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Tesla Sells Bitcoin in Q1 to Increase its Profitability

Tesla Sells Bitcoin in Q1 to Increase its Profitability

Tesla, producer of electric vehicles, announced two months ago that it bought Bitcoins worth $1.5 billion at that time.

On Monday, Tesla disclosed that it gave out some of its Bitcoins and got $272 million

Tesla now says that the money gotten from BTC sales has made the company rekindle its growth. The sales, according to the company, have made it to grow financially by an amount equivalent to $101 million:

Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further product cost reductions and sale of Bitcoin ($101M positive impact, net of related impairments, in Restructuring & Other line), were mainly offset by a lower ASP, increased SBC, additional supply chain costs, R&D investments and other items. Model S and Model X changeover costs negatively impacted both gross profit as well as R&D expenses.

During the last quarterly meeting, the financial report revealed that $272 million was gotten after the sales of digital assets.

More people got to know about Tesla for the first time when they heard in February that the company bought Bitcoins valued at $1.5 billion but that amount was not up to 8% of what Tesla held as cash. Tesla is also getting set to take BTC as a means of payment for cars.

Tesla confirmed, with its figures, that their performance in the last quarter was the best so far, having generated an income of $438 million after expenses have been made. Each share was sold at $0.93 and the available ones can give the company about $10.39 billion. Furthermore, the company says it targets selling up to 750,000 cars before December 31, 2021.


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