Tesla has just released its first-quarter profit report and says it delivered nearly 185,000 electric vehicles in the quarter, double the number of computer chips hitting the global auto industry. Tesla’s first-quarter results, when it announced first-quarter profits, were released on the same day as the annual report from the Federal Deposit Insurance Corporation (FDIC). Despite the Model S’s lack of deliveries, the data bodes well for Tesla and its $1.2 trillion annual sales in 2021.
Analysts had expected 168,000 vehicles to be delivered on April 1, according to FactSet estimates. First-quarter deliveries of vehicles rose 69 percent from this year to a quarterly record of 25,000 vehicles, recovering from the delays in previous quarters, the company said Sunday.
Tesla, the world’s second-largest electric vehicle maker, posted a net profit of $1.1 billion, or $2.4 billion, in the first quarter, beating expectations and setting a record for Tesla. Tesla said it expects to deliver more than 25,000 vehicles and electric vehicles worth $20 billion in the first half of 2017. Of the total vehicles delivered, about 13,450 were Model S sedans and about 11,550 Model X sport utility vehicles, while about 10,500 were Tesla Model 3 electric cars and 2,400 Model C electric trucks, the company said.
Musk said Monday in presenting the quarterly figures that customers will begin deliveries of the Model X in the third quarter of this year from May 2021. However, the company also announced that it would produce about 2,000 Model 3 electric cars and about 1,500 Model C electric vehicles a month in the period to March.
Musk and Chief Financial Officer Zachary Kirkhorn said supply chain problems are likely to remain a challenge for Tesla this year. Our volume will have a significant impact on our earnings per share, particularly in the first quarter, “he said in the company’s latest earnings survey. Tesla’s quarterly profit, which is due to be released tomorrow afternoon, is expected to be significantly higher than analysts had expected.
Tesla’s first-quarter earnings call will provide customers, shareholders and observers with a lot of information to digest, especially after the company’s first-quarter earnings call on Tuesday, April 25.
Tesla shares are in the spotlight on Monday: Tesla shares will be $2.6 billion, which is a record for the company’s first-quarter earnings per share, according to Bloomberg. Tesla’s latest deliveries represent an increase of more than 2,000 vehicles from the first quarter of last year, when the company began shipping and production. However, Model Y deliveries rose only 2% in the first quarter to 180,570 vehicles, enough to close the quarter by the end of 2020, when Tesla has delivered between 180 and 570 vehicles.
Chief Executive Elon Musk told shareholders at the company’s annual general meeting in 2020 that he expects deliveries to reach the 1,000 to 1.5 million vehicles target by the end of the year. We will have our volume in 2021 and especially in the first quarter, “Chief Financial Officer Zachary Kirkhorn said in the company’s latest earnings call.
Tesla said in its letter to shareholders on Monday that it still wants to meet its goal of 1,000 to 1.5 million vehicles over a multi-year horizon, reiterating the goal set by CEO Elon Musk during a profit speech in January. Automotive gross margins rose by more than 1 percentage point to 26.5% in the first quarter as cost cuts helped boost profitability as sales of Tesla’s lower-priced models significantly outpaced sales of higher-end models such as the Model S and Model X. Tesla reached the mid-price segment in 2016 with 499 to 550 cars per year.
Tesla delivered just under half a million vehicles in the first quarter, narrowly missing its target of 1.5 million vehicles by the end of the year. Tesla plans to report earnings per share of $1,000 to $2,500 per vehicle in the first quarter of 2020, CNBC reported.
FCA, now part of Jonas, expects to be in place by 2019 Tesla Motors Inc. (NASDAQ: TSLA) to report earnings per share of $1,000 to $2,500 per vehicle.
Tesla CEO Elon Musk had announced in an earlier conference call that the company would increase production to 1,000 units a week by the end of the year. First Quarter Earnings Requirements Musk said an announcement about the new gigafactory could come next month. He said Tesla had begun to look for a location to build its cybertruck on the site. When Tesla announced its second-quarter results on Wednesday, it posted a massive loss because it lost the $7,500 electric vehicle tax credit on January 1 this year, according to the Wall Street Journal.
In a message posted on the blog, a highly anticipated Tesla customer reportedly said that a Tesla employee had told him that Tesla expects to deliver the Model Y it is building in Berlin in the first or second quarter of 2021. In the company’s latest profit warning, Tesla’s chief financial officer Eric Houchois said: ‘Tesla’s volume has had the benefit of an early model ramp, as we just reported. HouCHOis now expects the electric vehicle maker to make a profit of $2.00.
