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Tesla sales were up 74%, and profits soared

Tesla sales were up 74%, and profits soared

(New York) Electric car maker Tesla, driven by record first-quarter deliveries, saw sales rise 74% during the period and profits rose.

France Media

Elon Musk Group raised $ 10.39 billion in revenue from January to March, beating analyst expectations ($ 10.29 billion).

The group has already indicated that it delivered nearly 185,000 vehicles in the first three months of the year, an unprecedented level “despite multiple challenges, including seasonal factors, supply chain instability and a shift. Towards the new Model S and Model X” Monday stressed Tesla.

The company also found itself in the hot seat in recent days after the seemingly fatal collapse of a Tesla driverless car, leading to a renewed interest in its driver assistance systems.

The company saw its profits rise to $ 438 million in the January-March period, compared to 16 million in the same period in 2020.

Adjusted for each stock and excluding the exceptional items, which is the standard on Wall Street, this drops to 93 cents as analysts forecast 79 cents.

The automaker, which announced in January that it wanted to increase deliveries by an average of 50% annually for several years, has not changed its forecast.

Tesla said that work at factories under construction in Berlin, Germany and Austin, Texas “is on schedule” so that production there can start by the end of the year.

Tesla stock fell about 2% around 5:35 pm in electronic trading after trading closed. It’s up slightly since the start of the year, after jumping by more than 700% in 2020.

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The group has dominated the electric vehicle market for a long time, but is facing increasing competition.

According to specialist company Cox Automotive, Tesla accounted for 71% of electric vehicle sales in the United States in the first quarter, down from 83% during the same period in 2020.