Tesla marked a 26% quarter-on-quarter increase in solar installations from 43 MW to 54 MW, while 2019 marked the liftoff of Tesla’s Energy division. Installed in Q3 2019 to 530 MWh in Q4 2019, storage saw an equally impressive bump on its larger base from 477 MWh.
Three months ago, Tesla Inc. The immediate aftermath of reporting a $143 million quarterly profit notched up a $9 billion gain in market capitalization. On Wednesday, it reaped $12 billion on $105 million along with the $50 billion it racked up in between the dates.
The company also managed to meet the low end of delivery guidance for the fourth quarter, started producing vehicles at its new plant in China besides that boost to confidence, unveiled the Cybertruck.
Tesla’s newest battery storage product, the commercial-scale integrated storage system called Megapack, the fourth-quarter (Q4) total included the first deployments.
“Since the introduction of this product, the level of interest and orders from various global project developers and utilities has surpassed our expectations.” – Tesla
However, on Wednesday, Tesla said it is working on transforming itself from a niche manufacturer into a mass-market electric vehicle, making its business profitable going forward, told investors.
Analysts surveyed by FactSet had predicted that the company’s adjusted earnings per share of $2.14 for the fourth quarter topped the $1.77 a share as their income fell to $105 million from $140 million a year earlier.
Announcing plans on Wednesday to deliver more than 500,000 vehicles globally, up from 367,000 last year, the company aimed to pick up the pace in 2020. From Tesla’s newly opened China assembly plant, the goal relies heavily on churning out more vehicles.