Tesla's first quarter of 2021 earnings report net profit of 438 million U.S. dollars

China Automotive News Network, April 27 hearing recently, Tesla officially released the first quarter of 2021 financial report. It is reported that in the first quarter, Tesla achieved the highest ever recorded production and delivery volume. GAAP operating profit was $594 million, and the operating profit margin was 5.7%. At the same time, GAAP net profit in the first quarter was US$438 million, and non-GAAP net profit (excluding share-based payment expenses) was US$1.1 billion.

In the first quarter, the average selling price of Tesla cars declined, but due to a faster decline in costs, the gross profit margin of car sales achieved continuous growth. Reducing the average cost of vehicles is crucial. In 2017, when Model 3 was produced, the average cost per car was approximately US$84,000. Due to the launch of new products and the establishment of new factories, as well as the reduction in the ratio of Model S to Model X, the average cost per vehicle fell below US$38,000 in the first quarter.

Although it has only been in production for three and a half years, and even the European factory has not yet been completed, Model 3 has become the world's best-selling high-end sedan, with sales exceeding the long-term industry leaders such as the 3 series and E-class. This shows that electric vehicles have the ability to lead products of the same level, and their sales can surpass that of fuel vehicles.

Shanghai Super Factory

The first deliveries of the new Model S should start soon. The Model Y capacity of the Shanghai Super Factory is still rapidly increasing, and the construction of two new factories in Berlin and Texas is also progressing steadily. There will be many exciting things happening in 2021.