Tesla beats on revenue, earnings in fourth quarter of fiscal 2019

Source: Xinhua| 2020-01-30 15:37:52|Editor: xuxin
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SAN FRANCISCO, Jan. 29 (Xinhua) -- U.S. top electric vehicle maker Tesla Inc. said Wednesday it earned a total revenue of 7.38 billion U.S. dollars in the fourth quarter of fiscal 2019, up 17 percent over the year before.

Tesla posted 386 million dollars in net income for the quarter that ended on Dec. 31, 2019, representing a 13-percent increase over the previous quarter.

The company's revenue growth delivered better-than-expected profits of 2.14 dollars in adjusted earnings per share, up 12 percent from the previous three-month period.

Tesla's fourth-quarter results outperformed its third quarter, when it earned 1.91 dollars per share on 6.3 billion dollars in revenue.

Tesla ended the quarter with strong financial results as it increased its cash position by 930 million dollars to hit 6.3 billion dollars.

The company said its improved quarterly financial position was driven by higher demand for its e-vehicle products.

"For most of 2019, nearly all orders came from new buyers that did not hold a prior reservation, demonstrating significant reach beyond those who showed early interest," Tesla said.

The Palo Alto, California-based leading car maker said it delivered a record 112,095 vehicles in the fourth quarter, and the full-year vehicle deliveries amounted to about 367,500 units in 2019, up about 50 percent from the previous year.

Tesla said it has sped up Model 3 production in its Gigafactory in Shanghai, China. Its production of the newest Model Y crossover SUV has already started in Fremont, East Bay of Northern California.