Electric carmaker Tesla marginally beat Wall Street expectations for first-quarter revenue on Monday boosted by a jump in environmental credit sales to other automakers and liquidating some Bitcoins.
Tesla posted record deliveries in the first quarter despite a global chip shortage that has slammed auto sector rivals, but its profit was not driven by auto sales.
Tesla, which had invested $1.5 billion (roughly Rs. 11,200 crores) in Bitcoin, trimmed its position by 10 percent during the quarter, said Chief Financial Officer Zachary Kirkhorn. Tesla said proceeds from sales of digital assets amounted to $272 million (roughly Rs. 2,030 crores) with a $101 million (roughly Rs. 750 crores) “positive impact”.
“We do believe long term in the value of Bitcoin,” he said. “It is our intent to hold what we have long term and continue to accumulate Bitcoin from transactions from our customers as they purchase vehicles.”
Musk tweeted that he has not sold any of his personal Bitcoins.
Tesla has posted profits for seven quarters in a row, most quarters driven by environmental credits.
Tesla earned $518 million (roughly Rs. 3,870 crores) from sales of those credits, up 46 percent from a year earlier. Tesla earns credits for exceeding emissions and fuel economy standards and sells them to other automakers that fall short.
Net profit was dented by a $299 million (roughly Rs. 2,230 crores) award to Chief Executive Elon Musk. Tesla’s quarterly performance hit targets qualifying the billionaire…