Crypto News - Tesla Makes More From Bitcoin Than It Does From Selling Vehicles - Bitcoin News

Tesla Makes More From Bitcoin Than It Does From Selling Cars

Electric automobile manufacturer Tesla earned more from trading Bitcoin than it did from selling its own lorries in the very first quarter of 2021, according to the Wall Street Journal.

The news comes after Tesla released its first-quarter outcomes on Monday. Although the company's income of $10.4 billion and adjusted profits of 93 cents a share beat Wall Street expectations, the company's windfall profits have been partly attributed to its sale of the cryptocurrency, Entrepreneur reports.

Tesla reportedly sold a part of the approximately $1.5 billion worth of Bitcoin that it purchased in February, adding $101 million to its earnings. As the Journal points out, that represented about a fourth of the company's revenues-- around $438 million-- in the very first quarter.

In addition, the company made $518 million from offering regulatory credits to other automobile makers in an effort to help them meet emission requireds. That alone made up most of Tesla's pretax earnings of $533 million.

Citing a JPMorgan Chase expert, CBS News additional notes that Tesla's core service of offering cars and photovoltaic panels, in fact, lost $25 million in the very first quarter-- a drop that was even worse than what most specialists predicted.

In recent months, Tesla has actually been dealing with increasing competition from other car manufacturers in the electric vehicle market. Though the business was responsible for 80% of electrical automobile sales in the U.S. last year, Electrek-- a blog that covers the electrical automobile market-- forecasted that Tesla's share of the market in the U.S. might fall listed below 50%.