Tesla Saw Record Profit In Q1 2021, Details FSD And Powerwall Plans

Tesla has released its Q1 2021 financial report, boasting the first time in the company's history that its non-GAAP net income exceeded $1 billion. In addition to detailing its vehicle and revenue numbers, Tesla touched on a number of current efforts at the company, including its Full Self Driving (FSD) City Streets beta set to expand in the US.

Tesla reports a net profit of $438 million in its first quarter of the year, an overall 74-percent revenue growth when compared to the same quarter last year. Tesla attributes this largely to 'substantial growth in vehicle deliveries,' among other things. The company delivered 182,847 Model 3 and Model Y EVs during Q1 2021, as well as 2,030 Model S and Model X vehicles.

Of note, Tesla explains that it continues to work on V9 of its Full Self Driving City Streets beta, referring to the package that offers features like Autopark, Smart Summon, Auto Lane Change, beta Navigation on Autopilot, Summon, and a planned Autosteer feature for city streets.

The functionality is made possible by a variety of sensors, cameras, and similar hardware found on the vehicles, as well as related software. Tesla plans to expand the FSD City Streets beta to more places in the US 'soon.' As part of its financial report, the company said:

We believe that a vision-only system is ultimately all that is needed for full autonomy. Our AI-based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, our FSD team is fully focused on evolving to a vision-based autonomous system and we are nearly ready to switch the US market to Tesla Vision.

Beyond its electric vehicles, the company also noted that it continues to see very high demand for its Powerwall energy storage system, prompting it to only deliver these products to its solar customers. The company may once again offer Powerwall as a standalone product, however, once it increases its production rate. As of the time of its report, Tesla said that it is on track to launch production and deliveries from its Gigafactory Berlin and Texas locations later this year.