World-renowned electric car maker Tesla announced its first annual profit on Wednesday, but shares fell after fourth-quarter low earnings by Alan Musk’s electric car company.
The loss in 2019 was 86 862 million
Although the Corona virus affected Tesla’s production and delivery, the company reported a profit of 72 721 million in 2020, up from 86 862 million in 2019, while Tesla’s revenue rose 28 percent to .5 31.5 billion in 2020.
Important for 2021 Tesla
Tesla said 2020 was a pivotal year for the company, but 2021 will be even more important for the company, as the company aims to increase production capacity at its China plant.
Highest profit in the third quarter
In the fourth quarter, the company reported a profit of 0 270 million, up 157 percent year-over-year, without extending an extended 2021 forecast for the company’s sales and profits. Tesla expects an average growth of 50 per cent in vehicle deliveries this year, adding that the company is expected to grow, which we expect to be a boom in 2021.