D.American electric car maker Tesla for the first time in its history received an annual profit. The group, founded by technology pioneer Ilan Musk, generated $ 721 million in net profit last year, Tesla announced on Wednesday.
However, fourth-quarter earnings were lower than expected at $ 270 million. In overtime trading, Tesla’s stock price plummeted because of this.
Tesla has revolutionized the automotive industry since its founding in 2003. However, the company recorded losses from year to year. In 2019, Tesla lost $ 862 million annually. Now, for the first time, the year is over with profits. Despite the Crown Pandemic, Tesla has managed to increase production and supply.
Over the past few months, Tesla’s share price has risen sharply. Musk has become one of the richest people in the world.