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Tesla saw record profit in Q1 2021, details FSD and Powerwall plans

Tesla 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 numbers and revenues, Tesla addressed a number of current efforts at the company, including its City Streets beta Full Self Driving (FSD) set to expand in the U.S.

Tesla reports a net profit of $ 438 million in the first quarter of the year, an overall revenue growth of 74 percent 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 the first quarter of 2021, as well as 2,030 Model S and Model X vehicles.

Noteworthy, Tesla explains that he continues to work on the V9 of his 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 to the city streets.

Functionality is made possible by a variety of sensors, cameras and similar hardware found in 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.

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

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