Please ensure Javascript is enabled for purposes of website accessibility
Tesla Fights Pandemic, Rides Sales Jump to 1st Annual Profit
gvw_ap_news
By Associated Press
Published 4 years ago on
January 27, 2021

Share

Riding a sales surge amid a global pandemic, Tesla Inc. on Wednesday reported that it posted its first annual net profit in 2020.

In a year that saw its stock soar to make it the world’s most valuable automaker, Tesla earned $721 million, capped by a $270 million profit in the fourth quarter. It was the company’s sixth straight quarterly net profit after years of mostly losses.

A year earlier, Tesla lost $862 million. Data provider FactSet says that was at the end of a string of annual red ink that began in 2006.

Once again the company needed regulatory credits purchased by other automakers in order to make a profit. Without $1.3 billion in credits for the year, Tesla would have lost money. Other automakers buy the credits when they can’t meet emissions and fuel economy standards.

Tesla said that excluding special items, it made $2.24 per share for the year, falling short of Wall Street expectations of $2.45. Full-year revenue was $27.24 billion, also less than estimates of $31.1 billion.

Tesla’s Vehicle Sales Rose 36% Last Year

From October through December, the company made an adjusted 80 cents per share, below Wall Street estimates of $1.02. Fourth-quarter revenue was $9.31 billion, below estimates of $10.47 billion.

Tesla’s vehicle sales rose 36% last year, but the company fell just short of its annual goal to deliver 500,000 vehicles. The company delivered 499,500 vehicles for the year.

The sales jump came even though Tesla was forced to close its only U.S. assembly plant for almost two months as the novel coronavirus surged in the spring. The factory in Fremont, California, reopened in May with Musk defying orders from local health authorities.

Musk had promised 500,000 deliveries before the pandemic hit, but aided by sales from a new factory in China, the company almost hit the number.

Shares of the Palo Alto, California-based company are trading about 10 times their value at the start of 2020, closing Wednesday down 2.1% at $864.16. The stock fell 2.5% in extended trading after the earnings announcement.

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

World Leaders React to US Attack on Iran

DON'T MISS

Congress Members Split Over US Attack on Iran

DON'T MISS

Investors Brace for Oil Price Spike, Rush to Havens After US Bombs Iran Nuclear Sites

DON'T MISS

Investors React to US Attack on Iran Nuclear Sites

DON'T MISS

Tulare County’s Colvin Fire Ignites With 80 Personnel on Scene

DON'T MISS

US B-2 Bombers Involved in Iran Strikes, U.S. Official Says

DON'T MISS

Trump Says Iran’s Key Nuclear Sites ‘Obliterated’ by Airstrikes

DON'T MISS

LA Dodgers Pledge $1 Million to Support Families Impacted by ICE Raids

DON'T MISS

Pakistan to Nominate Trump for Nobel Peace Prize

DON'T MISS

Vance, in Los Angeles, Says Troops Need to Stay, Blasts Newsom Over Immigration

UP NEXT

Advisory Warns of ‘Heightened Threat Environment’ in US After Iran Strikes

UP NEXT

Amazon’s Prime Day 2025 Levels Up With Four Days of Deals Starting July 8

UP NEXT

Voice of America Parent Terminates Over 600 More Staff in Likely Death Knell

UP NEXT

US Court Lets Trump Keep Control of California National Guard for Now

UP NEXT

Massive Security Breach: 16 Billion Passwords Leaked From Apple, Google, Facebook Accounts

UP NEXT

Hunger Strike Begins as California Prisons Hand Down Biggest Restrictions Since COVID

UP NEXT

Musk Shares Negative Drug Test Results, Challenges Media Outlets

UP NEXT

Hurricane Erick Threatens Mexico’s Pacific Coast, Rapid Strengthening Expected

UP NEXT

More US Officials Face Threats as Fears Grow Over Political Violence

UP NEXT

Protester Killed at Utah ‘No Kings’ Rally Was Fashion Designer From ‘Project Runway’

Oil Falls 6% as Iran Focuses Retaliation on US Military Base

39 minutes ago

World Central Kitchen Resumes Gaza Operations After Nearly 7-Week Pause

42 minutes ago

6 Dead After Boat Capsizes on Lake Tahoe

44 minutes ago

Americans Worry Conflict With Iran Could Escalate, Reuters/Ipsos Poll Finds

56 minutes ago

No Iranian Missiles Hit US Base in Qatar, U.S. Official Tells Reuters

1 hour ago

Zelenskyy Arrives in UK After Russian Attack on Kyiv Kills at Least 8

1 hour ago

Trump Slams Medvedev for Claiming Nations May Supply Iran With Nuclear Warheads

2 hours ago

Iran Says It Fires Missiles at US Airbase in Qatar, Explosions Heard Over Doha

2 hours ago

Putin Says US Strikes on Iran Are Pushing World to ‘Very Dangerous Line’

2 hours ago

Israel Signals Iran Campaign Can End Soon but Much Hinges on Tehran

2 hours ago

US Urges China to Dissuade Iran From Closing Strait of Hormuz

WASHINGTON – U.S. Secretary of State Marco Rubio on Sunday called on China to encourage Iran to not shut down the Strait of Hormuz aft...

1 minute ago

Secretary of State Marco Rubio speaks at the American Compass fifth anniversary gala at the National Building Museum in Washington, D.C., U.S., June 3, 2025. (Reuters File)
1 minute ago

US Urges China to Dissuade Iran From Closing Strait of Hormuz

17 minutes ago

Fresno County Supervisors to Vote on Dog Breeding Ordinance

House of Representatives Speaker Mike Johnson (R-LA) looks on, after President Donald Trump delivered remarks on tariffs, in the Rose Garden at the White House in Washington, D.C., U.S., April 2, 2025. (Reuters File)
26 minutes ago

US House Speaker Johnson Says It Is Not Time to Consider War Powers Resolution

A pumpjack operates at the Vermilion Energy site in Trigueres, France, June 14, 2024. (Reuters File)
39 minutes ago

Oil Falls 6% as Iran Focuses Retaliation on US Military Base

42 minutes ago

World Central Kitchen Resumes Gaza Operations After Nearly 7-Week Pause

Lake Tahoe Capsized Boat
44 minutes ago

6 Dead After Boat Capsizes on Lake Tahoe

Iran's and U.S.' flags are seen printed on paper in this illustration taken January 27, 2022. (Reuters/Dado Ruvic/Illustration)
56 minutes ago

Americans Worry Conflict With Iran Could Escalate, Reuters/Ipsos Poll Finds

The S-200 missile system is displayed during the Iranian defence week, in a street in Tehran, Iran, September 24, 2024. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS/File Photo
1 hour ago

No Iranian Missiles Hit US Base in Qatar, U.S. Official Tells Reuters

Help continue the work that gets you the news that matters most.

Search

Send this to a friend