According to Tesla's recent 10-K filing with the U.S. Securities and Exchange Commission (SEC), the company's revenue in China has grown by more than 100% for two consecutive years. According to reports, Tesla's revenue in the Chinese market in 2021 is 13.844 billion US dollars. Tesla's revenue in China was $2.979 billion in 2019 and $6.662 billion in 2020.
By comparison, Tesla's 2021 revenue in the U.S. is $23.973 billion. In the past two years, although Tesla's revenue in the United States has grown, it is far from reaching the level in China. Tesla's revenue in the U.S. was $12.653 billion in 2019 and $15.207 billion in 2020.
In 2021, Tesla China achieved revenue of $13.844 billion, an increase of 107.8% year-on-year. In the first three quarters of 2021, Tesla's profit in China was $9.015 billion. In the fourth quarter of 2021, Tesla China revenue increased 53.6% to $4.829 billion.
Tesla China's revenue growth is attributable to the Giga Shanghai, which has been steadily increasing production capacity since its operation. Tesla reportedly delivered 936172 vehicles in 2021, and the Shanghai plant contributed significantly to that number. According to Tesla's financial report, the company's total revenue in 2021 was $53.823 billion, which means that the Chinese market alone accounts for 25.7% of its total revenue.
Considering the success of its factory in Shanghai, in the near future, the new factory in the United States and the factory in Berlin, Germany, will also contribute to Tesla's revenue. Tesla's Gigafactory in Texas is expected to soon deliver the first Model Y cars equipped with structural battery packs and 4680 batteries. But Tesla's Berlin factory has not yet received final approval.
Tesla also plans to increase production capacity at its Fremont and Nevada plants in the United States. On the last earnings call, Elon Musk shared that Tesla is looking for a new Gigafactory location. Tesla plans to announce the location of the new Gigafactory by the end of 2022.