Tesla posts best Q1 earnings to date with automotive revenue topping $5 billion

The company posted a strong quarter regardless of social distancing measures

Tesla’s first-quarter earnings for 2020 confirm that this was the best Q1 for the company ever.

The company made $5.1 billion (roughly $7 billion CAD) off of its automotive business for a total quarterly revenue of $5.9 billion USD (roughly $8.1 billion CAD).

While these numbers don’t break the previous quarter’s revenue of $7.3 billion (approximately $10.1 billion CAD) they do shatter the results from Q1 2019. Last year the company posted revenue was $4.5 billion USD (about $ 6.2 billion CAD).

Overall this put’s the company’s cash and cash equivalents value at $895 million USD (roughly $1.2 billion CAD), which is up 26 percent over last quarter, representing a strong streak of profitability for the automaker.

The company produced over 15,390 Model S and Model X vehicles during the quarter, which is dwarfed by 87,282 Model 3 and Model Y cars.

Tesla also delivered a total of 88, 496 vehicles, which is down compared to its last three quarters, but the company is attributing this to coronavirus and social distancing measures.

Outside of the car world, Tesla deployed lower than usual electricity storage and solar packages. That said, this is likely due to work from home measures as well.

The company also made more money off of its Supercharger network and selling charging connectors than ever before, showing how those markets will continue to increase as more and more Tesla’s make it onto the road.

Beyond the financial and production information, Tesla’s investor relations report also goes into detail on its new product lines at the Freemount factory and how it’s able to use this to produce more Model Ys compared to the somewhat stuttered launch of the Model 3.

Source: Tesla