Tesla earned over $3 billion in profit in the first quarter
by Andrew J. Hawkins from The Verge - All Posts on (#5YCHR)
Photo by Suzanne Cordeiro / AFP via Getty Images Amid supply chain constraints and production delays in China, Tesla reported that it earned a $3.3 billion profit in the first quarter of 2022. Tesla turned that profit on just over $18.7 billion in revenue, the company announced. That represents an 81 percent increase year over year, compared to $10.4 billion in revenue in Q1 2021.
The company logged $679 million in emission credit sales to other automakers, compared to $314 million in credit sales in Q4 2021. The company generates this revenue by selling these credits to automakers that make fewer clean" vehicles than are required by the US government and the European Union.
The credit sales have come in handy in past years, helping Tesla eke out a profit while its car-making...