Tesla Surpasses Quarterly Revenue Forecast Thanks to Strong Demand | Automotive Industry News

The EV company, which closed the session up 1.2% at $ 738.20, left its multi-year delivery outlook unchanged.

Tesla Inc. reported a seventh straight quarter of higher-than-expected profits on strong demand for its best-selling Model 3 sedan, but left its multi-year outlook for 50% growth in deliveries unchanged.

Elon Musk’s EV company earnings rose to 93 cents per share on an adjusted basis, the Palo Alto, Calif., Based automaker said on Monday. That beat the 80-cent average of analysts’ estimates.

The results kick off a year in which Tesla will expand operations across three continents, including the completion of new factories in Austin, Texas and Berlin. The company said it expects 50% growth in shipments “over a multi-year horizon,” which is consistent with its previous wording.

Tesla fell 2.2% to $ 721.65 in aftermarket trading. It closed the session up 1.2% at $ 738.20.

The company delivered more than half a million cars in 2020 and reported deliveries of 184,800 cars worldwide in the first quarter, topping the last quarter of 2020 by around 4,000 vehicles.

The electric vehicle market leader faces a new wave of competition from several new models launched this year by startups such as Rivian Automotive Inc., backed by Amazon.com, and established automakers including General Motors Co. and Volkswagen AG.

Tesla’s first-quarter revenue rose 74% to $ 10.39 billion between January and March, close to analysts’ estimates of $ 10.41 billion.

The findings follow a fatal crash near Houston that killed two men and renewed questions about the potential role of autopilot, Tesla’s name for its driver assistance function. The National Highway Traffic Safety Administration and the National Transportation Safety Board are investigating the accident.

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