Tesla is breaking expectations and making profits in the first quarter

The American electric car manufacturer Tesla ended the first quarter of this year with profits despite the outbreak of the Corona virus emerging (Covid19-).

The company announced late yesterday evening Wednesday, a profit of 16 million dollars during the first quarter of this year, while analysts expected to record losses.

Meanwhile, billionaire-led company Elon Musk continued to increase sales for the third consecutive quarter to nearly $ 6 billion in the first quarter of the year. The company recorded losses of $ 702 million during the first quarter of last year.

The company has not released its forecast for the results for the current year as a whole, noting the uncertainty caused by the Corona pandemic, which makes predicting the results difficult. The company said it will publish its revised forecasts with the results for the second quarter of this year.

The company had to shut down its main factories in Shanghai, China, and Fremont, in the United States, after government pressure to prevent the spread of the new Corona virus.

Tesla aims to deliver more than 500 thousand cars this year, compared to 367.5 thousand cars last year. The company still believes that it can achieve the target, despite the global supply chain supplies affected by the pandemic.

Tesla's share price rose at the close of trading yesterday by more than 10%.

Tesla announced earlier this month that it would deliver more cars than expected. During the first three months of this year, it delivered about 88.5 thousand cars, an increase of 40% over the same period last year.

The total production of the company during the first quarter of the year was about 102,672 cars.

 

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