As several carmakers scream in the U.S. and beyond, Tesla is profitable and according to Elon Musk, its electric car company and Ford are the only two carmakers in the U.S. that are not going bankrupt.
Tesla reported another quarter of profits as revenue hit $ 10.74 billion in the fourth quarter of 2020. Last year, Tesla achieved a free cash flow of nearly $ 2.8 billion after surpassing has spent $ 3 billion on building new factories and other expenditures.
U.S. automaker Ford last month announced more than double its investment in electric and autonomous vehicles to $ 29 billion. The automaker had previously pledged $ 11.5 billion to spend on electrifying its vehicle through 2022.
“Tesla & Ford are the only American carmakers that haven’t gone out of their way to break out of the 1000’s of car startups. Prototypes are easy, production is hard & there’s a positive cash flow,” Musk said in a tweet Friday.
Ford CEO Jim Farley responded to his tweet, saying: “Respect”.
In 2020, Tesla manufactured and delivered half a million vehicles. In addition, Model Y production in Shanghai has begun.
This year Tesla registered its Indian subsidiary with the Registrar of Companies (RoC) in Bengaluru, on January 8th.
“2020 was a special year for us on many levels. Despite a challenging environment, we have reached a significant milestone in the manufacture and delivery of 0.5 million cars,” said Musk.
On the other hand, more Ford investment is focused on catching up with Tesla’s EV market leader and keeping up with other manufacturers like GM and Volkswagen.
“We are currently accelerating our plans, breaking restrictions, increasing battery capacity, improving our costs and getting more battery electricity into our cycling plan,” said Ford Farley Chief Executive. last month.
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(Only the headline and image of this report may have been reworked by Industry Status staff; the rest of the content is automatically generated from syndicated feeds.)
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