It\u2019s set to be busy one over in the United States this week with some of the world\u2019s largest companies, including Apple, Microsoft, Facebook and Alphabet due to report their Q1 earnings. Up first \u2013 Tesla. World\u2019s largest electric vehicle maker reported their results after the closing bell on Monday.<\/p>\n
Elon Musk\u2019s Tesla reported total revenue of $10.39 billion in Q1 above analyst forecast of $10.29 billion. Adjusted earnings per share were reported at $0.93 above $0.78 expected. Net profit reached $438 million in Q1 \u2013 the highest quarterly number ever for the company.<\/p>\n
“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. Our GAAP net income reached $438M, and our non-GAAP net income surpassed $1B for the first time in our history.”<\/p>\n
Earlier in the month, the company reported record delivery numbers with 184,800 vehicles delivered in the first 3 months of 2021 \u2013 a 109% improvement from Q1 in 2020. Tesla are planning a 50% average annual growth in vehicle deliveries in the next few years.<\/p>\n
“Over a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries. In some years we may grow faster, which we expect to be the case in 2021,” Tesla said in a statement. “The rate of growth will depend on our equipment capacity, operational efficiency and capacity and stability of the supply chain.”<\/p>\n
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