Tesla Inc. on Wednesday reported first-quarter net income of $16 million — its third-consecutive quarterly profit — even as the coronavirus pandemic shuttered its assembly plants in the U.S. and China.
The electric vehicle maker was aided by $354 million in regulatory credits sold to competitors, a 64 percent jump from the same period a year ago and 166 percent more than last quarter.
Total revenue in the quarter rose 32 percent year over year to $6 billion, with automotive revenue rising 38 percent to $5.1 billion.
“Q1 2020 was the first time in our history that we achieved a positive GAAP net income in the seasonally weak first quarter,” the automaker said in a statement. “Despite global operational challenges, we were able to achieve our best first quarter for both production and deliveries.”
The $16 million in net income compares with a $702 million loss in the first quarter of 2019.
Tesla delivered 88,496 vehicles in the quarter, up 40 percent over the same period a year…