Tesla beats quarterly revenue expectations on strong deliveries

Image: Reuters

Tesla Inc TSLA.O beat Wall Street expectations for first-quarter revenue on Monday after it posted record deliveries earlier this month for the three-month period on robust demand from China.

The company had said it delivered a record 184,800 vehicles globally in the January to March quarter, beating market expectations on strong demand from China.

Tesla said first deliveries of the new Model S should start very shortly, while Model Y production rate in Shanghai continued to improve quickly.

The company said it was able to navigate through global chip supply shortage issues in part by pivoting extremely quickly to new microcontrollers.

The carmaker, led by billionaire entrepreneur Elon Musk, said revenue rose to $10.39 billion from $5.99 billion a year earlier.

Analysts had expected revenue of $10.29 billion, according to IBES data from Refinitiv.