Tesla sets Q1 earnings record with $438 million in net income, vehicle deliveries up 100...

Cal Jeffrey

Posts: 2,959   +784
Staff member
TL;DR: Tesla's first-quarter earnings for 2021 are in, and they look good. Revenue, margins, and vehicles delivered exceeded the company's expectations and analysts' predictions. Tesla projects growth for 2021 to be 50-percent higher year over year.

Total revenue was $10.39 billion, which is $100 million more than the company forecasted and 74-percent higher than last year's revenue. Of that, $518 million came from sales of regulatory credits, and $101 million was made on the exchange of bitcoin received from sales. It also shattered a record for net income during a quarter earning $438 million in Q1 2021.

In the earnings call with investors, Musk reported that Tesla moved more than 184,000 Model 3 and Model Y electric vehicles in Q1. It also sold 2,020 Model S and Model X SUV units from last year. The newer Model S Plaid was supposed to ship in March, but Musk and CFO Zachary Kirkhorn said that the company could not overcome supply-chain issues. It has been pushed back to May.

That said, EV sales were still up 100 percent over last year. Tesla expects year-end totals to yield a 50-percent growth rate over 2020. That equates to more than 750,000 units compared to last year. Although the execs expect to face the same supply chain issues in 2021, they aim to produce 2,000 vehicles per week starting later this year.

CNBC notes that the optimism stems from the fact that the chip shortage has forced the company to pivot "extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers." Subsequently, the new Model S and Model X SUV are now slated for delivery next month.

Tesla's battery business boomed as well, nearly doubling over Q1 2020 figures. However, first-quarter earnings took an almost $200 million dive going from $787 million in Q4 of 2020 to $595 million in Q1 2021.

Image credit: Ivan Marc

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Adi6293

Posts: 792   +1,055
Maybe Musk can give his employees a rise now? Apparently the pay in there in not the best
 

scavengerspc

Posts: 1,154   +1,090
TechSpot Elite
Not for the hours worked. They're lower then the domestic big 3, the euros, and the asian makers, at least here in the west.
EDIT - "Based on our analysis, the employees in it earn salaries at Tesla that are well above average, with yearly earnings averaging $97,298. The supply chain organizational function also pays relatively high compared to other departments, where employees earn $94,704."


EDIT - Yeah they do work some overtime so maybe the base salary isn't that good, but appears higher because of overtime earnings.
 

gamerk2

Posts: 513   +411
How can a $10b company have a share price so high? They have room to grow but their share price is ridiculous.

Expectation of future value; people are expecting Tesla's stock to go up over the long term since it's really the only company trying to make a mass adoption EV. So people are trying to buy in while the cost of the stock is still considered cheap, driving up it's price.

Sure, the other automakers may do more in sales, but how are they going to grow long term? They aren't, hence why their stock is basically stuck in the same narrow range.
 

Theinsanegamer

Posts: 2,446   +3,596
EDIT - "Based on our analysis, the employees in it earn salaries at Tesla that are well above average, with yearly earnings averaging $97,298. The supply chain organizational function also pays relatively high compared to other departments, where employees earn $94,704."

OK, now how many hours do those employees work compared to other industry players? You seem to have ignored that part. Tesla is infamous for overworking it's employees.
 

Gomos

Posts: 60   +92
Expectation of future value; people are expecting Tesla's stock to go up over the long term since it's really the only company trying to make a mass adoption EV. So people are trying to buy in while the cost of the stock is still considered cheap, driving up it's price.

Sure, the other automakers may do more in sales, but how are they going to grow long term? They aren't, hence why their stock is basically stuck in the same narrow range.
That stock price can only be justified by the expectation that every single car in the world will be made by Tesla.
 

techdude1

Posts: 6   +5
Tesla lost money on EV and solar despite over $10B revenue. They only got profit because of selling bitcoins and emission credits. Selling cars is not what makes you rich.
 

scavengerspc

Posts: 1,154   +1,090
TechSpot Elite
"Based on our analysis, the employees in it earn salaries at Tesla that are well above average, with yearly earnings averaging $97,298. The supply chain organizational function also pays relatively high compared to other departments, where employees earn $94,704."

I posted that above, and it turns out that those are base salary figures. Any overtime adds to that number. So Tesla does pay very well.

Also, those massive overtime stats were from 4 years ago while Tesla was prepping for the Model 3 intro. Though still talked about by some (for obvious reasons) today.