Thursday, February 9, 2023

Tesla Is Profitable, As Profitable As Ford and General Motors, Combined (TSLA)

From The Street, February 9:

The electric vehicle maker posted net income of $12.6 billion for last year.

Ten years ago, Tesla was just a dwarf in the automotive industry. 

The ambitions of Elon Musk's group to transform the automotive industry into a less polluting sector were met with ridicule. Tesla wasn't even producing a vehicle for the masses.

In contrast, the heart of the U.S. automobile industry was still beating in Michigan, specifically in Detroit, where General Motors is based, and in Dearborn, the headquarters of Ford.

General Motors  had recovered well from its 2009 bankruptcy and once again dominated the U.S. auto industry. Ford, the only member of Detroit's Big Three not to file for Chapter 11 bankruptcy during the 2008 financial crisis, was firmly in second place.

The picture at the end of 2012 was clear: GM and Ford had an iron grip on the industry. The figures confirmed this: Consumers flocked to their cars. General Motors' revenue was $152.3 billion, while Ford's was $133.6 billion. 

Tesla Earned $12.6 Billion in 2022
Tesla, which had started production of the Model S luxury sedan a few months earlier -- in June 2012 -- had reported revenue of $413 million. The company was losing money.

In 2012, Tesla, whose headquarters was still in California, had recorded a net loss of $396 million. On the other hand, GM and Ford were highly profitable, posting net income of $4.9 billion and $5.7 billion, respectively.

Ten years later, the situation is much different.....

....MUCH MORE

....MORE (THREAD)

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