Elon Musk’s electric car company reported profits of $438 million compared with $16 million in the year-ago period, following a 74% rise in revenues to $10.4 billion
Tesla reported a jump in first-quarter profits Monday on surging automobile sales and said it was on track to boost automotive capacity at factories in three countries.
Elon Musk’s electric car company reported profits of $438 million compared with $16 million in the year-ago period, following a 74% rise in revenues to $10.4 billion.
Tesla, which was co-founded by Musk with the mission of remaking the automotive market, pointed to a stream of new electric models unveiled by rivals such as Detroit’s “Big Three” automakers as U.S. President Joe Biden’s administration promotes electric car usage.
“We believe consumer confidence in electric vehicles continues to increase and more customers are willing to make the switch,” Tesla said.
“Our Q1 order rate was the strongest in our history and we are moving as quickly as…