Tesla records first-year profit for the first time

US, WASHINGTON (ORDO NEWS) — Tesla, which makes electric cars, made a full year profit for the first time since its foundation. This is evidenced by its corporate reports published on Wednesday.

In 2020, Tesla’s net profit was $ 721 million.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 the company’s financial success was the growth in sales of electric vehicles in China and European countries.

Tesla was founded by American entrepreneur Elon Musk in 2003. At first, the company specialized in the production of electric vehicles, but later it also became involved in the creation of energy storage systems. Musk is currently ranked # 1 on Bloomberg’s list of the richest people in the world. His fortune reaches approximately $ 210 billion.

The main reason for the increase in Musk’s fortune was the growth of Tesla’s capitalization. In January 2020, it was less than $ 100 billion, and is now estimated at about $ 819 billion.

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