FX.co ★ Tesla posts record first-quarter revenue

Tesla led by Elon Musk has once again stunned the world with its robust performance and soaring stock prices. The automaker’s first-quarter profit has surged 27 times.

During this period, the company reported record net income of $438 million, or $0.39 per share. For comparison, net profit for the same period last year was $16 million. Overall, the electric car maker posted its seventh-straight profitable quarter. The company's revenue rose to $10.39 billion from $5.99 billion a year earlier. Tesla produced and delivered more than half a million vehicles in 2020 and 184.8 thousand units in the first quarter. In addition, the corporation’s proceeds from bitcoin sales amounted to $101 million.

The growth in the first quarter was driven by higher electric car prices. Its vehicle average selling price rose by 13% on an annual basis. Nevertheless, Tesla shares fell by 3.1% following the report publication. Analysts attribute this decline to the absence of specific data on vehicle deliveries for this year.

Earlier, Elon Musk lost several billion dollars amid a drop in share prices caused by a fatal Tesla crash. Moving at high speed through a roundabout, the electric car smashed into a tree and caught fire. It took about four hours for fire officials to completely extinguish the fire.