Tesla ended 2020 with $ 721 million in profit on $ 31.5 billion in total revenue, thanks to the fourth quarter that brought in $ 270 million in revenue and $ 10.7 billion in revenue.
The company shipped 180,667 vehicles in total in the fourth quarter, of which 161,701 were Model 3 and Model Y.
Tesla delivered 499,647 vehicles in 2020, slightly more than expected earlier this month, but it has not met its target of delivering 500,000 cars for 2020.
Tesla did not include a specific estimate of delivery for 2021 in its presentation, but said: It now has the capacity to manufacture up to one million cars per year at its factories in Fremont, California and Shanghai, China.
CEO (Elon Musk) said he expects a potential 50 percent increase in production in 2021, resulting in about 750,000 cars.
Tesla expects to see some production from its new plants in Berlin, Germany and Austin, Texas.
Tesla’s sales boom in 2020 thanks to the Model Y and increased success in the Chinese market after opening a plant there early in the year.
These developments, along with the continued success of the Model 3, helped Tesla accommodate its loss of market share in Europe to the Volkswagen Group.
Tesla has been far from sustainable profitability because it has spent most of the past decade trying to grow larger.
After the Model S went on sale for the first time in 2012, Tesla began working on the more complex and more expensive Model X, and by the time the Model X hit the market, the company had begun work on the Model 3.
Tesla made a slight profit in the third quarter of 2016, shortly after the Model X hit the market, but Model 3 development problems put it back into losses, and they stayed that way until things started to wane in the second half of 2018.