Billionaire Elon Musk’s carmaking business is making a big first for 2020. Tesla, founded in 2003, has been profitable for a whole year. A first for the brand of electric vehicles.
Tesla for the first time profitable for a whole year
The car brand of eccentric billionaire Elon Musk achieved its first full year of profitability in 2020. Despite the pandemic, the brand signs this first after 17 years of existence. Tesla Reports 2020 Revenue of $ 31.5 Billion, Up 28%, Net Profit of $ 721 Million. In 2019, Tesla’s revenue was $ 24.6 billion but the company had a net loss of $ 862 million.
2020 will have been a good year for Tesla, since for the sixth consecutive quarter, its balance sheet is positive. A first in the history of the brand created in 2003. Another great success in 2020, the entry of the company into the highly prized S&P 500 index of the Wall Street stock exchange and a surge in its value which reached 800 billion of dollars.
A year 2021 that turns out to be more complex for Tesla
If the year 2020 was synonymous with big firsts and successes for Tesla, the year 2021 may prove to be more complex. The stock lost 5% of its market value Wednesday, January 27, 2021 and the American road safety agency, NHTSA, announced Wednesday, January 13 a safety problem on 158,000 Tesla vehicles, urging the manufacturer to recall the affected models.
If in 2020, Tesla delivered 499,550 vehicles (its record), it will have to lead other battles in 2021, including the emergence of stiff competition, especially from China, but also from Europe where Renault and Volkswagen have strongly made progress in the electric vehicle market.