Electric car maker Tesla (NASDAQ:TSLA) has reported record first-quarter results that easily beat analysts’ expectations, including revenue that was 74% higher than the same period last year.
However, Tesla’s share price fell as much as 3% on news of the financial results after it was revealed that the company’s results were due, in part, to the sale of Bitcoin and regulatory credits.
Tesla’s first quarter earnings came in at 93 cents U.S. a share compared to 79 cents U.S. per share that was expected by analysts. Revenue came in at $10.39 billion U.S. versus $10.29 billion U.S. that was expected. Tesla’s revenue in the quarter was 74% higher than a year ago.
The automotive manufacturer also reported that its net profit reached a quarterly record of $438 million U.S., and the company recorded $518 million U.S. in revenue from sales of regulatory credits during the period. It also recorded a $101 million U.S. positive impact from the sale of Bitcoin during the first quarter.
Tesla reported vehicle deliveries of 184,800 Model 3 and Model Y cars, beating expectations and setting a record for the company. However, Tesla also said it produced none of its higher-end Model S sedans or Model X SUVs for the period ending March 31.
On an earnings call, Tesla Chief Executive Officer Elon Musk said the new version of the company’s Model S sedan will finally be delivered to customers starting in May of this year, with Model X deliveries to begin in the third quarter of the year.
Tesla is now aiming to produce 2,000 Model S and X vehicles per week later this year. The company said it expects more than 50% vehicle delivery growth in 2021, which implies minimum total deliveries around 750,000 vehicles this year.
Tesla said it has weathered microchip shortages that have plagued the auto industry in part by "pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers." The company did not disclose the names of its new suppliers.
