After Declining Sales, Tesla Boosts Profit Because Of Elon Musk’s Reputation

Revenue also turned out higher than a year earlier. It rose by 16 percent to nearly 22.4 billion dollars. That was higher than analysts had expected, according to news agency Bloomberg.

Earlier this month, Tesla already announced that sales in the first quarter rose slightly to just over 358,000 cars. That was more than 6 percent higher than in the same period last year.

The electric car manufacturer saw sales decline last year due to, among other things, Musk’s reputation. As a special advisor to US President Donald Trump, he implemented government spending cuts for which he received much criticism. He also made a hand gesture that closely resembled the Nazi salute. The car manufacturer has implemented price cuts to boost sales.

Tesla also reports in its results that preparations for its first large-scale factory for the production of humanoid robots, the Optimus, will begin this quarter. The robots are intended to replace the production of the Model S and Model X at the factory in California.

In addition, the company plans to expand its presence in Japan this year and build the largest chip factory ever in collaboration with SpaceX, Musk’s aerospace company. Furthermore, Tesla expects its robotaxi to eventually replace the Model Y fleet.

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