Tesla reports record quarterly profit as electric car sales boom | Tesla

The world’s most respected automotive firm recorded a revenue of $438m on revenues of $10.39bn regardless of dealing with provide points and the most recent in a collection of security investigations following a deadly crash in Texas.

Gross sales of its Mannequin Y compact sport-utility car and demand in China helped Tesla ship roughly 184,800 automobiles within the first three months of the 12 months, greater than double the quantity throughout the identical interval a 12 months earlier.

The robust monetary begin to the 12 months comes as federal officers are investigating the deadly crash of considered one of its vehicles earlier this month close to Houston, Texas. Investigators have stated they’re “100% positive” nobody was driving the Mannequin S sedan, which is provided with autopilot, when it ran off a highway.

The investigation is considered one of greater than two dozen into crashes involving Tesla automobiles.

The corporate has additionally been hit by a worldwide scarcity of semiconductor chips, initially triggered by the coronavirus pandemic, which has hit producers together with Tesla’s rivals internationally.

The corporate has been instrumental in driving international demand for electrical vehicles and has spurred main investments from rivals together with Normal Motors and Volkswagen.

This 12 months Tesla is anticipated to open a brand new “giga-factory” close to Austin, Texas, and one other exterior Berlin, its first in Europe.

Tesla didn’t make any Mannequin S sedans or Mannequin X SUVs within the first quarter as it’s getting ready to launch redesigned variations of every car. These automobiles had been supposed to start out transport in March. Tesla stated on Monday that the “first deliveries of the brand new Mannequin S ought to begin very shortly”, however didn’t specify when.

The corporate’s share worth, which rose eightfold final 12 months, dropped over 2% after the earnings information was launched.