Tesla posts $438M 1Q profit on strong electric vehicle sales

<p>DETROIT &mdash; Charged up by strong sales of its electric cars and SUVs, Tesla on Monday posted its seventh-straight profitable quarter. </p>
<p>The company made $438 million in the three-month period that ended March 31, as sales more than doubled the same period last year to nearly 185,000 vehicles. All but 2,000 of the sales were lower-priced Model 3 sedans and Model Y SUVs. Tesla said it didn’t produce any of its higher priced Model S sedans and Model X SUVs as it switched to new versions during the quarter.</p>
<p>The Palo Alto, California, company faces challenges as it tries to reach its second-straight annual profit this year. There’s a global shortage of semiconductors that’s forcing automakers to idle factories, and Tesla <a href="https://apnews.com/article/business-technology-general-news-280521ffcddd7b8d63a15c9d99fc2add"> is facing renewed scrutiny</a> of its Autopilot partially automated driving system after two men died in a crash earlier this month near Houston.</p>
<p>Excluding stock-based compensation and non-recurring items, Tesla made 93 cents per share. That beat Wall Street estimates of 75 cents per share, according analysts polled by data provider FactSet. First-quarter revenue of $10.39 billion fell just shy of the $10.48 billion expected by analysts.</p>
<p>Once again the company needed regulatory credits purchased by other automakers in order to make a profit. Without $518 million in credits for the quarter, Tesla would have lost money. Other automakers buy the credits when they can’t meet emissions and fuel economy standards. </p>
<p>Tesla said adjusted net income, excluding stock-based compensation, passed $1 billion for the first time in company history.</p>