TESLA INCOME AT RECORD IN Q1, VEHICLE DELIVERIES DOUBLE

Wed 28 April 2021:

Tesla saw record earnings in the first quarter of this year, while vehicle deliveries more than doubled, according to its financial results statement released Monday.

The US electric carmaker had a net income of $438 million in January-March period, which soared 2638% from $16 million the same period of last year. Revenue came at $10.4 billion, up 73% from $6 billion during the same period.

Although global auto industry is going through a chip shortage in electronic components, Tesla said it was “able to navigate through global chip supply shortage issues in part by pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”

California-based company managed to produce over 180,300 vehicles during the first three months of the year — up 76% from 102,600 the same period of 2020.

Total vehicle deliveries rose 109% to reached almost 185,000, from almost 88,500, during the same period.

Tesla said on Feb. 8 that it bought $1.5 billion worth of Bitcoin and will begin accepting it as payment for its products. The company, however, sold some of those during the first quarter.

The firm sold $272 million worth of Bitcoin before March 31, according to proceeds from sales of digital assets shown in the financial statement.