By Dhirendra Tripathi

Investing.com – Tesla stock (NASDAQ:) traded 0.5% lower in premarket Thursday as the EV-maker’s warning of supply chain constraints outweighed its bullish projections on deliveries.

According to the company, it will not launch new models in this year’s model lineup and instead concentrate on increasing its production of existing models.

“We will not be introducing new vehicle models this year, it would not make any sense, because we’ll still be parts constrained,” CEO Elon Musk told an analyst call.

Tesla is accustomed to being on top of supply chain problems that have plagued many automakers over the past year. But Musk’s comments suggested those issues have finally caught up with the world’s most valuable automaker.

As competition heats up from Ford (NYSE), Volkswagen (DE), Rivian(NASDAQ:), and Xpeng, (NYSE:), the market is waiting for an announcement about new launches.

Musk stated that the Cybertruck, Semi and Roadster would be launched next year.

Company said that it was increasing production in Austin, Berlin and Fremont as well the existing Fremont and Shanghai units. Musk claimed that fully self-driving vehicles are still the priority of the company, in spite of repeated failures to meet Musk’s predictions.

It aims at delivering 50% more vehicles to 2022. This would mean that there will be more than 1.4 Million units.

Tesla’s quarterly revenue increased by 65%, to close to $18 million. The adjusted profit per share beat sales estimates by $2.54.