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Tesla: US electric car manufacturer achieves first annual profit

2021-01-27T23:01:31.635Z


The US electric car manufacturer Tesla closed its sixth quarter in a row in the black and made a profit for the first time in an entire calendar year. Nevertheless, the group failed to meet expectations.


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Despite the first annual profit, the price of the Tesla share collapsed

Photo: PATRICK T. FALLON / AFP

The US electric car manufacturer Tesla has made an annual profit for the first time in its history.

The group led by Elon Musk generated a net profit of 721 million dollars last year, as Tesla announced on Wednesday after the US market closed.

However, earnings in the fourth quarter of $ 270 million were lower than expected.

The numbers were therefore not well received by investors; the share initially reacted after the market with a price drop of around four percent.

In the previous year, Tesla had reported a loss of $ 862 million.

Revenue grew 46 percent year-on-year to $ 10.7 billion, beating analysts' forecasts.

Tesla has revolutionized the auto industry since it was founded in 2003, but the company has lost year after year.

Now, for the first time, a year has ended with a profit.

Despite the corona pandemic, Tesla was able to increase production and deliveries.

more on the subject

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  • Safety Concerns: Tesla is expected to recall 158,000 vehicles

  • Market value: Tesla is the world's most valuable car maker for the first time

The value of Tesla stock has risen rapidly over the past few months.

In 2020 Tesla was able to overtake its competitor Toyota in terms of market value - making it the world's most valuable automaker for the first time.

Musk became one of the richest people in the world.

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kim / dpa / Reuters / AFP / AP

Source: spiegel

All business articles on 2021-01-27

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