Tesla has reported its first annual profit in 2020 (USD721m) on automotive revenues of USD31.5bn, up 28% on 2019.

Total revenue was also up 46% year-on-year in the fourth quarter as deliveries ramped up, though the product mix change (to Model 3 and Model Y and away from the Model S and X) saw the average selling price decline by 11%. Model 3 and Y production was up 88% year-on-year in Q4 to 163,660.

Total Tesla car production for the year was half a million.

Tesla said its operating margin for the year was an ‘industry leading’ 6.3%.

Model Y production at the Shanghai plant started last month and Model 3 production in China has been ramped up to over 5,000 a week.

Production capacity at the Freemont (Calif., US) facility that makes Model 3 and Model Y has recently been increased to 500,000 a year while the Shanghai factory’s manufacturing capacity is put at 250,000 pa.

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Tesla says production at its Berlin factory is expected to start in 2021. Initial production at the Berlin plant will be occupied by the Model Y crossover but there is speculation it will also build a more compact car for European markets.

See also: Tesla’s growth story ‘set to ramp up’