TOM KRISHER AP Auto Writer
DETROIT (AP) — Record electric vehicle sales in the fourth quarter helped to push Tesla Inc. to its second-straight quarterly profit, giving bullish investors optimism that sustained black ink lies ahead.
The Palo Alto, California, company said it made a net profit of $105 million from October through December, or 58 cents per share but still posted an annual loss of $862 million.
The fourth-quarter earnings almost certainly will continue Tesla’s meteoric stock appreciation. Shares rose about 12 % in after-hours trading Wednesday to $648.
The company said in its quarterly investor letter that it expects to “comfortably” exceed production of 500,000 vehicles at its factories in Fremont, California, and Shanghai.
It expects net profits going forward, with possible some possible exceptions at times surrounding the launch of new products.
“We continue to believe our business has grown to the point of being self-funding,” the investor letter said.
Tesla said the production ramp-up of the Model Y SUV, a key product for the company, has started ahead of schedule in Fremont. Model Y production in Shanghai will start in 2021. The company also said it plans to start producing limited numbers of its electric semi truck this year.
Tesla shares have more than tripled in value since May of last year, pushing the company’s market value above giant German automaker Volkswagen as well as the combined values of General Motors and Ford.
The electric vehicle and solar panel maker's fourth-quarter revenue grew 2% to $7.38 billion as Tesla delivered about 112,000 vehicles during the period and a record 367,500 for the full year.
Fourth-quarter revenue figures beat Wall Street estimates of $6.99 billion, but net income fell short of the $152.4 million expected by analysts polled by FactSet.
Rebecca Walser, financial planner and wealth strategist, offers some tips on how to bring everyday spending in line with budgets by avoiding certain purchases.
The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021, but the labor market remains one of the healthiest parts of the U.S. economy.
Stocks are drifting Thursday, continuing this week’s lull as Wall Street waits for several big events next week.
Apple's new iOS 17 has some promising upgrades in store for group chats. Previously, when a iMessage group chat contained an Android user, it would lose features such as text editing and threaded replies. Now group chats will retain those features, even when there is a "green bubble" in the mix.
Workers at the Barnes & Noble in Manhattan's Union Square, one of the retail chain's signature stores and home to its corporate offices, have voted to unionize.
U.S. and British cybersecurity officials warned Wednesday that a Russian cyber-extortion gang's hack of a file-transfer program popular with corporations could have widespread global impact. Initial data-theft victims include the BBC, British Airways and Nova Scotia's government.
Wilson Aerospace, a Colorado-based tools company with close ties to NASA, is suing Boeing for allegedly stealing trade secrets over the past two decades.
Apple recently acquired augmented reality company Mira following its launch of the Vision Pro headset. Cheddar News explains how Apple is looking to tap into the AR market long dominated by Meta.
Fiserv President and Chief Executive Frank Bisignano spoke to Cheddar News about what the transfer to the New York Stock Exchange means for his company and how Fiserve plans to use its partnership with the exchange in the fintech space. "We do believe that we could do a lot here creatively with the stock exchange," he said. "
It's never too early to save for retirement but many people don't have access to an employer-sponsored plan. Pratik Patel, managing director and head of family wealth strategies for BMO Family Office, joined Cheddar News to discuss other options to ensure safe retirement.
