Tesla posted its first full-year profit, powered by record vehicle deliveries in the face of a global pandemic and growing appetite for electric cars that is driving the company to pursue a sharp increase in output this year.
The Silicon Valley car-maker Wednesday said it expects to grow production on average about 50% throughout the coming years and top that in 2021.
Tesla reported about $31.5 billion in sales in 2020 to generate a net profit of $721 million. That is up from an $862 million loss in 2019 and sales of $24.6 billion. The company beat Wall Street’s revenue expectation of about $31.1 billion, according to FactSet, though missed profit estimates.
Tesla generated a profit of $270 million in the fourth quarter, up from $105 million during the year-earlier period. Sales for the October through December period rose around 46% from the final three months of 2019 to roughly $10.7 billion.
Shares in the car maker slumped more than 6% in after-hours trading.