Tesla is making profits on an annual basis for the first time since its foundation

Electric car maker Tesla, for the first time since its founding in 2003, reaped a year-on-year profit.

Tesla stated, in a report published on Wednesday, that the net profit of the company in 2020 reached the level of 721 million US dollars, after losing in 2019 an amount of 862 million dollars, and in 2018 about one billion dollars.

The total revenue of the company last year reached $ 31.5 billion, compared to $ 24.5 billion in 2019.

One of the main reasons for the company’s financial success in 2020 is the high level of sales of its electric cars in China and European countries.

Tesla was founded in 2003 by an American businessman, Elon Musk, who is currently considered the richest person in the world with an estimated wealth of $ 210 billion.

Source: Agencies

Follow RT on