The US electric car manufacturer Tesla has made an annual profit for the first time in its history.
The company founded by the technology pioneer Elon Musk generated a net profit of 721 million dollars (almost 594 million euros) last year, as Tesla announced on Wednesday.
However, earnings in the fourth quarter of $ 270 million were lower than expected.
Because of this, the price of Tesla shares collapsed in after-hours trading.
Tesla has revolutionized the auto industry since it was founded in 2003.
However, the company recorded losses year after year.
In 2019, Tesla posted an annual loss of $ 862 million.
Now, for the first time, a year has ended with a profit.
Despite the corona pandemic, Tesla was able to increase production and deliveries.
The value of Tesla stock has risen rapidly over the past few months.
Musk became one of the richest people in the world.