There are plenty of fast growing small companies, but who wears the crown when it comes to the fastest growing big companies? 🐘 According to Fortune, which tracks the 500 largest companies in the world (measured by revenue), the prize for the fastest growing big companies in the US last year went to Tesla (TSLA) and worthy-of-a-parliament-camp-out, vaccine maker Pfizer (PFE).
OK, so perhaps no surprises there. In 2021, Tesla’s revenue surged 71% year-on-year and at Tesla’s ‘Cyber Roundup’ annual meeting in Texas last week, it wasn’t hard to see why. Musk says Tesla is on track to produce 2 million vehicles annually by the end this year. That’s more than double the 900,000 cars they produced in 2021. The EV company also says their Model Y vehicle’s on track to become the best selling vehicle in the world this year. Pour one out for the trusty Toyota Corolla! 🚘
EV newcomer Lucid Motors (LCID), by comparison, produced just 679 vehicles in the second quarter of 2022… enough to drive around all of Elon Musk’s kids, probably. 👶 And mark your calendars. Tesla shareholders elected to split their stock again. Shares will be split 3-for-1 and will begin trading on a stock split-adjusted basis on August 25 in the US.
Also sharing the podium is drug company Pfizer. They grew revenue 94% year-on-year in 2021 to secure their spot on the Fortune ‘fastest growing’ list. The company has gone from selling little blue pills for, err, ‘altitude sickness’, to cashing in on little pink ones. 😉 Yes, not only does Pfizer produce hotly desired Covid vaccines, but an antiviral medicine called Paxlovid, given to people suffering from the Covid virus. The little pink Paxlovid pills contributed up to almost 30% of Pfizer’s revenue in the second quarter of this year, a great reminder that size doesn’t matter.