Tesla Stocks at Record High After Positive 4th Quarter Results
Annual revenue grew 14.5 percent.
After announcing positive fourth-quarter results on January 29, Tesla‘s share price closed at an all-time high of $580.99 USD, surpassing its previous price point which brought its market value above $100 billion USD. Its stock price soared further to a whopping $653 USD in after-market trading following Elon Musk‘s financial report.
While net income for the automotive giant fell 25 percent during the same period in the previous year, its quarterly revenue rose 2 percent year-over-year to $7.38 billion USD, with annual revenue growth as much as 14.5 percent to $24.58 billion USD. Free cash flow also increased by 11 percent from the same quarter in the previous year, marking almost triple the rate of the last quarter. Total car deliveries rose 48 percent in 2019 to roughly 367,000 vehicles globally, although the growth rate Stateside only saw a 14 percent rise, suggesting that the company’s future may lie in the European and Asian markets. The EV maker already has a factory set up in China with ambitious production goals, and is currently planning to open another factory in Berlin to manufacture up to 500,000 cars a year.
Elsewhere in the automotive industry, Bentley has constructed a snow-ready Continental GT.
