STOCK MARKET BSE NSE

Tesla, Ford only carmakers in US not to go bankrupt: Elon Musk

In last year, Tesla achieved free cash flow of nearly USD 2.8 billion after spending more than USD 3 billion on building new factories and other expenditures.

Published: 06th March 2021 04:34 PM  |   Last Updated: 06th March 2021 04:34 PM   |  A+A-

Tesla CEO Elon Musk

Tesla CEO Elon Musk (Photo| AFP)

By IANS

NEW DELHI: As several carmakers bleed in the US and beyond, Tesla is profitable and according to Elon Musk, his electric car company and Ford are the only two carmakers in the US which have not gone bankrupt.

Tesla reported another profitable quarter as revenue hit USD 10.74 billion in the fourth quarter of 2020. In last year, Tesla achieved free cash flow of nearly USD 2.8 billion after spending more than USD 3 billion on building new factories and other expenditures.

US automaker Ford last month announced to more than double its investment in electric and autonomous vehicles to USD 29 billion. The automaker had previously committed to spend USD 11.5 billion on electrifying its vehicle lineup through 2022.

"Tesla & Ford are the only American carmakers not to have gone bankrupt out of 1000's of car startups. Prototypes are easy, production is hard & being cash flow positive is excruciating," Musk said in a tweet on Friday.

Ford CEO Jim Farley responded to his tweet, saying: "Respect". In 2020, Tesla produced and delivered half a million vehicles. In addition, Model Y production in Shanghai has begun.

Tesla this year also registered its Indian subsidiary with the Registrar of Companies (RoC) in Bengaluru, on January 8. "2020 was a defining year for us on many levels. Despite a challenging environment, we've reached an important milestone of producing and delivering 0.5 million cars," Musk had said.

On the other hand, Ford's increased investment is aimed at catching up with the EV market leader Tesla and keep pace with other automakers like GM and Volkswagen. "We are accelerating our plans right now, breaking constraints, increasing battery capacity, improving our costs and getting more battery electrics into our cycle plan," Ford CEO Farley said last month.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp