Tesla exceeds its quarterly earnings expectations by strong demand for automotive news

The EV company, which rose 1.2 percent in the session to $ 738.20, left many years of delivery forecasts unchanged.

Tesla Inc. the company has seen higher-than-expected earnings in the seventh consecutive quarter with strong demand for its best-selling 3 Model lead, but it hasn’t changed much as year-round shipments have grown by 50%.

Earnings for the Elon Musk EV company have risen to 93 cents a share, Palo Alto, a California automaker said Monday. This exceeded the average analyst estimates of 80 cents.

The results will begin next year when Tesla will expand operations on three continents, including the completion of new plants in Austin, Texas and Berlin. The company said it expects 50% growth in “multi-year” shipments, in line with previous writing.

Tesla fell 2.2% to $ 721.65 in the stock market. The session rose 1.2% to $ 738.20.

The company delivered more than half a million cars in 2020 and delivered 184,800 cars worldwide in the first quarter, compared to about 4,000 vehicles in the last quarter of 2020.

The EV market leader has a new wave of competition for several new models being launched this year, such as Rivian Automotive Inc. and General Motors Co. and Volkswagen AG, sponsored by Amazon.com Inc.

Tesla’s first-quarter revenue grew 74% from January to March, to $ 10.39 billion, according to analysts ’estimates of $ 10.41 billion.

The results resulted in a serious accident near Houston, in which two men were killed and questions about the potential role of the autopilot were renewed as a feature of Tesla’s name to help the driver. The National Road Safety Administration and the National Transport Safety Commission are investigating the accident.