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Tesla's revenue doubles, allowing it to end the first quarter with a record profit

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The results of the American auto company beat Wall Street analysts' expectations, with revenues growing from $ 5.99 billion a year earlier to $ 10.39 billion.

Tesla's revenue doubles, allowing it to end the first quarter with a record profit

American electric vehicle manufacturer Tesla Inc ended the first quarter of 2021 with a record profit on the back of double year-on-year revenue growth.

Tesla reported its January-March net income of $ 438 million, or $ 0.39 per share, up from $ 16 million, or $ 0.02 per share, in the same period the previous year. of the year. Revenue rose to $ 10.39 billion from $ 5.99 billion a year earlier. Analysts were expecting $ 10.29 billion in revenue, according to IBES data from Refinitiv.

Last quarter, Tesla sold emissions credits to other automakers for a record $ 518 million, up 46% from sales in the same period last year. Without the sale of quotas, Tesla would have ended the quarter with a loss. In addition, in the first quarter, the company also made $ 101 million in Bitcoin sales.

Over the course of the year, Tesla will expand its operations in America, Asia and Europe and will continue to build new car factories in Austin, Texas and Berlin. including the construction of new factories in Austin, Texas and Berlin. At factories in Texas and Berlin, production may begin as early as this year, reports Reuters. The company said it was able to tackle the global chip shortage problem, thanks in part to its extremely rapid transition to new microcontrollers.

The average selling price of a car decreased by 13%, on the eve of updates to the Model S and Model X, their sales decreased, and their growth was provided by China. Tesla said the first deliveries of the new Model S should begin shortly. The company also plans to ramp up Model Y production in Shanghai to continue to improve. Updated versions of the more expensive Model S sedans and Model X SUVs have been shelved at a time when rivals Volkswagen and Ford launched all-electric vehicles.

Tesla shares fell 1.6% in additional trading on Monday. Since the beginning of this year, their value has grown by 4.6%.

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