Update on Tesla Profits Amid the Global COVID-19 Crisis
TESLA – The electric car company revealed its profits in the 1st quarter of 2021 amid the COVID-19 crisis that hit the globe.
Undeniably, the COVID-19 pandemic brought huge challenges to both the economy of a country and the health of the people. Truths be told that many countries now are trying to revive their economy while keeping a close eye on the fight against the spread of the disease.
To curb the spread of COVID-19, lockdowns and community quarantine measures are implemented. Not all businesses are allowed to operate fully as mandated by the restrictions set by the government. Meanwhile, some businesses continued to achieve good sales despite the situation now.
One of the businesses with good profits amid the COVID-19 pandemic is Tesla, an electric car company. It was founded by Elon Musk, Martin Eberhard, Marc Tarpenning, and Ian Wright in 2003 in California, United States.
The said car company progressed fast and is now one of the biggest and most trusted brand across the globe. It has its main headquarters in Palo Alto, California. Elon Musk became the richest man in the planet with a net worth of $197 billion.
However, many are surely wondering how Tesla performs amid the COVID-19 crisis now. The pandemic has affected over 200 nations and territories across the globe.
Based on a report on ABS-CBN News, Tesla still have good profits amid the COVID-19 crisis. The electric car company reported $438 million profits in the first quarter of 2021.
The said profit noted a 74% rise in company’s revenues. Furthermore, it is on the move to boost the automotive capacity in its factories in Shanghai, China; Germany; and Texas. The company believes that the consumers’ trust on their brand continues to soar.
“Our Q1 order rate was the strongest in our history and we are moving as quickly as possible to add more production capacity,” Musk said.
Reportedly, the CEO of Tesla is expected to speak in a call later Monday. More updates may be posted soon.
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