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 3 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

Trump’s Allies Say They’ll Enforce the Comstock Act. Believe Them.

DON'T MISS

Small Dog With a Big Personality: Lester ‘Les’ Schwab Needs a Forever Home

DON'T MISS

A DA Kept Black Women Off a Jury. California’s Supreme Court Says That Wasn’t Racial Bias

DON'T MISS

Seriously Strange: Real Hobbies You Didn’t Know About

DON'T MISS

The Museum Yoga Trend Where Fine Art Meets Downward Dog

DON'T MISS

Obesity Drug Used in Mounjaro and Zepbound May Help Treat Dangerous Sleep Apnea

DON'T MISS

At Least 6 Heat-Related Deaths Reported in Metro Phoenix So Far This Year as High Hits 115 Degrees

DON'T MISS

Coffee Research Center at UC Davis Poised to Deliver a Jolt

DON'T MISS

Workers Sue Disney Claiming They Were Fraudulently Induced to Move to Florida from California

DON'T MISS

Fresno Suspect Arrested in Armed Home Invasion, Earlier Burglary

UP NEXT

Still Need Your Landline? California Just Stopped AT&T from Pulling the Plug

UP NEXT

Newly Named Washington Post Editor Decides Not to Take Job After Backlash, Will Stay in Britain

UP NEXT

FDA OKs First Menthol E-Cigarettes, Citing Potential to Help Adult Smokers

UP NEXT

FBI Raids Several California Homes, Including Oakland Mayor’s

UP NEXT

Donald Sutherland, Iconic Actor of ‘M.A.S.H.’ and ‘Hunger Games,’ Dies at 88

UP NEXT

The Supreme Court Upholds a Tax on Foreign Income Over a Challenge Backed by Business Interests

UP NEXT

Mike Pence’s Foundation Launches a $10 Million Election-Year Campaign to Preserve Trump-Era Tax Cuts

UP NEXT

Biden Overtakes Trump in Fox News Poll Following Trump’s Conviction

UP NEXT

‘We Just Always Expect It to Work’: 911 Outage Shows System’s Perils

UP NEXT

Climate Protesters Arrested Over Spraying Orange Paint Over Stonehenge Monument

Seriously Strange: Real Hobbies You Didn’t Know About

1 day ago

The Museum Yoga Trend Where Fine Art Meets Downward Dog

1 day ago

Obesity Drug Used in Mounjaro and Zepbound May Help Treat Dangerous Sleep Apnea

2 days ago

At Least 6 Heat-Related Deaths Reported in Metro Phoenix So Far This Year as High Hits 115 Degrees

2 days ago

Coffee Research Center at UC Davis Poised to Deliver a Jolt

2 days ago

Workers Sue Disney Claiming They Were Fraudulently Induced to Move to Florida from California

2 days ago

Fresno Suspect Arrested in Armed Home Invasion, Earlier Burglary

2 days ago

A Half-Century of Roaring Passion: Cobras, Shelby Mustangs & The People Who Love Them

2 days ago

On a Night for Doubling up, Lilly King Also Takes Home an Engagement Ring

2 days ago

Paris Awaits for Sha’Carri, Lyles and Dozens More, but Olympic Spots Must Be Earned at Trials

2 days ago

Trump’s Allies Say They’ll Enforce the Comstock Act. Believe Them.

Opinion by Michelle Goldberg on June 21, 2024. Until the Supreme Court overturned Roe v. Wade in 2022, it was hard for feminists to get Amer...

6 hours ago

6 hours ago

Trump’s Allies Say They’ll Enforce the Comstock Act. Believe Them.

1 day ago

Small Dog With a Big Personality: Lester ‘Les’ Schwab Needs a Forever Home

1 day ago

A DA Kept Black Women Off a Jury. California’s Supreme Court Says That Wasn’t Racial Bias

1 day ago

Seriously Strange: Real Hobbies You Didn’t Know About

1 day ago

The Museum Yoga Trend Where Fine Art Meets Downward Dog

2 days ago

Obesity Drug Used in Mounjaro and Zepbound May Help Treat Dangerous Sleep Apnea

2 days ago

At Least 6 Heat-Related Deaths Reported in Metro Phoenix So Far This Year as High Hits 115 Degrees

2 days ago

Coffee Research Center at UC Davis Poised to Deliver a Jolt

MENU

CONNECT WITH US

Search

Send this to a friend