Tesla recorded a revenue of $10.4 billion in the first quarter, up 74% from the same period last year, according to the company’s press release. Net profit jumped from $16 million a year ago to $438 million.
Tesla’s revenues and net incomes in the first quarter were less than expected $10.5 billion and $509 million, respectively.
Tesla produced just over 180,000 vehicles and delivered almost 185,000, more than double during the same period last year.
The booming sales were largely driven by Model Y and sustained demand in China.
Revenues were also boosted by selling regulatory credits to rivals, which generated $518 million, up from $354 million during the same period last year.
Tesla expects its deliveries to surge more than 50% this year, from 2020’s figure of about half a million vehicles.
In the U.S, Tesla vehicles accounted for about 70% of all-electric vehicles sold in the first quarter, down from 82% from the same period last year.
The company’s revenue surges come when Tesla is facing federal investigations over a fatal crash in Texas of its Model S sedan earlier this month.
Tesla is also facing shortages of chips that led the EV maker to shut down its Fremont factory in California last February.
The EV maker said it is on track to start producing vehicles at its new plants near Austin, Texas, and outside Berlin this year.Tesla stock is currently declining. TSLA: NASDAQ is down 2.91% on the premarket.
