TESLA POSTS $438M 1Q PROFIT ON STRONG ELECTRIC VEHICLE SALES

Charged up by strong sales of its electric cars and SUVs, Tesla posted its seventh-straight profitable quarter.

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The company made $438 million in the three-month period that ended March 31, as sales more than doubled the same period last year to nearly 185,000 vehicles. All but 2,000 of the sales were lower-priced Model 3 sedans and Model Y SUVs. Tesla said it didn’t produce any of its higher-priced Model S sedans and Model X SUVs as it switched to new versions during the quarter.

The Palo Alto, California, company faces challenges as it tries to reach its second-straight annual profit this year. There’s a global shortage of semiconductors that’s forcing automakers to idle factories, and Tesla is facing renewed scrutiny of its Autopilot partially automated driving system after two men died in a crash earlier this month near Houston.

Excluding stock-based compensation and nonrecurring items, Tesla made 93 cents per share. That beat Wall Street estimates of 75 cents per share, according analysts polled by data provider FactSet. First-quarter revenue rose 74% to $10.39 billion, but it was just shy of the $10.48 billion expected by analysts.