Tesla beats quarterly revenue expectations on robust demand | Automotive Industry News

The EV company, which closed the session 1.2 percent to $ 738.20, left its multi-year delivery outlook unchanged.

Tesla Inc. posted better-than-expected earnings for the seventh straight quarter on the back of strong demand for its best-selling Model 3 sedan, but left its multi-year outlook for 50% sales growth unchanged.

Elon Musk’s EV company’s earnings rose to 93 cents per share on an adjusted basis, the Palo Alto, California-based automaker said Monday. This exceeded the 80 cent average of analyst estimates.

Results begin with a year in which Tesla will expand its operations to three continents, including the completion of new factories in Austin, Texas and Berlin. The company said it expects shipments to grow by 50% “over a period of several years,” which is consistent with previous wording.

Tesla fell 2.2% in aftermarket retail to $ 721.65. The session rose 1.2% to $ 738.20.

The company delivered more than half a million cars in 2020 and reported deliveries of 184,800 cars worldwide in the first quarter, surpassing the final quarter of 2020 by around 4,000 vehicles.

The electric vehicle leader is facing a new wave of competition as several new models hit the ground this year from startups like Amazon.com Inc.-supported Rivian Automotive Inc. and established automakers like General Motors Co. and Volkswagen AG Market.

Tesla’s revenue rose 74% to $ 10.39 billion in the first quarter from January to March, which is close to analysts’ estimates of $ 10.41 billion.

The findings follow a fatal crash near Houston that killed two men and re-asked questions about the possible role of autopilot, Tesla’s name for driver assistance. The National Highway Traffic Safety Administration and the National Transportation Safety Board are investigating the crash.