Tesla Reports $430 Million Net Profit in 1Q with 74% Revenue Growth

180,000 Units Supplied... Annual Supply Expected to Reach 500,000 Units
Stock Price Falling in After-Hours Trading

[Asia Economy New York=Correspondent Baek Jong-min] Electric vehicle manufacturer Tesla continued its rapid growth in the first quarter. However, its stock price is currently falling in after-hours trading.

[Image source=Reuters Yonhap News]

On the 26th (local time), Tesla announced that its first-quarter vehicle deliveries reached 184,800 units, approximately double compared to the same period last year. Tesla achieved this performance solely with the mass-market Model 3 and Model Y, without new production of the Model S and Model X.

Tesla forecasted that vehicle deliveries this year will reach 500,000 units, an increase of about 50% compared to the previous year.

As vehicle deliveries increased, financial results also showed strong performance.

Tesla's first-quarter revenue was $10.4 billion, in line with expectations, marking a 74% increase from the same period last year. Earnings per share were 93 cents, significantly exceeding the expected 79 cents. Net income reached a quarterly record of $438 million.

Revenue was close to the market expectation of $10.5 billion surveyed by FactSet, but net income fell short of the expected $591 million.

The Wall Street Journal evaluated that Tesla delivered solid results despite vehicle accidents occurring during semi-autonomous driving, production halts due to semiconductor shortages, and the rise of competitors.

MarketWatch reported that Tesla recorded profits for seven consecutive quarters, but sales performance was somewhat below expectations.

Tesla's stock price rose 1.2% in regular trading before the earnings announcement but is currently down 2.6% in after-hours trading following the announcement.

This content was produced with the assistance of AI translation services.