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Tesla Says Its Q4 Profit Up 59%, Strong Demand Expected

DETROIT (AP) — Tesla on Wednesday reported record fourth-quarter last year net income, and the company forecasts additional software-related earnings will keep its margins higher than any other automaker.

The Austin, Texas-based electric vehicle and solar panel maker said it earned $3.69 billion, or an adjusted $1.19 per share, from October to December. This beat estimates of $1.13 that were lowered by analysts, according to FactSet. The company’s profit is 59% higher than in the same period a year ago.

Revenue for the quarter was $24.32 billion, down from the $24.67 billion expected by analysts.

CEO Elon Musk said that despite an announcement earlier this month of price cuts of up to 20% on some vehicles, demand for Tesla products remains strong and sales are limited to production.

Some analysts say the price cuts were a sign of declining Tesla sales. But so far in January, Tesla has received the highest YTD bookings in its history, Musk said in a webcast with analysts.

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