Mumbai, April 23 (IANS) US automaker Tesla reported higher revenue and profit year‑on‑year in Q1 CY2026, buoyed by higher average vehicle prices, services and rise in subscriptions to its full self‑driving (supervised) system.
The electric‑vehicle maker said revenue rose to $22.38 billion in the quarter, up 16 per cent from $19.3 billion in previous year, while automotive revenue increased to $16.2 billion from $13.96 billion in the same period of 2025.
The auto manufacturer reported net income of $477 million, compared with $409 million in the first quarter of 2025.
The company saw a jump in its free cash flow to $1.44 billion, more than double the prior‑year quarter. Tesla shares rose 4 per cent following the release of its first-quarter earnings report.
Deliveries for the quarter totalled 3,58,023 vehicles, below analysts’ expectations of around 3,68,000 and the production had touched 4,08,386 vehicles during the period, far higher than deliveries.
Active subscriptions to Tesla’s Full Self‑Driving system grew 51 per cent year‑on‑year to 1.28 million, the company said.
Further, an increase in automotive one-time benefits related to warranty and tariffs boosted its bottom line, it noted.
Elon Musk has repeatedly warned that the company is undergoing a painful transition from its core EV business to an AI and robotics company.
Tesla CFO Vaibhav Taneja said that the company will see a negative cash flow for the remainder of 2026, as its capital expenditure will touch $25 billion during the year, about three times more than it historically has spent.
Tesla this week unveiled the new six-seater Model Y L in India, expanding its local portfolio with a family-focused electric SUV designed for space, comfort and performance. Online bookings opened immediately on the company’s official website and deliveries are expected to begin from June 2026 across India.
The Model Y L will be available for public viewing starting April 23, 2026, at Tesla’s experience centres in key locations, including Bandra Kurla Complex in Mumbai, Aerocity in Delhi and Gurugram, the company said.
—IANS
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