Tesla reported first-quarter results after the bell on Monday. The company beat expectations handily, but the stock dipped slightly after hours as investors digested the numbers.
Elon Musk’s electric vehicle business reported in the first-quarter vehicle deliveries of 184,800 Model 3 and Model Y cars, beating expectations and setting a record for Tesla. However, the company also said it produced none of its higher-end Model S sedans or Model X SUVs for the period ending March. (It delivered 2,020 older Model S sedans and Model X SUVs from inventory.)
The company revealed in February it purchased $1.5 billion in bitcoin and would potentially invest in other cryptocurrencies in the future. By April, bitcoin rose to record levels before pulling back. In the earnings release, the company said it recorded a net cash outflow of $1.2 billion related to bitcoin during the quarter.
Tesla said last month that Jerome Guillen, its former president of automotive, would be moving into the role of president of heavy trucking. It’s not clear who — if anyone — has replaced Guillen, but personnel updates could come during the earnings call after the bell.
Tesla’s vehicle batteries and automated driving systems, which are marketed as Autopilot and Full Self-Driving options in the U.S., are weathering regulatory scrutiny after a pair of fatal crashes in April — one in Spring, Texas and another in the Zengcheng district of Guangzhou, China.
Tesla is also facing more competition in the electric vehicle business. Major automakers, including VW, Audi and Ford, are finally selling pure battery electrics.
According to a fresh survey of U.S. vehicle owners from CarGurus, 52% expect to own a battery electric vehicle in the next decade (up from just 34% in 2018). The survey also found that while Tesla continues to be the brand most trust to make EVs, nearly 80% of those interested in owning an electric car are open to buying from any of several brands.
