Tesla has just published its first quarter results. The group’s net profit reached 438 million dollars, compared to 16 million in the same period in 2020. The group also announced a profit of 101 million dollars in bitcoins following its massive investment in the cryptomoney. Elon Musk also took the opportunity to confide that he believes the Tesla Model Y will be the best-selling car in the world in 2023.
Despite the pandemic and semiconductor shortages, Tesla saw its sales jump 74% to $10.39 billion, with a gain of $0.93 per share, from January to March, thanks in part to sharply higher shipments.
Analysts were expecting $10.5 billion for the first quarter, but with a gain per share of $0.75.
“We’ve seen a real shift in customer perception of electric vehicles and demand has never been higher,” company boss Elon Musk said on a conference call Monday.
He had already said he had delivered nearly 185,000 vehicles in the first three months of the year, an unprecedented level “despite multiple challenges, including seasonal factors, supply chain instability and the transition to the new Model S and Model X models.”
Regarding the semiconductor shortage, the boss says he was able to “overcome” this problem “in part by pivoting extremely quickly to new microcontrollers”.
“It’s quite ironic that shipments from an automaker regularly compared to computers on wheels have remained so strong in a quarter marked by a global chip shortage,” noted Jessica Caldwell, an analyst for Edison. Jessica Caldwell, an analyst with Edmunds, noted.
It should be noted that the company is also facing questions about the car’s driver assistance systems, which may have been faulty, after a fatal accident involving a Tesla. The investigation is ongoing.
Lars Moravy, an engineering specialist at the company, said that “the steering wheel was found to be distorted, which implies the likelihood that someone was in the driver’s seat at the time of the collision”.
Elon Musk also repeated, as he had already said in a tweet last Monday, that the Autopilot software was not at fault.
Tesla and its profit in crypto currency
The carmaker’s record results actually come from a number of sources, including massive investment in bitcoin.
Indeed, on Monday, the Elon Musk-led company said it had sold 10% of its holdings, or $272 million in digital assets in the first three months of 2021 and made $101 million in profits from the sale.
Tesla still holds $1.33 billion in digital assets. On a conference call with investors and analysts on Monday, CFO Zachary Kirkhorn said the company plans to continue adding bitcoins to its capital through vehicle sales.
However, Tesla has recorded $27 million in impairment losses on its bitcoin investment, the electric carmaker said in a filing Wednesday.
It should be noted that since March, Tesla has begun accepting bitcoins as a means of payment for its vehicles.
Tesla Model Y to be the world’s best-selling electric sedan
Currently, the Tesla Model 3 has become the best-selling sedan ahead of the BMW 3 Series and Mercedes E-Class, particularly in key markets such as the US, Norway, the UK and others…
However, according to Elon Musk, the Model Y will be the best-selling vehicle in the world in 2023 and the brand will be able to deliver up to 1 million Model Ys per year.
According to him, the Tesla Model Y should therefore do better than the Toyota Corolla, the best-selling car in the world with a volume of 1.1 million units sold in 2020, in the middle of a pandemic.
As a reminder, 442,000 units of the Model 3/Model Y duo were sold in 2020, and Tesla envisages growth of 50% each year.
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