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Tesla posted its first full-year profit, fueled by record vehicle deliveries amid a global pandemic and a growing appetite for electric cars, leading the company to continue a sharp increase in production this year.
The Silicon Valley automaker said on Wednesday that it plans to increase production on average by about 50% in the coming years and surpass that of 2021.
Tesla reported 2020 revenue of around $ 31.5 billion to generate a net profit of $ 721 million. This represents a loss of $ 862 million in 2019 and a turnover of $ 24.6 billion. The company topped Wall Street’s revenue forecast by around $ 31.1 billion, according to FactSet, although profit estimates were missing.
Tesla generated a profit of $ 270 million in the fourth quarter, up from $ 105 million in the period a year earlier. Sales for the period October to December increased by around 46% from the last three months of 2019 to around $ 10.7 billion.
The automaker’s shares fell more than 6% after office hours.
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