Tesla posts first profit after stellar year for electric car maker

·1-min read

Tesla has posted its first ever annual profit capping a stellar year in which its surging share price have seen it become the world's most valuable car maker.

The electric vehicle firm, led by Elon Musk, reported a profit of $721m for 2020 compared to a loss of $862m a year earlier.

However there was disappointment for investors as the company's fourth quarter earnings fell short of expectations, sending shares 3% lower in after-hours trading.

The stock has surged by 700% in the past 12 months, taking the company's value to more than $800bn and surpassing Toyota.