Tesla profits rose in the first quarter after a tough year for its car business

NEW YORK (AP) — Tesla's profit rose in the first quarter as its car sales rebounded from a sharp slump in 2025.

The electric vehicle maker said it earned $477 million in the quarter, up 17% from a year ago. Earnings per share totaled 13 cents. Adjusted for certain items, per share earnings were 41 cents, topping Wall Street estimates of 36 cents.

Revenue rose to $22.39 billion, led by a 16% increase in automotive revenues.

CEO Elon Musk has repeatedly emphasized that Tesla’s future lies less in selling cars than getting people to t ake rides in them a s self-driving taxis, and in the robots that the company makes for homes and businesses. Tesla said robotaxi miles doubled in the first quarter compared to the fourth quarter of last year.

Tesla hopes to expand its robotaxi services in major cities this year. It also has begun making its so-called Cybercabs without pedals or wheel.