This just in: a S3XY update... Tesla delivered a record ~185K cars in the first three months of the year, beating expectations. That's more than double the # of cars it delivered in the same quarter last year (when Covid hit and factories stalled). Despite global supply chain shortages, it's also slightly up from the previous record-breaking quarter, thanks to strong demand from China. Shares jumped 4% on the news.
Profit is getting Musk-ular... so is competition. Before 2020, Tesla was struggling to post a profit. In 2020, it had its first full profitable year. Now, it's expected to post a $470M profit for the first quarter of 2021 (earnings drop in a few weeks). While Tesla's profits are solidifying, OG carmakers’ electric lineups are, too. GM, Ford, Volkswagen (Voltswagen?), and Renault have been leveling up their EVs... and stealing market share from Tesla.
Tesla has reached escape velocity... Now that it's profitable, its next challenge is battling rivals. For years, Tesla faced virtually no competition. Now the competition has never been tougher... so it's shifting focus. This year, Tesla is aiming to open its first factory in Europe — aka: the world's largest EV market — to gain a stronger foothold against global rivals.