Technology

Tesla reports slightly positive results … thanks to its bitcoins

Tesla can say thank you to bitcoin. The automaker founded by Elon Musk announced on Monday that it recorded revenue slightly below analysts’ expectations for the first quarter, while largely exceeding those same expectations in terms of results thanks to the increase in its sales volume. , but above all, to the profits made on bitcoin.

These results follow higher deliveries than forecast announced earlier this month for Tesla’s Model 3 and Model Y sedans. The US automaker’s revenue for the three months ended March was $ 10.39 billion. Analysts for their part expected a turnover of 10.48 billion dollars. As a reminder, Tesla’s revenues include automotive sales, but also that, more modest, solar energy. Tesla says its profit was boosted by bitcoin, which offset lower prices for its cars.

Tesla invested heavily in bitcoin in the last quarter, saying its cash and cash equivalents balance at the end of the quarter “declined to $ 17.1 billion in the first quarter, mainly due to a net outflow. $ 1.2 billion of cash in cryptocurrency (bitcoin) purchases, $ 1.2 billion in net debt and finance lease payments, partially offset by free cash flow of $ 293 million of dollars “.

$ 1.5 billion invested in bitcoin

During a press briefing, the company’s chief financial officer, Zachary Kirkhorn – recently renamed the company’s “Master of Coin” – said the company had placed $ 1.5 billion in bitcoin in the quarter. last: “We also invested $ 1.5 billion in bitcoin during the quarter, then reduced our position by 10%, which contributed to a small gain in our finances in Q1.”

Regarding its outlook, Tesla reiterates its intention to increase deliveries by 50% per year. “We plan to increase our manufacturing capacity as quickly as possible. Over a period of several years, we expect to achieve an average annual growth of 50% in vehicle deliveries. Some years, we could see a faster growth, which should be the case in 2021 ”, indicated the“ Master of Coin ”of the manufacturer.

And to estimate that “the growth rate will depend on the capacity of our equipment, operational efficiency and the capacity and stability of the supply chain”. Regarding a revamped Model S sedan, Tesla explains that “the first deliveries of the new Model S should start very soon”. The company adds that the Model Y’s production rate in Shanghai “continues to improve rapidly,” and construction of two new factories, in Berlin and Texas, is progressing.

Source: .com

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