Tesla reported net income of $438mn, up 62% QoQ and significantly higher than $16mn in Q1 2020. Revenues came in at $10.39bn, up 74% YoY. Tesla saw $518mn in revenue from sales of regulatory credits and also a $101mn positive impact from the sale of bitcoin during the period. Tesla reported free cash flows of $293mn and cash/cash equivalents of $17.14bn. While gross margins came at 21.3%, up 70bp YoY and 190bp QoQ, they were below expectations of 24%. The EV maker said that margins were pressured due to low sales of its older and most profitable models, quarantine restrictions in China and what CEO Elon Musk terms as “insane difficulties with a whole range of parts” in efforts to get supplies due to chip shortages. The carmaker do expect margins to grow over time and reach industry-leading levels with capacity expansion and localization plans underway. Model 3 and Model Y car deliveries were at 184,877, up 109% YoY but Tesla said that it produced none of its higher-end Model S sedans or Model X SUVs in the quarter. Tesla expects over 50% growth in vehicle deliveries in 2021, implying at least 750,000 vehicles delivered this year.

Tesla’s 5.3% 2025s were stable at 103.63, yielding 4.36%.

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