Tesla records first-ever full-year profit

Tesla, the US electric-automobile manufacturer, has made a full-year profit for the first time since its foundation, Report informs.

Tesla had a net profit of $721 million in 2020. In 2019, the company incurred losses of $862 million, and in 2018 they reached almost $1 billion.

Tesla’s revenue in 2020 exceeded $31.5 billion. In 2019, this figure was about $24.5 billion. One of the reasons for its financial success was the growth in sales of electric vehicles in China and European countries.

US entrepreneur Elon Musk founded Tesla in 2003. At first, the company specialized in the production of electric vehicles, but later it also became involved in creating energy storage systems.

Musk ranks first in Bloomberg’s list of the wealthiest people in the world. His fortune reaches approximately $210 billion.