Heard on the Street: Elon Musk’s company has shown it can generate cash selling electric vehicles, but Tesla’s valuation depends on much more
With help from China, Tesla has turned itself into an unusually profitable car maker. Whether that makes it a tech company worthy of a near-trillion-dollar valuation is less clear.
As it has scaled up production in its Shanghai factory over the past two years, the electric-vehicle pioneer has accumulated enough profit to make up for all the losses in its previous history. Late Wednesday it reported a 14.7% operating margin for the fourth quarter in an industry where single-digit margins are considered normal.
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