Tesla Shines Amid Global Car Market Decline, Reports Record Profits and Revenue

1: tesla reported record revenue and profits in the three months to december, beating expectations. sales of electric vehicles rose last year, despite a decline in the global car market. tesla’s lead has been challenged by traditional motor manufacturers such as ford and general motors, as well as newer entrants such as rivian, lucid, byd, and nio.

2: the firm delivered a record 1.3 million cars to customers in 2020, a 40% increase from the prior year. production was also up 47%, which has raised concerns among investors about over-supply. in response, tesla recently announced a series of major price cuts, running as high as 20% on some models in the us.

3: revenue rose 37% to $24.3bn, while profits jumped 59% to $3.7bn. tesla is now preparing for a challenging 2023, after cutting prices to spur demand. elon musk is the leader of tesla, and the global car market declined last year. the price reduction is expected to have an impact on gross margin and demand, and tesla is dedicated to navigating the turbulent economic environment.


By Evey Lovelace

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