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| Tesla turns the success of the Model Y into its first year profit |
According to the financial statements, the success of the Model Y, Chinese sales and record sales in 2020 helped electric vehicle manufacturer Tesla achieve its first annual profit.
At the end of 2020, Tesla had total sales of $ 31.5 billion and profits of $ 721 million. In the fourth quarter, Tesla had sales of $ 270 million and sales of $ 10.7 billion.
The company sold 180,667 cars in the fourth quarter of which 161,701 Model 3 and Y.
Tesla delivered 499,647 vehicles in 2020, slightly more than expected earlier this month, but it has not met its target of 500,000 vehicles by 2020.
Tesla did not specify the volume of delivery in 2021 in the speech, but said: Now Tesla can produce up to 1 million cars per year at its factories in Fremont, California and Shanghai, China.
CEO (Elon Musk) announced that production will increase 50% in 2021. About 750,000 cars will be produced by that time.
Tesla is expected to be produced at its new plants in Berlin, Germany and Austin, Texas.
Thanks to the Model Y, Tesla's sales grew rapidly in 2020 and opened a factory in China earlier this year to achieve even greater success in the Chinese market.
These developments and the continued success of the 3 Tesla helped compensate for the loss of European market shares for the Volkswagen Group.
Tesla is still very far from achieving sustainable profitability as it has spent most of the time growing over the past decade.
After the introduction of the Model S in 2012, Tesla began developing the more complex and expensive Model X, and by the time the Model X hit the market, Tesla had already begun developing the Model 3.
Shortly after the Model X IPO, Tesla made little profit in the third quarter of 2016, but the Model 3 development took a loss and it remained in that state until the second half of 2018, and it began to fade.