Tesla posts record first-quarter revenue
U.S. electric car maker Tesla reported record first-quarter 2022 revenue despite continued supply chain issues and forced shutdown of its Shanghai factory due to lockdown.
In January-March, the company's revenue grew by 81% year on year and amounted to 18.76 billion dollars. Tesla posted net income of $3.32 billion, or $2.86 per share, up from $438 million a year earlier. Earnings before one-off factors more than tripled to $3.22/share from $0.93/share.
Tesla increased car production last quarter by 69% to 305,407 vehicles, deliveries to customers increased by 68% to a record 310,048 units.
Tesla's press release notes that supply chain problems persist and there is still a shortage of semiconductor components. In addition, the recent outbreak of COVID-19 in China forced the company to suspend operations at its Shanghai plant, and so far, production has only resumed to a limited extent.
Tesla also noted a sharp increase in commodity prices recently, due to which it had to adjust product prices.
Tesla shares rose 5.6% in additional trading on Wednesday after the release of the report. Since the beginning of this year, their cost has decreased by 7.5%.