Technology

Tesla revenue soars 74% in Q1

Electric vehicle maker Tesla (TSLA), driven by record first-quarter deliveries, saw sales soar 74% over the period and profits soar.

Elon Musk’s group managed to collect $ 10.39 billion in revenue from January to March, beating analysts’ forecasts ($ 10.29 billion).

The group had already indicated that it had 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 the transition. towards the new models Model S and Model X ”, stressed Monday Tesla.

The company has also found itself in the hot seat in recent days after the fatal crash of an apparently driverless Tesla, which led to renewed attention to the driver assistance systems it offers.

The company saw its profit rise to 438 million dollars from January to March, against 16 million in the same period in 2020.

Adjusted per share and excluding exceptional items, the benchmark on Wall Street, this comes down to 93 cents where analysts were expecting 79 cents.

The automaker, which announced in January that it wanted to increase its deliveries by 50% on average per year for several years, has not changed its forecasts.

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

Tesla’s stock fell about 2% around 4:35 p.m. in electronic trading following the close of the stock market. It is up slightly since the start of the year, after jumping by more than 700% in 2020.

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

According to specialist firm Cox Automotive, Tesla represented 71% of electric vehicle sales in the United States in the first quarter, against 83% over the same period in 2020.

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