The electric car maker reported fourth quarter adjusted income of $903 million, excluding special items, more than double its earnings a year ago but short of the $1.1 billion forecast by analysts. Net income was $270 million, well short of the $780 million estimated by Wall Street.
The company posted quarterly revenue of $10.7 billion, which was up 46% from a year earlier, and which — unlike the profit numbers — topped Wall Street forecasts.
Still the results capped a year of strong growth for the company despite the problems associated with Covid-19 temporarily shutting factories and sparking a global recession that slowed auto sales overall.
And the company gave a bullish outlook for the future, predicting that it will be able to have sales growth of 50% or better annually, and that it expects 2021 will be one of those years it tops that target.
Tesla also said it expects its profit margin to continue to improve. It reported full-year gross automotive profit margin of 25.6%, up 4.4 percentage points from a year earlier.