenue.
Considering its success with Giga Shanghai, it will be exciting to see Giga Texas and Giga Berlin’s contributions to Tesla’s revenues in the near future. Tesla’s Gigafactory in Texas is expected to deliver the first Model Y vehicles with structural battery packs and 4680 cells soon. Tesla Giga Berlin has yet to receive its final approval.
Tesla also plans to increase its production capacity at the Fremont Factory and Giga Nevada. At the last earnings call, Elon Musk shared that Tesla is looking for new gigafactory locations. Tesla plans to announce new Gigafactory locations by the end of 2022.