Electric vehicle company Tesla Inc (NASDAQ:TSLA) reported first-quarter earnings after hours on Monday, beating Street estimates.
What Happened: Tesla's revenue of $10.4 billion for the first quarter was up 74% year-over-year. The figure beat estimates of $10.3 billion. Automotive revenue of $9 billion was up 75% year-over-year.
Tesla reported first-quarter earnings per share of 93 cents per share, which beat estimates of 79 cents per share.
Production was 180,338 vehicles in the first quarter, up 76% year-over-year. Deliveries of 184,877 were up 109% year-over-year.
Solar deployed in the first quarter was 92 MW, which was up 163% year-over-year. Storage deployed in the first quarter of 445 MWh was up 71% year-over-year.
The company ended the quarter with $17.1 billion in cash and cash equivalents. Net cash outflow of $1.2 billion was driven mainly by $1.2 billion in Bitcoin purchases, the company said.
Related Link: Tesla CEO Elon Musk To Host 'Saturday Night Live' On May 8
What’s Next: Tesla said it continues to grow its manufacturing capacity. The company has an annual capacity of 100,000 Model S/Model X in California, 500,000 Model 3/Model Y in California and 450,000 Model 3/Y in China.
The company is in continued construction for factories in Berlin and Texas. Production ramp-up in Shanghai was announced as “progressing well.”
Semi deliveries are expected to be delivered later in 2021, according to the company.
“Over a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries. In some years we may grow faster, which we expect to be the case in 2021,” Tesla said in the release.
TSLA Price Action: Shares of Tesla closed up 1.2% at $738.20. The stock was down about 1.%% in after-hours trading.
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