Tesla, a manufacturer of electric vehicles, for the first time since its inception, recorded a profit for the whole year. This is reported by TASS with reference to its corporate reporting.
In 2020, Tesla’s net profit was $ 721 million, and revenue for the year exceeded $ 31.5 billion.
At the same time, in 2019 the company incurred losses in the amount of $ 862 million, in 2018 the losses reached almost $ 1 billion. The growth in sales of electric vehicles in China was one of the reasons for the financial success.
Earlier in January, it became known that a new major player would emerge in the Chinese electric vehicle market. Local internet giant Baidu has agreed with carmaker Geely to create an autonomous unit.
The opening of a factory in China marked the beginning of Tesla’s most breakthrough year in the company’s history. Despite the global crisis associated with the coronavirus pandemic, investors believed in the manufacturer’s prospects, and its value soared eightfold. The head of the company, Elon Musk, at the beginning of the year, became the richest man in the world. His fortune is estimated at $ 200 billion.
In 2020, the company sold 120 thousand vehicles in China. In 2021, according to the estimates of the China Passenger Car Association, we can talk about 280 thousand, but the company will have to face competition.