Tesla Inc. reported better-than-expected first-quarter results, buoyed by strong demand for its electric vehicles, but warned of supply-chain challenges for the rest of the year.
The first major U.S. automaker to report financial results for the first three months, Tesla easily beat estimates with a record profit. It cautioned that production remains constrained by shortages of key components, a common refrain for automakers because of global bottlenecks on supplies of semiconductors and other parts.
“It’s a big number, and it speaks to where the rest of the auto industry is when it comes to selling EVs in high volumes,” said Gene Munster, managing partner at Loup Ventures. “They are still behind” Tesla, he said.Shares of Tesla were down 5% at $977.20 at the close in New York but rose as much as 5.3% in after-hours trading.
How seriously should we take Elon Musk’s rhetoric about bringing free speech and transparency to Twitter? Rather than parse his words, let’s look at his past actions. The global EV market leader is expanding on three continents, with new factories in Austin and Berlin alongside existing plants in California and Shanghai. It delivered more than 936,000 vehicles last year and reported deliveries of 310,048 vehicles worldwide in the first quarter. The company said it’s still projecting 50% annual growth.
The investors “failed to make a satisfactory showing” that an order restricting Musk’s public commentary is required or warranted, a federal judge ruled.the judge to order restrictions on Musk’s commentary after he publicly complained at a TED talk that he was “unlawfully” forced to settle a 2018 U.S. Securities and Exchange Commission lawsuit over the same tweet that’s at the heart of the San Francisco case headed for trial in January.
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