Tesla reported record net income of $438 million during the first quarter of 2021, as well as earnings of 93 cents per share on $10.39 billion in revenue, according to a published report by CNBC.
Elon Musk’s electric vehicle business reported 184,800 Model 3 and Model Y cars delivered in the first quarter, beating investor expectations and setting a record for Tesla. The company also said it did not produce any of its higher-end Model S sedans or Model X SUVs for the period ending March 2021. It delivered 2,020 older Model S sedans and Model X SUVs from inventory.
During an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be delivered beginning in May 2021, with Model X deliveries starting in the third quarter of 2021. Tesla is now aiming to produce 2,000 Model S and X vehicles per week later this year.
While the automobile manufacturing industry has been severely impacted by parts and electronic shortages, Tesla has managed to quickly pivot to locate new suppliers for its microcontrollers.
Tesla’s revenue for its energy generation and storage business nearly doubled when compared to the same period in 2020, when the pandemic severely diminished growth of its energy business.
