Push Admin

Tesla reports higher profits, says expansion on track

Article (news)

Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/04/27/tesla.jpg"/><figcaption>Tesla Inc CEO Elon Musk and Grace Tao, Tesla&#x27;s vice president for external relations, attend a delivery ceremony for the electric vehicle (EV) maker&#x27;s China-made Model 3 cars in Shanghai, China January 7, 2020. Picture taken January 7, 2020. <em>Aly Song, Reuters/File</em></figcaption></figure></div><p>NEW YORK, United States - Tesla reported a jump in first-quarter profits Monday on surging electric vehicle sales, and the manufacturer said it was on track to boost automotive capacity at factories in three countries.</p><p>Elon Musk&#x27;s electric car company has faced questions in recent days following a fatal car crash in Texas and sharp criticism of the company on social media in China.</p><p>But Monday&#x27;s results were strong as Tesla essentially maintained its output from the fourth quarter despite &quot;multiple&quot; challenges that included the semiconductor shortage that has roiled the auto industry worldwide.</p><p>The company reported first quarter profits of $438 million compared with $16 million in the year-ago period, following a 74 percent rise in revenues to $10.4 billion.</p><p>Tesla suggested it had escaped the worst of the semiconductor supply crunch, which has temporarily curtailed production at rival companies, saying it navigated the problem &quot;in part by pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.&quot;</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/26/21/computer-chip-shortage-may-leave-auto-sector-idling">Computer chip shortage may leave auto sector idling</a></li>	<li><a href="https://news.abs-cbn.com/business/02/10/21/chip-shortage-puts-the-brakes-on-automakers">Chip shortage puts the brakes on automakers</a></li></ul><p>Tesla, which was co-founded by Musk with the mission of remaking the automotive market, noted the stream of new electric models unveiled by rivals including Detroit&#x27;s &quot;Big Three&quot; automakers and US President Joe Biden&#x27;s promotion of electric car usage.</p><p>&quot;We believe consumer confidence in electric vehicles continues to increase and more customers are willing to make the switch,&quot; Tesla said.</p><p>&quot;Our Q1 order rate was the strongest in our history and we are moving as quickly as possible to add more production capacity.&quot;</p><p>Musk also has expressed confidence in Tesla&#x27;s allure to consumers as the electric car market faces more competition.</p><p>Tesla said a production ramp-up in Shanghai is &quot;progressing well,&quot; while a new factory in Germany remains &quot;on track&quot; for production and deliveries in late 2021. A new factory in Texas also is on pace to begin production this year, the company said.</p><p>Musk was expected to speak at a conference call later Monday to discuss the results. While the earnings topped estimates, the company has faced scrutiny over its &quot;Autopilot&quot; technology following crashes.</p><p>Last week, two federal agencies said they would investigate a fatal accident involving a Tesla that apparently had no one behind the wheel. That was followed by a story in Consumer Reports in which testers demonstrated that a Tesla could be fooled into driving with no one behind the wheel.</p><p>Tesla also found itself in a firestorm in China last week after a woman wearing a t-shirt with the brand&#x27;s logo and the words &quot;brake failure&quot; climbed atop a Tesla model at the Shanghai Auto Show, yelling that she was nearly killed when the brakes on her Tesla malfunctioned.</p><p>The scene quickly went viral on Chinese social media, where trigger-happy users often take aim at both foreign and domestic brands over perceived malfeasance.</p><p>Tesla pledged to cooperate with an investigation launched by the city of Zhengzhou where the woman is from.</p><p>Shares of Tesla fell 2.0 percent in after-hours trading to $738.20.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/12/21/philippines-converge-says-talks-with-elon-musk-spacex-starlink-ongoing">&#x27;It&#x27;s on&#x27;: Philippines&#x27; Converge says talks with Elon Musk&#x27;s SpaceX Starlink ongoing</a></li>	<li><a href="https://news.abs-cbn.com/business/03/16/21/musk-crowned-technoking-at-tesla">Musk crowned &#x27;Technoking&#x27; at Tesla</a></li></ul><div><strong>RELATED VIDEO: </strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1667657" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Tesla reported a jump in first-quarter profits Monday on surging electric vehicle sales, and the manufacturer said it was on track to boost automotive capacity at factories in three countries.</p>

Tesla reported a jump in first-quarter profits Monday on surging electric vehicle sales, and the manufacturer said it was on track to boost automotive capacity at factories in three countries.