Tesla Soars on Record Profit and Upcoming Vehicles Despite Economic Uncertainty

Tesla Inc. (TSLA) stock rose on Thursday as investors cheered the electric vehicle giant’s Q4 earnings report. Tesla reported record revenue of $10.7 billion and a profit of $721 million, beating analyst expectations.

The strong earnings report was bolstered by Tesla’s upcoming vehicles, including the Cybertruck, which is expected to begin production later this year.

The company warned of economic uncertainty ahead, however, as the global pandemic continues to create a volatile business environment.

Tesla CEO Elon Musk said in a statement, “We are confident that we can continue to grow our total vehicle deliveries and revenue in 2021, although the amount of growth will depend on the global macroeconomic environment and our ability to execute on our plans.”

The news of Tesla’s strong earnings and upcoming vehicles sent the company’s stock soaring on Thursday. Tesla has seen a meteoric rise in its stock price in the past year, with shares up over 700%.

Overall, Tesla’s Q4 earnings report beat expectations and sent the stock soaring, despite the company’s warning of economic uncertainty ahead.