Tesla (NASDAQ: TSLA) has reached a new milestone of surpassing $1 billion in non-GAAP net income. This achievement comes against the backdrop of the usually strong seasonal fluctuations of Q1.
Tesla kicked off 2021 with a remarkably solid start, posting strong growth in vehicle production, deliveries, and Q1 earnings. During this period, the company produced 180,338 and delivered a record 184,800 units, despite the numerous headwinds that it encountered. Even when faced with factors of seasonality, unstable supply chains, and the transition to production of the refreshed Model S and Model X, the company achieved strong financial performance.
Q1 net income reached $438 million and non-GAAP net income $1.1 billion (+ 363% year-on-year) for the first time in the company's history. A non-GAAP report can provide a more accurate assessment of a company's financial performance from direct business operations and can help develop a more meaningful picture of its bottom line and value, so it is a useful metric for investors.
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