Tesla says Q1 net income, revenues surged

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Tesla Inc. said net income and revenues surged after the EV maker delivered record units at higher prices.

The company led by Elon Musk posted first-quarter net income of $3.32 billion compared with a profit of $438 million a year earlier. Revenue rose to $18.76 billion from $10.39 billion a year earlier.

Tesla has been an outlier since the pandemic outbreak, posting record deliveries and earnings for several quarters when rivals wrestling with global supply chain snarls rolled out production halts.

Meanwhile, the company’s two new factories in Texas and Berlin are ramping up production, with Musk delivering Tesla’s first Texas-made Model Y vehicles earlier this month. The company started deliveries in Berlin in March.

The company’s shares rose 5.05 percent after the bell. They had closed down 5 percent at $977.2 in regular trading on Wednesday.

Earnings per share and revenue exceeded Wall Street expectatons. Tesla reported earnings per share of $2.86 while analysts expected $2.26. Revenue exceeded Wall Street forecasts by about $1 billion.

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