Tesla reports 74 pct increase in revenues in Q1

U.S. electric vehicle maker Tesla said Monday that it earned 10.39 billion U.S. dollars in total revenues in the first quarter of fiscal 2021, up 74 percent over the previous year.

Tesla posted 1.05 billion dollars in non-GAAP (generally accepted accounting principles) net income for the quarter that ended on March 31, representing a 363-percent increase over the previous year.

Its cash and cash equivalents in the first quarter reached 17.14 billion dollars, up 112 percent year on year.

In the first quarter, Tesla achieved the highest ever vehicle production and deliveries.

“We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity,” the company said, adding that “the new Model S and Model X have also been exceptionally well received, with the new equipment installed and tested in Q1 and we are in the early stages of ramping production.”

According to Tesla, its Average Selling Price (ASP) of vehicles declined in the first quarter, but auto gross margin increased sequentially, as the costs decreased even faster.

“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 U.S. dollars per vehicle in Q1,” the company said.

First deliveries of the new Model S should start very shortly, Model Y production rate in Shanghai continues to improve quickly and two new factories– Berlin and Texas — are making progress, it noted.