Revenue jumped 74% to $10.4 billion on across-the-board gains; sales of emissions credits rose 46% to $518 million. They also made $100 million on sales of bitCoin.
Tesla Inc. posted first-quarter net income of $438 million amid record global vehicle deliveries and favorable comparisons to 2020, when operations were temporarily halted by the coronavirus pandemic. Revenue during the quarter jumped 74 percent to $10.4 billion, with automotive gross margins hitting 26.5 percent, the electric vehicle maker said Monday. The company was also aided by $518 million in sales of regulatory credits to competitors — a 46 percent increase from the same period a year earlier. Net income totaled just $16 million in the first quarter of 2020, when the pandemic shuttered plants in the U.S. and China. “Q1 2021 was a record quarter on many levels,” Tesla CEO Elon Musk said on an earnings call. “We’ve seen a real shift in customer perception of electric vehicles, and our demand is the best we’ve ever seen.” Tesla deliveries more than doubled to 184,877 from the year-earlier period, and officials said a new plant outside Austin, Texas, remains on track to start production by the end of 2021. The factory will produce the Cybertruck pickup and and Model Y crossover. Musk on Monday said he believes the Model Y will “quite likely” be the “best-selling car or truck of any kind in the world” in 2022. Nick Note: a very important component of the FANG and the NASDAQ. And they beat market expectations. The next 4 trading days set our course for the next year..