Tesla posted mixed results last quarter as it winds down production of its Model S and Model X vehicles and seeks to pivot to robotics.
Revenue was up 16% year-over-year to US$22.39 billion, below LSEG-compiled estimates of $22.64 billion. Earnings per share were $0.41, rising from $0.27 and above estimates of $0.37.
“We continued to make meaningful progress on the build out of the infrastructure and AI software that underpins our Robotaxi and future robotics businesses in Q1,” the company wrote.
“We commenced ramp of additional AI compute, new factories across battery and battery materials, and further prepared lines for start of production of Megapack 3, Cybercab and the Tesla Semi.”
Income from operations climbed 136% to $941 million, while operating expenses were up 37% to $3.78 billion.
Automotive revenue increased 16% to $16.23 billion. Automotive gross margins were 19.2%, well above the 12.5% seen one year ago.
The company said during the quarter that it would end production of the S and X models, and would reroute these vehicles’ factories to produce its Optimus robots.
Tesla produced 394,611 Model 3 and Y vehicles during the quarter, up 14%, while production of other models fell 20% to 13,775. Deliveries of the 3 and Y increased 6% and deliveries of other models rose 25%.
Preparations for a large-scale Optimus factory will begin in the second quarter, Tesla said today. Although it had said a mass-production version of Optimus would be unveiled in the first quarter, CEO Elon Musk said in March that it was not yet ready to be shown.
Shares in Tesla (NASDAQ: TSLA) closed 0.3% higher at $387.51, but dropped 0.9% after-hours. Its market capitalisation is $1.21 trillion.
