Tesla has just shared its financial results for the fourth quarter of 2020. According to the documents, the company's profits grew to $270M from a revenue of $10.7B. Annual profits rose to $721M from a revenue of $31.5B. As a result, Tesla posted annual profits for the first time since the company was founded.
Earnings per share amounted to $0.8, however, Refinitiv analysts had expected them to reach $1.03.
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During the fourth quarter, revenue from vehicle sales amounted to $9.31B, from energy production and storage - to 752 million, and from services - to 678 million.
Vehicle revenue was driven by the launch of the new SUV Model Y, as well as increased sales in China. During the fourth quarter, 180,570 electric vehicles were manufactured, including 161,650 Model 3 and Model Y models. A total of 499,550 electric vehicles were sold in 2020.
The company CEO Elon Musk has said he expects a potential 50% growth in production during 2021, leading to the production of about 750,000 cars.