Tesla Inc. generated fourth-quarter net income of $270 million, securing a full-year profit for the first time since its founding in 2003.
The EV maker’s fourth-quarter revenue jumped 46 percent to $10.7 billion, aided by $401 million in regulatory credits sold to competitors.
Tesla delivered 499,647 vehicles in 2020, up 61 percent year over year but just missing CEO Elon Musk’s goal of 500,000.
“This past year was transformative for Tesla,” the automaker said in a statement Wednesday. “Despite unforeseen global challenges, we outpaced many trends seen elsewhere in the industry as we significantly increased volumes, profitability and cash generation.”
For the full year, Tesla posted net income of $721 million and an automotive gross margin of 25.6 percent. It predicted at least 50 percent year-over-year growth in vehicle deliveries moving forward and suggested that rate would be higher in 2021.
Operating margin will “continue to grow over time,” Tesla said.
Shares of Tesla fell 3.6 percent to $833.00 in after-hours trading.