Tesla hit record profits in Q1 / 2021, thanks in part to the sale of Bitcoin

Tesla just released its Q1 / 2021 financial statements, with record profits. Tesla has overcome the global shortage of chips, continuing to increase the number of vehicles shipped. More specifically, Tesla profited from its Bitcoin investments.

According to the report, Tesla generated revenue of $ 10.4 billion and a net profit of $ 438 million, in Q1 / 2021. Sales have more than doubled since Q1 2020, when the Covid-19 epidemic began to break out and Tesla had to close its factory in China. As for the profit, this is the highest profit Tesla ever achieved in a quarter.

This is the seventh consecutive quarter that Tesla has posted profit. Interestingly, Tesla made this record profit not by making and selling electric cars. In fact, in Q1 / 2021, Tesla didn’t ship any Model S or Model X. Tesla only increased production of Model 3 and Model Y at its Shanghai, China plant.

The main profit Tesla makes is from selling the emissions credits to other automakers, a rather unusual business portfolio. Tesla said it sold a $ 518 million emission credit. It also means that without this revenue, Tesla will lose money in Q1 / 2021.

In addition, Tesla sold part of its Bitcoin investment and made a profit of $ 101 million. In January, Tesla bought some $ 1.5 billion worth of Bitcoins. Elon Musk said Tesla sold about 10% of this investment, as a way to demonstrate Bitcoin’s liquidity, and sees it as a method of storing cash in the company’s budget.

Tesla also stepped up building energy production and storage. The company deployed 92MW of solar panels and solar cell roof in the first quarter, the most in more than 2 years. Achieved $ 494 million in revenue from these energy storage and energy products.

But despite its record earnings report, Tesla’s share price fell 2.5%. Tesla’s stock price has been growing for eight consecutive months.

Reference: theverge