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Asharq Al-Awsat

Technology

Asharq Al-Awsat

Tesla Reports Record Profits, Confirms Long-term Outlook

Tesla Inc. Elon Musk Twitter Inc. electric vehicle United States

FILE - In this Feb. 2, 2020, file photo, the company logo appears on an unsold 2020 Model X at a Tesla dealership in Littleton, Colo. (AP Photo/David Zalubowski, File)

Tesla reported another round of record quarterly profits Wednesday while confirming its long-term growth outlook in spite of concerns about rising competition and macroeconomic headwinds.

Elon Musk's electric vehicle (EV) company reported fourth-quarter profits of $3.7 billion, up 59 percent from the year-ago period as revenues jumped 37 percent to $24.3 billion.

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