Tesla Q1 2021: Record Net Income of $438 Million and $10.39 Billion Revenue

Tesla reported its first quarter earnings on Monday and the company has posted record numbers. The company saw $10.39 billion in revenue, an increase of 74% year-over-year, while net income was also a record at $438 million for Q1.

“In Q1, we achieved our highest ever vehicle production and deliveries. This was in spite of multiple challenges, including seasonality, supply chain instability and the transition to the new Model S and Model X. Our GAAP net income reached $438M, and our non-GAAP net income surpassed $1B for the first time in our history,” explained Tesla.

Tesla says while its average selling price of its cars declined during the quarter, the company’s auto gross margin increased sequentially, “as our costs decreased even faster,” while also adding “reducing the average cost of the vehicles we produce is essential to our mission.”

The company’s Model 3, according to Tesla, in just 3.5 years into production and without a factory in Europe, “was the best-selling premium sedan in the world,” even outselling the BMW 3-Series and Mercedes Benz E-Class. Tesla says it believes Model Y can become “the best-selling vehicle of any kind globally.”

Tesla produced 180,339 Model 3 and Model Y vehicles for Q1, a 76% increase year-over-year. Deliveries were at 184,877, an increase of 109% year-over-year.

The company saw a 163% increase in its solar deployed (MW), while solar storage increased 71% over the year-ago quarter.

As for store and service locations, there are now 561, an increase of 28% YoY, while the mobile service fleet has reached 923, a 22% increase YoY.

For Supercharger stations, there are now 2,699, an increase of 41% YoY, while connectors are now at 24,515, an increase of 44% YoY.

…developing, more to follow