Tesla Loses A Lot Of Money Selling Cars, But Makes It All Back On Credits And Bitcoin

On Monday after the close of business, Tesla announced its Q1 2021 financial results in its quarterly earnings call. The company turned a surprisingly large profit this quarter, but it didn’t do it by selling cars. Q1 net profit reached a new record for Tesla, at $438 million. Revenue for the electric car company was up massively to $10.39 billion. Unfortunately, all of that profit is accounted for in the company selling $518 million in regulatory credits, and $101 million was found in buying and then later selling Bitcoin.

That second point is particularly interesting, as Tesla purchased $1.5 billion worth of BTC, announced that the company would begin accepting BTC as payment for its cars, which drove up the value of BTC, then sold enough BTC to make a hundred million in profit. Strange how that works, eh? Surely nothing untoward going on there. Not at all. DOGE TO THE MOON! #hodlgang

Without the $619 million in credits and BTC sales, Tesla would have actually managed to lose $181 million in Q1. In that time, the company shifted 184,800 3/Y units, and while it didn’t build a single X or S in Q1, it sold 2020 units from previously-built inventory. That means the company lost around $970 per car sold in Q1.

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Source: Tesla Loses A Lot Of Money Selling Cars, But Makes It All Back On Credits And Bitcoin

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