Tesla said it earned $3.2 billion, or $2.86 a share, in the first quarter, compared with earnings of $438 million, or 39 cents a share, in the year-ago period.
Tesla stock pops on record quarter, 81% annual revenue jump The company posted total revenue of $18.8 billion, up 81% year-over-year. Total automotive revenue came in at $16.86 billion, up 87% from the same period last year, and automotive gross profit came in at $5.54 billion, up 132% year-over-year. Regulatory credits accounted for $679 million of automotive revenue for the quarter.
– Earnings per share: $3.22 vs $2.26 expected – Revenue: $18.76 billion vs $17.80 billion expected Shares rose as high as 6% in after-hours trading. Automotive revenue reached $16.86 billion, up 87% from the same period last year. Automotive gross margins jumped to a record 32.9% with Tesla reporting gross profit of $5.54 billion in its main segment. Regulatory credits accounted for $679 million of automotive revenue for the quarter.
In March, vehicle production began at Gigafactory Berlin-Brandenburg using nonstructural packs with 2170 cells. The company says that Gigafactory Berlin-Brandenburg will be able to produce Model Ys using both structural packs with 4680 cells as well as non-structural packs with 2170 cells.
A robotaxi ride would be significantly cheaper per mile than a regular car ride and “less than a bus ticket, a subsidized bus ticket or subsidized subway ticket,” Musk said.
“Tesla’s surprises are common,” but the way the company navigated inflationary pressures and supply-chain constraints was “impressive,” said Pedro Palandrani, an analyst at Global X. Palandrani highlighted auto gross margins at near 33%, up significantly from last year’s 27%.
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Early this month, Tesla reported vehicle deliveries of 310,048 for the first quarter, the closest approximation of sales disclosed by the company. Model 3 and Model Y vehicles comprised 95%, or 295,324, of deliveries in the period ending March 31, 2022.
Musk also acknowledged that autonomous driving advances were taking longer than he anticipated.