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Tesla posts $438M 1Q profit on electric vehicle sales

DETROIT — Charged up by strong sales of its electric cars and SUVs, Tesla on Monday posted its seventh-straight profitable quarter.

The company made $438 million in the three-month period that ended March 31, as sales more than doubled the same period last year to nearly 185,000 vehicles. All but 2,000 of the sales were lower-priced Model 3 sedans and Model Y SUVs. Tesla said it didn’t produce any of its higher priced Model S sedans and Model X SUVs as it switched to new versions during the quarter.

Tesla said adjusted net income, excluding stock-based compensation, passed $1 billion for the first time in company history.

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