Tesla revenue up by Ksh.2.1 trillion in Q1

Elon Musk sells over Ksh.560 billion in Tesla shares after Twitter poll

Tesla reported first-quarter earnings for 2022 and beat analysts’ expectations on the top and bottom lines.

Shares rose as high as 6 percent in after-hours trading.

Automotive revenue reached Ksh.1.9 trillion ($16.86 billion), up 87 percent from the same period last year.

Automotive gross margins jumped to a record 32.9 percent with Tesla reporting gross profit of Ksh.639.6 billion ($5.54 billion) in its main segment. Regulatory credits accounted for Ksh.78.4 billion ($679 million) of automotive revenue for the quarter.

Revenue growth was driven in part by an increase in the number of cars Tesla delivered, and an increase in average sales prices, the company said in its shareholder deck.

Early this month, Tesla reported vehicle deliveries of 310,048 for the first quarter, the closest approximation of sales disclosed by the company. Model 3 and Model Y vehicles comprised 95%, or 295,324, of deliveries in the period ending March 31, 2022.

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