Tesla's income is higher than last year
The company's revenues are growing
Earnings per share were $3.22, compared to the projected $2.26. Revenue of $ 18.76 billion, up from $ 17.80 billion projected. The stock of the corporation increased by more than 5%.
Revenues from the automobile industry totaled 16.86 billion dollars, an increase of 87 percent over the same period the previous year. The automobile industry's gross margins increased to 32.9 percent.
In its main business, Tesla posted a gross profit of $5.54 billion. For the quarter, regulatory loans accounted for $679 million in revenue from the automobile industry.
Earlier this month, the business claimed 310,048 vehicle deliveries for the first quarter, the closest sales estimate published by the company. In the three months ending March 31, 2022, Model 3 and Model Y vehicles accounted for 95 percent of deliveries, or 295,324 units.
The earnings report comes on the heels of CEO Elon Musk's bid to take over Twitter, a social media network on which he has relied for years to promote Tesla and his public image.
Musk hasn't commented recently on earnings calls, i.e. Tesla's financial results. However, this time he stated that he intends to do so. Tesla recently opened two new facilities, one in Germany and one in Austin, Texas, and the CEO was present at both celebrations.
Tesla's investments in these massive new plants are part of the company's aim to localize production, decrease costs, and enhance the speed of vehicle distribution from manufacturers to customers in important Asian and European markets.
Tesla Robotaxi
Elon Musk, CEO of Tesla, caught public attention once more with his statement. The topic this time was Tesla Robotaxi. The initial projections were that robots will be on the streets by 2020, but that timetable has now been pushed to 2024, by which time Musk believes a significant volume of production will be available.
The statement that drew attention, however, was not about that, but about the cost of operating a robot taxi. Musk specifically indicated that he believes he will be able to give the cheapest taxi ride yet. According to his cost projections, operating a Tesla robot will be less expensive than the cheapest bus or metro tickets.
He also indicated that these vehicles will be entirely tuned for autonomous driving, which means they will lack a steering wheel as well as accelerator and stop pedals. Furthermore, because there would be no driver, there will be an extra seat for passengers, resulting in significant savings.
