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Tesla posts first full-year profit on record China sales

EV maker will take 'as many batteries' as Panasonic and others can produce

PALO ALTO, U.S. -- Tesla posted its first annual profit on Wednesday, thanks to a blockbuster year in China and the accelerated adoption of electric vehicles around the globe.

For 2020, Tesla recorded $31.5 billion in total revenue, up 28% from the previous year, with automotive revenue accounting for $27.2 billion. The company ended the year strong with a 46% year-over-year revenue jump to $10.7 billion in the last three months.

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