Tesla on a Roll, Posts Consecutive Quarterly Profits for Q2... "Expecting Over 500,000 Units Sold This Year"

[Image source=AP Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Tesla, the world's largest electric vehicle company, recorded net profits for the second consecutive quarter. Thanks to high sales volume, Tesla's stock price is soaring, and the company announced its goal to deliver more than 500,000 vehicles worldwide this year.

According to Tesla's financial results based on Generally Accepted Accounting Principles (GAAP) released on the 29th (local time), Tesla's net profit for the fourth quarter of last year was $105 million (approximately 124.4 billion KRW). After recording net profit for the first time in the third quarter of last year, Tesla continued its profit streak for two consecutive quarters. Earnings per share were 58 cents.

However, Tesla's fourth-quarter net profit fell short of market expectations ($152.4 million), and on an annual basis, it recorded a loss of $862 million. Although Tesla earned $248 million in net profit in the third and fourth quarters of last year, losses of $1.11 billion in the first and second quarters of the same year had an impact.

Tesla's revenue for the fourth quarter of last year was $7.38 billion, exceeding market expectations of $6.99 billion. The number of vehicles delivered in the fourth quarter was 112,095, and the annual sales reached 367,500 units.

In a letter to investors, Tesla stated that the annual production capacity of its Fremont, California, and Shanghai, China factories comfortably exceeds 500,000 units, and it expects to continue generating net profits. The company's main model, the Model Y SUV, began production earlier than planned in Fremont, and production is expected to start in Shanghai from next year.

According to foreign media, Tesla's stock price surged more than 13% to $655 in after-hours trading immediately following the earnings announcement.

This content was produced with the assistance of AI translation services.