Tesla Profits Boosted by Bitcoin Sales

Elon Musk’s Tesla made a strong start to the year with profits up and record deliveries of its electric cars.

The company bought $1.5bn of Bitcoin during the first quarter, but then cut its position by 10%, which contributed $101m to its revenues.

Tesla recently made it possible for customers to purchase the cars in Bitcoin, allowing it to accumulate more of the cryptocurrency.

“It is our intent to hold what we have long term and continue to accumulate Bitcoin from transactions from our customers as they purchase vehicles,” the company’s chief financial officer, Zachary Kirkhorn, told investors.

Tesla also earns credits for exceeding emissions and fuel economy standards and then selling them to other carmakers that fall short so they can avoid penalties.

The company earned $518m from sales of those credits in the first quarter, an increase of 46% over the same quarter in 2020.

Tesla said it delivered roughly half a million cars in 2020, and 185,000 in the January-to-March period.

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