Yesterday Tesla presented the economic results of the first quarter of this year where it has achieved a record of deliveries for that period. However, it has also been impacted by the crisis of coronavirus that has had its plant in China closed for a few weeks, and later California, which has also been closed and has not yet returned to activity. But despite this, Tesla has managed to close the period with benefits.
Overall, Tesla has managed to close the quarter with $5,985 million in revenue and $19 million in profit. Something that is good news in an uncertain scenario due to the international economic situation once the restrictions due to the health crisis are alleviated. A positive aspect that has been overshadowed by the reduction in cash flow of $895 million, in a year in which Tesla expected to be positive in all quarters.
The automotive section has taken the bulk of the revenue, 5,100 million, and of the same 7% have come from the sale of emission credits. An aspect that has allowed him to increase his profit margin per unit up to 25.5%.
Regarding production, for the moment, they maintain the expectation of reaching 500,000 units this year. At the same time, they indicate that this will depend on the evolution of the situation of suppliers who can quickly recover the rhythm of the delivery of materials.
For its part, the energy division has only accounted for an income of $324 million. The brand has explained this aspect to the impact of the coronavirus on its plants in Nevada and New York, which have been closed by order of the authorities, reducing the production of battery and solar systems.
One of the curiosities of this presentation of accounts has been shown by the economic head of Tesla, Zachary Kirkhorn. He has said that at the moment, the brand only counts as income 50% of the activations of the complete Autopilot system. The income that they hope to totally rely on when they release new features and manage to offer a more autonomous experience.
Something that may seem like a small amount, but only counting on the fact that half of the 88,400 cars sold in the first quarter have activated the autonomous driving system, which costs 6,400 euros, and we would only count 50% of this income. This means that Tesla would stop accounting for more than 140 million euros.
Also, the Berlin Gigafactory, an installation that this week has definitively closed the purchase of the land, will be irretrievably affected by the crisis. According to those responsible for Tesla, this facility will begin manufacturing cars in late 2021. Something that is a small delay compared to the initial dates in which they estimated the plant would start in July of next year.