Mask says Tesla is selling bitcoin to prove liquidity with cash option

Tesla Inc. made record first-quarter profits, avoided chip shortages in the industry, increased production levels, and also profited from bitcoin.

But before normal trading began on Tuesday, the electric car’s share price fell 3.3%. This shows the high expectations Tesla is facing right now after the stock price rose eight times last year. To the analyst’s question: Tesla did not provide an accurate estimate of vehicle delivery in 2021.

CEO ElonMusk has worked hard to increase production and maintain Tesla’s dominance in the electric vehicle market, but its competitors are treading aggressively. In bitcoin news, Mr Mask said Monday’s demand was higher than ever, but numbers were still scarce and investors were shrugging their shoulders. GeneMunster of LoupVentures said: “Everything is fine, but there is not a lot of news and no major failures.” “People think everyone is coming.”

Bitcoin Boost

During the quarter, Tesla sold about 10% of its bitcoin revenue, which was made at $ 110 million per year to unlock new centrifuge revenue leverage. Swiss credit analyst Dan Levy writes that cryptocurrency profits and the sale of regulatory credits and tax incentives contributed around 25 cents to Tesla’s adjusted earnings per share of 93 cents. Automakers have beaten the Wall Street average estimate by 80%. Monday’s note.

As per Bitcoin news Rough Action Kirk Horn, the chief financial officer of Tesla, said Tesla was particularly interested in bitcoin as a way to store money while maintaining liquidity with traditional investment returns. Such a low situation.

The dilemma of running out of chips

Since the year Tesla’s performance began, the car, headquartered in Palo Alto, Calif., Has expanded its operations to three continents, including new factories near Austin, Texas and Berlin. Tesla reiterated that it expects deliveries to increase by 50% per year “within a few years.” This means that around 750,000 cars will be delivered this year.

The constant guide price disappointed some analysts and investors who expected to provide details after the first quarter explosion. Despite the semiconductor shortage, Tesla shipped nearly 185,000 vehicles worldwide in the first three months of this year. By 2020, the company has supplied 500,000 cars. Tesla and other automakers face the persecution of the supply of chips and other materials, but it’s a surprising headache as they ramp up production to meet growing consumer demand during the pandemic. The loss in sales of the car this year is likely to be $ 61 billion due to the consulting firm’s AlixPartners chip shortage, he said.