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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.
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The value of Tesla stock has risen rapidly over the past few months.
Musk became one of the richest people in the world.