[Tesla Q1 Net Profit $477 Million, Up 17% Year-on-Year] Reported by Golden Finance, on April 23, Tesla's Q1 revenue reached $22.39 billion, up 16% year-on-year, compared to an estimate of $22.19 billion. Q1 net profit was $477 million, up 17% year-on-year. Q1 gross margin was 21.1%, compared to 16.3% in the same period last year and an estimate of 17.7%. Adjusted earnings per share for Q1 were $0.41, compared to $0.27 in the same period last year and an estimate of $0.34. The company stated that after the production of the autonomous ride-hailing Cybercab begins, it is expected to gradually replace the existing Model Y fleet and, in the long term, become Tesla's highest-production model.