Tesla has recorded its seventh-straight profitable quarter off the back of a strong sales of its vehicles.
On Monday, the American firm announced it had made 438 million dollars (£315m) in the three-month period that ended on March 31.
Compared to the same quarter last year, sales of Tesla vehicles more than doubled to nearly 185,000 vehicles.
Tesla said adjusted net income, excluding stock-based compensation, passed one billion dollars (£720m) for the first time in its history.
Excluding stock-based compensation and non-recurring items Tesla made 93 cents per share, beating Wall Street estimates of 75 cents per share, according to data provider FactSet.
Quarter one revenue rose 74 per cent to 10.39 billion dollars (£7.48bn), but it was just shy of the 10.48 billion dollars expected by analysts.
Tesla once again needed regulatory credits – purchased by other car makers to reach stringent emissions standards – to make a profit.
The firm bagged 518 million dollars (£373m) in credits for the quarter, but without those Tesla would have lost money.
Tesla, which also makes solar panels and batteries, made only 16 million dollars (£11.5m) in the first quarter of 2020.
It now has the sixth-largest market value of all companies in the S&P 500 at 708.56 billion dollars (£510bn), saw its shares fall about 2.5 per cent in extended trading Monday. The company released numbers just after the markets closed.
Meanwhile, Tesla also said there was evidence a person was behind the wheel of a the Tesla that crashed in Texas earlier this month, as reported by Car Dealer.
The crash killed two men, however authorities near Houston said investigators were sure no one was driving the car when it missed a corner and hit a tree.
The crash once again put Tesla’s Autopilot system in the spotlight. Two federal agencies are joining local authorities in investigating.
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