Tesla Announces 2021Q1 Financial Report, Invests in Bitcoin to Make Profits

Recently, electric vehicle manufacturer Tesla released its financial report for the first quarter of 2021, showing that in this quarter, revenue remained stable quarter-on-quarter, thanks to the increase in production and sales, a year-on-year increase of 74%.

The financial report shows that Tesla’s net profit in the first quarter of 2021 was US$438 million, a year-on-year increase of 2638% and a month-on-month increase of 62%. At the same time, income from regulatory credit was $518 million, which is the highest level in five years.

“Tesla Model X” by Don McCullough is licensed under CC BY 2.0

Tesla said it plans to increase vehicle deliveries by 50% this year, from 500,000 vehicles last year to 750,000 vehicles, which is consistent with its forecast at the end of last year.

According to Tesla’s official statement, a net expenditure of $1.2 billion was spent on Bitcoin and related expenditures during the quarter. According to Wccftech’s analysis, Tesla not only bought bitcoins, but also sold some bitcoins during the quarter, and made a profit from it, which is about 101 million US dollars.

Tesla’s ‘digital assets,’ the term that is most likely uses to account for its cryptocurrency holdings, shows that it was $1.3 billion at the end of the quarter. It seems that the recent upsurge in the Bitcoin market has gained a lot for Tesla.

In the past, Tesla’s announcement to the US Securities and Exchange Commission (SEC) showed that the company has purchased $1.5 billion worth of bitcoin. Earlier this year, Tesla started accepting Bitcoin for payment.