Tesla reports first-ever annual profit, of $721m

New York: Tesla Motors reported its first annual profit Wednesday, but shares fell after Elon Musk’s electric car company scored lower-than-expected fourth quarter earnings.

Tesla, a soaring stock for much of the last year, reported 2020 profits of $721 million (Dh2.6 billion), reflecting the company’s strong ramp-up in production and deliveries despite a hit from COVID-19. Tesla had reported a 2019 loss of $862 million.

But shares fell nearly five per cent in after-hours trading after fourth-quarter earnings missed estimates.