The US electric vehicle manufacturer Tesla has reported earnings of $5.519 billion in net profit attributable to common stockholders, almost 7.7 times higher than $721 million the company made in 2020, the company said in a quarterly update
MOSCOW (Pakistan Point News / Sputnik - 27th January, 2022) The US electric vehicle manufacturer Tesla has reported earnings of $5.519 billion in net profit attributable to common stockholders, almost 7.7 times higher than $721 million the company made in 2020, the company said in a quarterly update.
"We generated $5.5B of GAAP (Generally accepted accounting principles) net income (in 2021)," the company said in a report issued overnight into Thursday.
Over the previous year, diluted earnings amounted to $4.9 per share, while in 2020 the loss was $0.64. Tesla's revenue grew by 1.7 times to $53.823 billion.
In the fourth quarter of 2021, the net profit of the company amounted to $2.321 billion, compared to 270 million year-on-year. Diluted earnings stood at $2.05 per share compared to $0.24 over the same period in 2020. Adjusted diluted earnings per share reached $2.54, exceeding analysts' forecast of $2.25.
Revenue for the fourth quarter jumped 1.6 times, reaching $17.719 billion, outrunning the forecast of $16.8 billion. According to Tesla, the quarterly increase in revenue was primarily due to an increase in sales of electric vehicles.
The company expects to reach a 50% average annual growth in deliveries of cars in its multi-year projections.
According to the automaker, its plants had been operating with lower capacity for several quarters due to interruptions in supply chains, a factor likely to continue throughout 2022.
Tesla Motors was founded in 2003 as a developer and manufacturer of electric vehicles and related technologies. The company is headquartered in Palo Alto, California. In addition to electric vehicles, the company uses its technology to produce batteries and electric motors and sell them to other car companies such as Toyota and Daimler.
