Tesla Boosts China Revenue by 123.6% YoY to $6.66B in 2020, & Model Y Is About to Rock the Market

Tesla Boosts China Revenue by 123.6% YoY to $6.66B in 2020, & Model Y Is About to Rock the Market

Photo: Tesla

Tesla has shown strong resilience and unprecedented growth in Q4, as it did throughout 2020. In parallel with the record number of deliveries, the company reported its 6th straight quarter of revenue, despite the fact that last year was overshadowed by the impact of the pandemic, which forced the manufacturer's production facilities to temporarily close. 2020 also turned positive in the Chinese market, where Tesla increased revenue by 123.6% YoY to $6.662 billion.

In Q4 2020, the manufacturer reported Adj EPS (non-GAAP) of $0.80 per share, and record revenue of $10.744 billion for Q4 2020. Total revenue grew 46% YoY. This was primarily achieved through substantial growth in vehicle deliveries as well as growth in other parts of the business, and the company's development in China played a very important role in achieving this result.

Tesla filings submitted to the SEC show that Tesla's Chinese market revenue in 2020 reached $6.662 billion YoY, corresponding to 123.6% YoY growth. In the first three quarters of last year, Tesla's revenue in the Chinese market was $4.044 billion. According to this calculation, Tesla's revenue in China was $2.618 billion in Q4 of last year.

In 2020, the United States continues to be Tesla's largest marketplace with $15.207 billion in revenue. Revenue in China was $6.662 billion, while revenue in all other markets was $9.667 billion. For comparison, in 2019, Tesla's annual revenue in China was $2.979 billion, and in 2018 it was $1.757 billion.

Thus, for the full year of 2020, Tesla achieved revenue of $31.536 billion. This is also the first time the company has made a full-year profit. In addition, Tesla's annual deliveries reached a whopping 500,000 vehicles, another milestone in Tesla's pursuit to accelerate the world’s switch to sustainable energy. And as impressive as 2020 was, Giga Shanghai-made Model Y deliveries are just beginning in China, and 2021 is gearing up to bring even more tremendous growth.

© 2021, Eva Fox. All rights reserved.


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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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