Tesla Motors CEO Elon Musk responded after the company went public on the NASDAQ market in New York on June 29, 2010
Brendan McDermid | Reuters
Tesla reported first quarter results on Monday after the bell. The company slightly exceeded expectations, but the stock fell slightly after hours as investors digested the numbers.
Here’s how the company performed in the quarter compared to the analyst estimates produced by Refinitiv:
- Merits: 93 cents per share compared to 79 cents per share expected
- Revenue: $ 10.39 billion versus $ 10.29 billion, up 74% year over year
- Annual surplus (GAAP): $ 438 million, a record.
Elon Musk’s electric vehicle business reported vehicle deliveries of 184,800 Model 3 and Y vehicles in the first quarter, exceeding expectations and setting a record for Tesla. However, the company also said it didn’t manufacture any of its high-end Model S sedans or Model X SUVs for the period leading up to March. (It delivered 2,020 older Model S sedans and Model X SUVs from inventory.)
The company announced in February that it had purchased $ 1.5 billion worth of Bitcoin and may invest in other cryptocurrencies in the future. Bitcoin rose to record levels by April before pulling back. In its earnings release, the company announced it had a net cash outflow of $ 1.2 billion related to Bitcoin for the quarter.
Tesla said last month that Jerome Guillen, its former president of the automotive industry, would switch to the role of president of the heavy truck. It’s not clear who – if anyone – replaced Guillen, but staff updates could come after the bell during the profit call.
Tesla’s vehicle batteries and automated driving systems, marketed in the U.S. as autopilot and full self-driving options, are under regulatory scrutiny following two fatal accidents in April – one in the spring in Texas and one in the Zengcheng district of Guangzhou. China.
Tesla is also facing increased competition in the electric vehicle business. Big car manufacturers like VW, Audi and Ford are finally selling pure battery electrics.
According to a new survey of US vehicle owners by CarGurus, 52% expect to own a battery electric vehicle in the next decade (up from just 34% in 2018). The survey also found that Tesla remains the most trusted brand for making electric vehicles. However, almost 80% of those interested in owning an electric car are open to buying from one of several brands.
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