Skip to main content

Market Overview

Tesla's Revenue Rises 74% To $10.4B In Q1

Share:
Tesla's Revenue Rises 74% To $10.4B In Q1

Electric vehicle company Tesla Inc (NASDAQ: TSLA) reported first-quarter earnings after hours on Monday, beating Street estimates.

What Happened: Tesla's revenue of $10.4 billion for the first quarter was up 74% year-over-year. The figure beat estimates of $10.3 billion. Automotive revenue of $9 billion was up 75% year-over-year.

Tesla reported first-quarter earnings per share of 93 cents per share, which beat estimates of 79 cents per share.

Production was 180,338 vehicles in the first quarter, up 76% year-over-year. Deliveries of 184,877 were up 109% year-over-year.

Solar deployed in the first quarter was 92 MW, which was up 163% year-over-year. Storage deployed in the first quarter of 445 MWh was up 71% year-over-year.

The company ended the quarter with $17.1 billion in cash and cash equivalents. Net cash outflow of $1.2 billion was driven mainly by $1.2 billion in Bitcoin purchases, the company said. 

Related Link: Tesla CEO Elon Musk To Host 'Saturday Night Live' On May 8 

What’s Next: Tesla said it continues to grow its manufacturing capacity. The company has an annual capacity of 100,000 Model S/Model X in California, 500,000 Model 3/Model Y in California and 450,000 Model 3/Y in China.

The company is in continued construction for factories in Berlin and Texas. Production ramp-up in Shanghai was announced as “progressing well.”

Semi deliveries are expected to be delivered later in 2021, according to the company.

“Over a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries. In some years we may grow faster, which we expect to be the case in 2021,” Tesla said in the release.

TSLA Price Action: Shares of Tesla closed up 1.2% at $738.20. The stock was down about 1.%% in after-hours trading.

 

Related Articles (TSLA)

View Comments and Join the Discussion!

Posted-In: Model 3 Model XEarnings News Top Stories After-Hours Center Movers Trading Ideas Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com