Tesla Achieves First Ever Profit Since Establishment

Q4 Net Profit Falls Short of $0.4 Expectation

[Asia Economy Reporter Yujin Cho] Tesla, the American electric vehicle company, has achieved its first annual profit since its founding.

According to Bloomberg on the 27th (local time), Tesla announced in its earnings report that it made a profit of $721 million (7.967 billion KRW) last year. This marks a turnaround from a loss of $862 million the previous year, driven by strong electric vehicle sales and improved performance.

Tesla stated, "We expect the number of deliveries to grow at an average annual rate of 50% over the next several years," adding, "This year, we anticipate a faster increase in deliveries compared to last year."

It also added, "Two new factories will begin operations this year, and production of the Model S and Model X vehicles will start soon."

However, Tesla's fourth-quarter results fell short of market expectations, causing the stock price to drop nearly 5% in after-hours trading. Tesla's fourth-quarter net income was $0.80 per share, significantly below the market forecast of $1.03 per share.

As a result, Tesla's stock closed down 2.14% at $864.16, but after-hours trading saw a sharp decline of nearly 5% at one point following the earnings announcement.