Tesla reported first-quarter earnings beating analysts’ estimates on both the top and bottom lines.
- Tesla’s earnings per share came in at $3.22 per share, surpassing the estimate of $2.26 per share.
- Automotive revenue reached $16.86 billion, rising 87% from the same period last year. Automotive gross margins rose to a record 32.9%, with Tesla posting a gross profit of $5.54B in its main segment.
- Revenue growth was attributable to an increase in the number of cars Tesla delivered and an increase in average sales prices.
- Early this month, Tesla posted vehicle deliveries of 310,048 for the first quarter, the closest approximation of sales disclosed by the company.
- Zachary Kirkhorn, CFO, and Elon Musk, CEO, stated that Tesla remains confident that it will expand at least 50% over 2021 figures.
Meanwhile, the executives noted that the company had lost nearly a month of build volume in Shanghai due to Covid-19 related shutdowns. TSLA up +7.54%, NIO up +1.87%, pre-market trading.