Tesla Beats Q1 Estimates as AI, Robotaxi Investments Ramp Up
The electric vehicle manufacturer said its earnings per share for the January–March period reached $0.41, surpassing market forecasts. Total revenue increased by 16% year-on-year, rising from $19.34 billion to $22.39 billion.
The company also reported operating income of $941 million and net income of $477 million for the quarter. Its gross margin improved significantly to 21.1%, compared to 16.3% in the same period last year.
In its quarterly update, Tesla said it had made substantial progress in expanding the infrastructure and AI systems that support its robotaxi and future robotics initiatives. It also noted increased investment in AI computing capacity, battery production facilities, and materials manufacturing, along with preparations for production of projects such as Megapack 3, Cybercab, and the Tesla Semi.
The company said it began offering unsupervised robotaxi rides in Dallas and Houston in April.
It also received approval in the Netherlands for its supervised full self-driving system, while simultaneously scaling up production of lithium, cathode, and LFP materials. Preparations for the first large-scale factory dedicated to the Optimus humanoid robot are also expected to begin in the second quarter.
On the production side, Tesla reported that vehicle deliveries reached 358,023 units in the first quarter, marking a 6% increase compared to the same period last year. Vehicle production rose 13% year-on-year to 408,386 units.
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