Tesla logs $10.4 bn in sales in Jan-Mar 2021, makes $101 mn in Bitcoin

Topics Tesla | Bitcoin

Photo: Reuters

Before it starts India operations this year, Tesla has reported $10.3 billion in sales and net income of $438 million in the first quarter of 2021, a growth of 74 per cent from a the year-ago period, along with making $101 million on sales of Bitcoins which is its next big bet.

In its quarterly earnings presented late on Monday, Tesla reported it produced 180,338 vehicles in Q1 and delivered 184,777 vehicles.

"In Q1, we achieved our highest ever vehicle production and deliveries. This was in spite of multiple challenges, including seasonality, supply chain instability and the transition to the new Model S and Model X," the company said in a statement.

"Due to the launch of new products and new factories and the reduced mix of Model S and Model X, our average cost declined to sub-$38,000 per vehicle in Q1," the electric car-maker said.

Model 3 was the best-selling premium sedan in the world, outselling long-time industry leaders such as the 3 Series and EClass.

"This demonstrates that an electric vehicle can be a category leader and outsell its gas-powered counterparts. We believe Model Y can become not just a category leader, but also the best-selling vehicle of any kind globally," Tesla said.

Tesla made about $101 million on the sale of Bitcoin in the first quarter. The company announced in January this year that it had bought $1.5 billion worth of the cryptocurrency and started allowing customers to pay for cars using bitcoin.

"We are currently building Model Y capacity at Gigafactory Berlin and Gigafactory Texas and remain on track to start production and deliveries from each location in 2021. Gigafactory Shanghai will continue to expand further over time. Tesla Semi deliveries will also begin in 2021," the company informed.

--IANS

na/


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel