But the profits were dented by a $299m payment to Mr Musk as part of a controversial compensation plan struck in 2018.
Revenue rose to $10.4bn, from $6bn in the same quarter last year.
Mr Musk claimed Tesla's Model 3, its midsize sedan, was the "best-selling luxury sedan of any kind in the world" for the quarter.
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He also predicted the company's midsize sport utility Model Y would become the best-selling car or truck of any kind in the coming years.
"We've seen a real shift in customer perception of electric vehicles, and our demand is the best we've ever seen," Mr Musk said.
The company said the Model Y had so far received a strong reception from consumers in China, where Tesla began manufacturing last year.
China is possibly the world's most competitive market for electric vehicles, with hundreds of manufacturers vying for a slice of the growing market.