Tesla hails its second profitable year as a ‘breakthrough’

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The company made a record $2.3 billion profit in the fourth quarter.

It was the company's second year in the black, but it improved over last year's fourth-quarter profit. The company ended the year with $5.5 billion in net income, compared to $721 million in 2020. While the average sales price continued to drop due to the increasing popularity of the more affordable Model 3 sedan and Model Y SUV, the company turned that profit on just over $17.7 billion in revenue.

In the fourth quarter, the company produced over 300,000 vehicles, a 70 percent increase over the previous year. The company delivered 936,172 vehicles, just shy of the promised 1 million, but still an increase of 87 percent over the previous year.

The year was a breakthrough for the company.

The profitability of its vehicles has increased. The company said that the gross margin on its cars is the same as it was in the previous quarter. The amount of regulatory credits it sold this quarter went up slightly compared to the previous quarter.

The pace of production at its new Texas and Germany factories may be limited by supply chain problems and regional permitting.

The first Model Y vehicles were nearing completion, the company said. After certification, the company expects to begin making customer deliveries of its new Texas-made Model Ys.

The Full Self-Driving product is a primary area of focus for the company. There are cars that can operate on public roads without supervision.

The company claims that higher utilization of our vehicles will lead to more profits in the future.

Over the quarter, the company released seven software updates. The advanced driver assist system is used in 60,000 vehicles in the US.

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