Tesla (TSLA) Q1 2021 earnings results: $10.39B in revenue, beats with $0.93 EPS

Tesla’s (NASDAQ:TSLA) first-quarter for 2021 saw the electric car maker post $10.389 billion in revenue. The results, which were discussed in an Update Letter, were released after the closing bell on Monday, April 26, 2021.

Tesla’s first quarter was impressive, with the electric car maker producing a total of 180,338 vehicles, an astounding number considering that Q1 is typically a soft quarter for car sales. The company also delivered 184,800 vehicles comprised of 182,780 Model 3 and Model Y, as well as 2,020 Model S and Model X.

Tesla’s strong Q1 results were due in part to the accelerating Model Y ramp in the United States and the production push for the Model 3 and Model Y in Gigafactory Shanghai. This allowed the company to achieve impressive figures despite the halt in the production of the refresh Model S and Model X.

The following are the key points in Tesla’s Q1 2021 Update Letter.

REVENUE

Tesla reported a revenue of $10.389 billion for the first quarter. In comparison, Wall Street expected Tesla’s Q1 2021 revenue to be at $10.29 billion. 

EARNINGS

Tesla shareholders saw non-GAAP earnings per share of $0.93 in the first quarter. Wall Street, on the other hand, expected Tesla to report a gain of $0.79 per share. 

PROFITABILITY

Tesla has posted a $594 million GAAP operating income, and $438 million GAAP net income.

Tesla’s Q1 2021 Update Letter could be accessed below.

TSLA-Q1-2021-Update by Simon Alvarez on Scribd

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