Oppenheimer & Co. senior research analyst Colin Rusch and Barron’s senior special writer Allen Root discuss their predictions for Tesla’s quarterly earnings and China business.
Tesla scored a basket of new records, including a total of 184,877 vehicles in the first quarter, despite supply chain challenges and the transition to the new Model S and Model X.
The Model 3 and S accounted for 182,847 of those deliveries, while the Model S and X accounted for 2,030 deliveries. The announcement comes after Tesla reported first-quarter vehicle deliveries that set a record at 184,800 earlier this month.
Additionally, the electric vehicle maker, reported record net income of $0.93, while total revenue grew 74% year-over-year to $10.3 billion, with about $518 million in automotive revenue coming from sales of regulatory credits. Both top and bottom line exceeded analyst estimates.
Tesla expects the first deliveries of its Model S to be “very shortly” and noted that Model Y production in Shanghai continues to ramp up. The company also noted that its making progress on its two new factories in Berlin and Texas.
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