Tesla Inc. generated fourth-quarter net income of $270 million, securing a full-year profit for the first time since its founding in 2003.
The electric vehicle maker said Wednesday it expects to remain consistently profitable moving forward, even as executives suggested the main driver of its recent success -- sales of regulatory credits to competitors -- could become less of a factor.
On a conference call with analysts, Tesla CFO Zach Kirkhorn noted the $401 million the EV maker made in the fourth quarter from credit sales was higher than anticipated and came from “discreet deals struck over the course of the quarter.”
He reiterated that Tesla is not planning the business around credit sales and does not expect them to be a factor long-term.
The company's fourth-quarter revenue jumped 46 percent to $10.7 billion, with automotive margins during the period hitting 24 percent.
Tesla delivered 499,647 vehicles in 2020, up 61 percent year over…