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Despite the Covid-19 crisis, Tesla is a hit in 2021

The net profit of the group led by Elon Musk reached 438 million dollars from January to March, against 16 million over the same period in 2020!

The net profit of Tesla exploded at the start of 2021, in a period still bogged down by Covid-19 pandemic which weighs on the global economy.

A little over a year ago, it is the whole world car market that was stopping following the health crisis. Obviously, the results of the beginning of the year could only be better after the disastrous results of last year. The recent rebound in the automotive market has also contributed to these good figures.

Record net profit

The US firm of Elon Musk reported a net profit of $ 438 million these first three months of 2021, against only 16 million over this same period in 2020! The group’s turnover reached nearly $ 10.39 billion.

These record profits actually come from several sources, thanks to bitcoin and at the sale of CO2 credits in particular, which weigh heavily on the balance of net profits.

Take the example of Bitcoins, the most common cryptocurrency on the market: Tesla announced last February that it had acquired $ 1.5 billion in Bitcoin. After a few weeks, the firm had resold for $ 272 million in tokens, generating a net profit of $ 101 million

Added to this is the sale of CO2 credits, which grossed nearly $ 1.6 billion in 2020, which remains a very lucrative business for the manufacturer that only produces electric vehicles.

To this increased net profit must be added the good delivery figures, which are estimated at nearly 185,000 registrations from January to the end of March.

Good numbers despite shortages and accidents

The group also had to face to the crisis affecting semiconductors. This shortage of chips, which affects the entire automotive sector, but also more broadly all companies linked to high-tech, has been rife for more than a year now and delays vehicle deliveries all over the world.

But Tesla says it was able to overcome this problem, “in part by pivoting extremely quickly to new microcontrollers, while simultaneously developing new firmware for new chips made by new vendors.”

Finally, the company has also once again found itself in turmoil in recent days, after a fatal accident involving a Tesla. This recent tragedy has again called into question the driving assistance systems that the car offers, which could have been defective. The investigation is ongoing.