Tesla reports its first annual profit

Enlarge / The Model Y assembly line at Tesla's Shanghai factory. (credit: Tesla)

Tesla made a profit of $270 million in the fourth quarter of 2020, bringing the year's profits to $721 million. It's Tesla's first annual profit. The company posted an $826 million loss in 2019.

The strong financial results were aided by record vehicle production and deliveries in the fourth quarter of 2020. As we reported earlier this month, Tesla delivered 180,000 vehicles to customers in the quarter, bringing the year's total just shy of Tesla's 500,000-vehicle goal.

As a result, Tesla's revenue has zoomed upward. Tesla's Q4 2020 revenue was $10.7 billion, up 46 percent from the $7.4 billion Tesla took in a year earlier.

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