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Tesla beats Wall Street expectation for Q1 revenue

Tesla beat Wall Street expectations for first-quarter revenue and profit, fueled by record deliveries. The electric carmaker – which delivered a record 184,800 vehicles globally in the January to March quarter – said it expects growth in vehicle volume to exceed 50 percent this year and said it’s on track to start production and deliveries at its planned factories in Texas and Berlin soon.

Tesla, led by billionaire entrepreneur Elon Musk, said sales jumped more than 70 percent from the same period a year earlier to roughly $10.4 billion. The company said it was able to navigate through the global chip supply shortage in part by pivoting extremely quickly to new microcontrollers. Tesla’s stock ended the day up 1.21 percent, with the electric car maker reporting a new net income of $438 million.

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