Tesla posts first profit after stellar year for electric car maker
Written by Hit Music Radio News on 27/01/2021
Tesla has posted its first ever annual profit capping a stellar year in which its surging share price have seen it become the world’s most valuable car maker.
The electric vehicle firm, led by Elon Musk, reported a profit of $721m for 2020 compared to a loss of $862m a year earlier.
However there was disappointment for investors as the company’s fourth quarter earnings fell short of expectations, sending shares 3% lower in after-hours trading.
The stock has surged by 700% in the past 12 months, taking the company’s value to more than $800bn and surpassing Toyota.
© Sky News 2020