Electric vehicle maker Tesla first posted full-year net profit in 2020 but its fourth-quarter profits disappointed, stumbling its stock on Wall Street.
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Elon Musk’s group posted an annual net profit of $ 721 million. Founded in 2003 and for a long time focused on ramping up production, the manufacturer had so far never managed to be profitable over a year.
From October to December, his profit amounted to $ 270 million. But adjusted per share and excluding special items, it comes down to 80 cents where analysts had expected $ 1.01.
The Tesla title fell by nearly 5% around 9.45 p.m. GMT in electronic exchanges following the close of the stock market after having already lost 2.1% during the day.
However, this is a minor setback for the group: fueled by the attractiveness of investors for electric vehicles, its share has soared by nearly 750% in 2020, and around 17% since the start of the year. .
Tesla has also announced that it wants to grow its deliveries by 50% on average per year for several years.
“It is possible that we will go faster in some years, as will probably be the case in 2021,” the group said in a statement.
The company delivered 499,550 cars in 2020, almost reaching the half-million forecast it set at the start of the year, despite the pandemic. The spread of COVID-19 notably led in the spring to the temporary suspension of production at its Fremont plant in California.
For the future, Tesla expects to start production in 2021 at its factories under construction in Berlin and Texas as well as to accelerate production at its new factory in Shanghai.
Tesla also plans to start delivering its semi-trailer by the end of the year.
The company will benefit from a favorable environment for electric vehicles, with the new US President Joe Biden having made the fight against climate change one of his priorities.
But the group will also have to face growing competition, traditional manufacturers such as Volkswagen and General Motors having in recent months promised the imminent arrival on the market of several electric models.
In addition to a strong increase in deliveries, the company benefited in 2020 from a significant increase in credits granted by the authorities to manufacturers of vehicles that do not emit emissions.
Its fourth-quarter revenue grew 46% to $ 10.7 billion, 28% year-to-date to $ 31.5 billion.