Tesla’s First-Quarter Sales Rise Over 70% and Lyft Makes A Big Sale to Toyota
Brainchild of Elon Musk, Tesla, Inc. is an American electric vehicle and clean energy company. Tesla’s current products include electric cars, battery energy storage from home to grid scale, solar panels, and solar roof tiles, as well as other related products and services. Recently competition in the EV market has risen but Tesla is hanging in as the leader in the industry.
But despite seeing first-quarter sales rise over 70%, Tesla’s stock lowered late yesterday after sales for the quarter came in shy of expectation. On the bright side, Tesla did hold profit above expectations. Tesla generated revenues of $10.389 billion, gross profit of $2.215 billion and net income of $438 million.
Lyft, Inc. develops, markets, and operates a mobile app, offering vehicles for hire, motorized scooters, a bicycle-sharing system, and food delivery. The company operates in 644 cities in the United States and 12 cities in Canada. Lyft is currently trading at about $63 a share, $15 lower than its IPO price a little over two years ago.
In the past few days Lyft has signed a deal to sell “Level 5” (the company’s self-driving vehicle unit), to Toyota for about $550 million. Lyft sees this as a positive not only making money off the sake but removing operating costs from “Level 5” helping accelerate the path to profitability.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.