Tesla sets a Q1 earnings high of $438 million in nett profits, with vehicle deliveries the by 100%.

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Total sales surpassed expectations. seeing a 74% increase

Tesla’s first-quarter results for 2021 have been released, and they look promising. Revenue, margins, and truck deliveries both met the company’s and analysts’ estimates. Tesla expects year-over-year growth to be 50% higher in 2021.

Total sales was $10.39 billion, a $100 million increase over the company’s outlook and a 74% increase from last year’s revenue. $518 million came from regulatory credit transactions, and $101 million came from the trading of bitcoin earned from purchases. It also broke the record for nett profits in a single year, receiving $438 million in Q1 2021.

Musk reported during the conference call with investors that Tesla sold more than 184,000 Model 3 and Model Y electric vehicles in the first quarter. In addition, it sold 2,020 Model S and Model X SUVs last year. The newer Model S Plaid was expected to ship in March, but Musk and CFO Zachary Kirkhorn said that supply-chain problems prevented the company from meeting the deadline. It has been rescheduled for May.

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EV sales, though, were up 100 percent year on year. Tesla anticipates a 50% increase in year-end totals over 2020. In comparison to last year, this equates to more than 750,000 units. While executives expect to face the same supply chain problems in 2021, they plan to begin producing 2,000 vehicles a week later this year.

CNBC notes that the optimism stems from the fact that the chip shortage has forced the company to pivot “extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.” Subsequently, the new Model S and Model X SUV are now slated for delivery next month.

Tesla’s battery business boomed as well, nearly doubling over Q1 2020 figures. However, first-quarter earnings took an almost $200 million dive going from $787 million in Q4 of 2020 to $595 million in Q1 2021.

Image credit: Ivan Marc

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