Tesla Inc. on Wednesday reported first-quarter net income of $16 million — its third-consecutive quarterly profit — even as the coronavirus pandemic shuttered its assembly plants in the U.S. and China.
The electric vehicle maker was aided by $354 million in regulatory credits sold to competitors, a 64 percent jump from the same period a year ago and 166 percent more than last quarter.
Total revenue in the quarter rose 32 percent year over year to $6 billion, with automotive revenue rising 38 percent to $5.1 billion.
