Tesla reported a profitable Q4, but missed on earnings in its quarterly report, released Wednesday.
Automotive revenue grew to $9.31 billion in Q4, while revenue from energy generation and storage reached $752 million, and services and other revenue grew to $678 million. The company spent $522 million on research and development and nearly a billion on sales, general and administrative costs. Tesla doubled its positive free cash flow in 2020 to $2.79 billion.
The report said that “over a multi-year horizon” the company expects to achieve 50% average annual growth in vehicle deliveries and faster delivery growth in 2021. This will be aided by two new factories expected to start producing vehicles this year.
Tesla previously reported delivering 499,550 vehicles in 2020, slightly less than the half a million vehicle predicted. The company produced 509,737 vehicles last year.
The earnings report was Tesla’s first since joining the S&P 500.
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