Tesla (NASDAQ:TSLA) will hold its first-quarter earnings call after Monday’s trading, and the expectations are pretty high. Following a blowout Q1 that saw the company completely decimate Wall Street’s expected vehicle deliveries, expectations are now high that the EV maker would post record-breaking numbers for its record-setting quarter.
The following are Wall Street’s expectations for Tesla’s Q1 2021 earnings, as well as a number of crucial metrics that TSLA investors should watch out for.
The Overview
Wall Street currently expects Tesla to report non-GAAP earnings per share (EPS) of $0.79 in the first quarter. This is quite impressive, and it represents a year-over-year surge of 216%. Tesla’s EPS stood at a relatively conservative $0.23 in Q1 2020. However, it was very impressive in Q4 2020, when the company posted an EPS of $0.80.
As for Tesla’s Q1 2021 revenue, the consensus forecast for the quarter currently stands at $10.29 billion. This estimate is quite optimistic, as it represents a year-over-year increase of 72%. In comparison, Tesla’s revenue in the fourth quarter of 2020 was $10.74 billion.
For the first quarter, Tesla delivered a total of 184,800 vehicles comprised of 182,780 Model 3 and Model Y and 2,020 Model S and Model X. This corresponded to a 109% year-over-year rise and a 2.2% sequential growth. Overall vehicle production for Q1 2021 stood at 180,338.
Key Factors to Look Out For
Considering that automotive gross margin slipped to 24.1% in Q4 2020 from 27.7% in the previous quarter, it is likely that Tesla could see some more moderation in margins for the first quarter. This is likely affected by the halt in the company’s production and deliveries of the flagship Model S and Model X, both of which have undergone extensive refreshes.
Regulatory credits would likely play a factor in Tesla’s Q1 2021 numbers as well. In the fourth quarter of 2020, regulatory credits accounted for 4.2% of Tesla’s revenues. It would then be interesting to see if the EV maker has made more this time around, considering that legacy automakers are still struggling with their shift to sustainable transportation.
Tesla has not provided a specific vehicle delivery estimate for 2021 so far. Considering the company’s strong first-quarter results, however, it would not be surprising if Tesla ends up providing a refined delivery forecast for 2021. In 2020, Tesla’s vehicle deliveries grew 36% to 499,647, and this year, Elon Musk and CFO Zach Kirkhorn have remarked that the company could see an annual growth of 50% or more.
TSLA Stock So Far
Tesla stock has seen some headwinds as of late, likely due to some negative coverage from China and a crash in Texas that seemed to be erroneously connected to Autopilot. That being said, TSLA shares still closed Friday up 1.35% at $729.40. Overall, while Tesla has fallen as much as 40% since its all-time high of $900.40 in late January, the EV maker has since regained over 25% of its loss.
Tesla’s first-quarter earnings call will be held on Monday, April 26, 2021, at 2:30 pm Pacific Time or 5:30 pm Eastern Time. Tesla’s Q1 2021 Update Letter would be released sometime after markets close on Monday.
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Investor's Corner
Tesla welcomes Chipotle President Jack Hartung to its Board of Directors
Tesla announced the addition of its new director in a post on social media platform X.

Tesla has welcomed Chipotle president Jack Hartung to its Board of Directors. Hartung will officially start his tenure at the electric vehicle maker on June 1, 2025.
Tesla announced the addition of its new director in a post on social media platform X.
Jack Hartung’s Role
With Hartung’s addition, the Tesla Board will now have nine members. It’s been a while since the company added a new director. Prior to Hartung, the last addition to the Tesla Board was Airbnb co-founder Joe Gebbia back in 2022. As noted in a Reuters report, Hartung will serve on the Tesla Board’s audit committee. He will also retire from his position as president and chief strategy officer at Chipotle, and transition into a senior advisor’s role at the restaurant chain, next month.
Hartung has had a long career in the Mexican grill, joining Chipotle in 2002. He held several positions in the company, most recently serving as Chipotle’s President and Chief Strategy Officer. Tesla highlighted Hartung’s accomplishments in a post on its official account on X.
“Over the past 20+ years under Jack’s financial leadership, Chipotle has seen significant growth with over 3,700 restaurants today across the United States, Canada, the United Kingdom, France, Germany, Kuwait and the United Arab Emirates. Jack was named ‘CFO of the Year’ by Orange County Business Journal and Best CFO in the restaurant category by Institutional Investor,” Tesla wrote in its post on X.
Tesla Board and Musk
Tesla is a controversial company with a controversial CEO, so it is no surprise that the Board of Directors tend to get flak as well. Two weeks ago, for example, Tesla Board Chair Robyn Denholm slammed The Wall Street Journal for publishing an article alleging that company directors had considered a search for a potential successor to Elon Musk. Denholm herself has also been criticized for offloading her TSLA shares.
More recently, news emerged suggesting that the Tesla Board of Directors had formed a special committee aimed at exploring a new pay package for CEO Elon Musk. The committee is reportedly comprised of Tesla board Chair Robyn Denholm and independent director Kathleen Wilson-Thompson, and they would be exploring alternative compensation methods for Musk’s contributions to the company.
Investor's Corner
Rivian stock rises as analysts boost price targets post Q1 earnings
Rivian impressed with smaller-than-expected losses & strong revenue, pushing analysts to raise price targets.

Rivian stock is gaining traction as Wall Street analysts raise price targets following the electric vehicle (EV) maker’s first-quarter earnings report. Despite a dip after the announcement, optimism surrounds Rivian’s cost control and upcoming lower-priced cars.
Last week, Rivian reported a better-than-expected Q1 gross profit, surpassing Wall Street’s forecasts with adjusted losses of $0.48 per share against expectations of $0.92 per share. The company also reported a revenue of $1.24 billion compared to the $1.01 billion anticipated.
However, the EV automaker cut its 2025 delivery forecast and capital spending due to President Donald Trump’s tariffs. It explained that it is “not immune to the impacts of the global trade and economic environment.” RIVN stock dropped nearly 6% post-earnings, closing at $12.72 per share.
Wall Street remains upbeat about Rivian, citing progress toward launching lower-priced vehicles in 2026 and effective cost management. On Monday, Stifel analyst Stephen Gengaro raised his RIVN price target to $18 from $16, maintaining a “Buy” rating. He highlighted Rivian’s “solid progress” toward key milestones.
Conversely, Bernstein’s Daniel Roeska gave RIVN a “Sell” rating. However, Roeska also lifted his Rivian price target to $7.05 from $6.10, acknowledging “better” Q1 results. He warned that profitability remains distant and hinges on multiple product launches by the decade’s end.
Overall, Wall Street’s average price target for RIVN climbed from $14.18 to $14.31, a modest 13-cent increase reflecting positive sentiment. About one-third of analysts covering Rivian rate it a Buy, compared to the S&P 500’s average Buy-rating ratio of 55%.
On Monday, Rivian stock rose 2.7% to $14.64, slightly trailing the S&P 500 and Dow Jones Industrial Average, which gained 3.3% and 2.8%, respectively. The uptick may also stem from broader market gains tied to news of a temporary U.S.-China tariff suspension.
As Rivian navigates trade challenges and scales production at its Illinois factory, its Q1 performance and analyst support signal resilience. With lower-priced EVs on the horizon, Rivian’s strategic moves could bolster its position in the competitive EV market, offering investors cautious optimism for long-term growth.
Investor's Corner
Tesla (TSLA) poised to hit $1 trillion valuation again amid reports of Trump China deal
TSLA stock was up about 8% at $322.56 per share on Monday’s premarket.

Tesla shares (NASDAQ:TSLA) are on a tear on Monday’s premarket amidst reports that the United States and China have agreed to significantly roll back tariffs on each other’s goods for an initial 90-day period.
As of writing, the premarket price of TSLA shares suggests that the electric vehicle maker might end Monday with a $1 trillion valuation once more.
Tesla and China
TSLA stock was up about 8% at $322.56 per share on Monday’s premarket. As noted in a report from Barron’s, these prices suggest that the company could achieve a trillion-dollar valuation again, a level not seen since late February. Similar to Tesla, the S&P 500 and the Dow Jones Industrial Average were also up 2.8% and 2.1%, respectively, on Monday’s premarket.
The United States and China’s decision to roll back its tariffs would likely be appreciated by CEO Elon Musk. Despite working for the Trump administration’s Department of Government Efficiency (DOGE), and despite Tesla being least affected by the Trump administration’s tariffs due to its strong domestic supply chains in the United States, China, and Europe, Musk has noted that he is a supporter of non-predatory tariffs.
The United States and China’s Agreement
In a joint statement from the United States and China posted on the White House’s official website, the two countries agreed to lower reciprocal tariffs on each other by 115% for 90 days. This means that the United States will temporarily lower its overall tariffs on Chinese goods from 145% to 30%, as noted in an ABC 12 report. China, on the other hand, will also lower its tariffs on American goods from 125% to 10%.
The talks were led by Chinese Vice Premier He Lifeng and Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, as per the joint statement. Bessent shared his thoughts about the matter in a comment in Geneva. “The consensus from both delegations is neither side wants to be decoupled, and what have occurred with these very high tariffs … was an equivalent of an embargo, and neither side wants that. We do want trade. We want more balance in trade. And I think both sides are committed to achieving that,” he said.
A spokesperson from China’s Commerce Ministry also shared a statement about the matter. As per the spokesperson, the deal was an “important step by both sides to resolve differences through equal-footing dialogue and consultation, laying the groundwork and creating conditions for further bridging gaps and deepening cooperation.”
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