Tesla announced Monday a record quarterly net profit of $438 million.
“In Q1, we achieved our highest ever vehicle production and deliveries,” the company said in its Q1 2021 update. “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.”
According to the update:
RevenueTotal revenue grew 74% YoY in Q1. This was primarily achieved through substantial growth in vehicle deliveries, as well as growth in other parts of the business. At the same time, vehicle ASP declined by 13% YoY as Model S and Model X deliveries reduced in Q1 due to the product updates and as lower ASP China-made vehicles became a larger percentage of our mix.ProfitabilityOur operating income improved in Q1 compared to the same period last year to $594M, resulting in a 5.7% operating margin. This...
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