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.

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'