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Employees work at the Tesla Gigafactory in Shanghai, eastern China, November 20, 2020. US electric car company Tesla built its first Gigafactory outside of the US in 2019 in the new Lingang area, with an expected annual production capacity of 500,000 units.
Ding Ting | Xinhua News Agency | Getty Images
Tesla reported profit after the bell and it’s a shortfall, but another profitable quarter for Elon Musk’s electric vehicles and solar business.
Stocks initially fell more than 6% after hours and quickly started to rebound.
Here are the results, compared to what analysts expected based on estimates compiled by Refinitiv:
- Earnings: 80 cents adj. vs $ 1.03 per share expected
- Returned: 10.74 billion dollars against 10.4 billion dollars expected
Tesla’s gross margins hit 19.2% in the fourth quarter of 2020, the lowest since the last quarter of 2019. Capital spending reached $ 1.15 billion for the period ending Dec.31, 2020.
The company also reported positive free cash flow for the year of $ 2.79 billion, more than double the figure of $ 1.08 billion from the previous year.
Tesla previously said it delivered 499,550 vehicles in 2020, barely exceeding its forecast of half a million vehicle deliveries in 2020 (deliveries are the closest approximation to the sales figures disclosed by Tesla.) It produced. 509,737 vehicles during the year.
Deliveries and production numbers set a new record for Elon Musk’s mature electric car company, seen as a triumph in a year when auto sales and factory operations were held back by a global pandemic.
The final quarter was its fifth consecutive quarter of profitability – which led to the company’s addition to the S&P 500.
Tesla is currently building new factories in Austin, Texas, and Brandenburg, Germany, after quickly building and reaching high production volume at its latest new factory in Shanghai.
Vehicle sales in China have largely driven Tesla to record deliveries in 2020, as has the introduction of a new crossover SUV, the Model Y, which Tesla began producing in large volumes in the first quarter of the year. last year at its Fremont, California auto plant. .
At the end of the period ending September 2020, Tesla was making more Model Ys than Model 3s for U.S. drivers, according to NHTSA records for light vehicle production. The company has not historically broken down sales figures by specific region or model. Instead, it combines sales of the Y and 3 models, and the S and X models.
Since the announcement of Tesla’s third quarter results in October 2020, the company’s share price has more than doubled, giving it a market capitalization of over $ 835 billion and making it the fifth-largest company. most valuable in the United States.
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