• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Brunswick Business Daily

BRUNSWICK BUSINESS DAILY
News That Affects Your Business

  • Home
  • BUSINESS
  • MONEY
  • REAL ESTATE
  • POLITICS
  • US
  • WORLD

Tesla Earnings Are Expected to Be Solid

by

Tesla on Monday is expected to report solid earnings for the first quarter of 2021, a result driven by continuing increases in sales and production around the world.

Analysts expect the automaker to report earnings of about 75 cents per share. That would be a significant increase from the 24 cents per share it reported for the fourth quarter of 2020. A year ago, it earned just 2 cents per share in the first quarter as the coronavirus pandemic hurt sales and forced the shutdown of its plant in Fremont, Calif.

Earlier this month, Tesla said it delivered a record 184,800 cars in the first three months of the year, more than double the total from the comparable period in 2020.

“Tesla continues to see growing pent-up demand throughout China and Europe,” Dan Ives, a Wedbush analyst, wrote in a report to investors. In the United States, the Biden administration’s push to reduce greenhouse gas emissions and support sales of electric vehicles is likely to help sustain demand for Tesla’s cars, Mr. Ives added.

In advance of the earnings report, Tesla stock was trading at about $739, up about 1 percent on the day. Although down from recent highs, the shares are more than five times as valuable as they were a year ago.

The earnings news comes as Tesla is facing increasing questions about the safety of its Autopilot driver assistance system. Two men were killed this month in Texas when the Tesla Model S they were riding in crashed into a tree on a residential street and burst into flames. Local police said one man was found in the passenger seat and the other in the rear seat and no one was at the steering wheel when the crash occurred.

The National Transportation Safety Board and the National Highway Traffic Safety Administration have sent teams to investigate the crash and see whether the men had relied on Autopilot to drive the car. A Texas Republican, Rep. Kevin Brady, has written to Elon Musk, Tesla’s chief executive, urging him to cooperate with safety regulators.

A week ago Mr. Musk posted a message on Twitter saying data from the car “so far” showed Autopilot was not enabled.

Tesla has also come under scrutiny in China, where authorities have looked into reports from consumers about battery fires and sudden acceleration by Tesla vehicles.

View Original Source

Filed Under: BUSINESS Tagged With: Company Reports, Musk, Elon, Tesla Motors Inc

Primary Sidebar

More to See

M Patrick Carroll’s CARROLL Showcases Strong Start to Q3

Reading Time: 4 minutes As the Southeastern United States’ real estate market continues its strong performance, the CARROLL real estate investment … [Read More...] about M Patrick Carroll’s CARROLL Showcases Strong Start to Q3

Antiracism Push Prompts Rethink of Asia’s ‘Beautiful White’ Creams

TOKYO—Global skin-care companies are split over a term commonly used on Asian antiblemish creams that means “beautiful white,” with Unilever PLC … [Read More...] about Antiracism Push Prompts Rethink of Asia’s ‘Beautiful White’ Creams

How Much Is Gavin Newsom To Blame For California’s Wildfires?

A pair of massive wildfires within 150 miles of each other are terrorizing thousands in northern California two years after Gov. Gavin Newsom cut … [Read More...] about How Much Is Gavin Newsom To Blame For California’s Wildfires?

Privacy Policy | Terms and Conditions | About/ Contact
Copyright © 2022 · Brunswick Business Daily
As Amazon Associates, we earn commissions from qualifying purchases · Log in