Tesla Inc. posted a greater than-seven-fold increase in first-quarter profit to reach a record as,
Elon Musk said the company could boost vehicle production more than expected this year despite supply-chain bottlenecks and disruptions in China.
- Elon said Tesla likely would produce more than 1.5 million vehicles in 2022, up some 60% over last year.
The company’s long-term goal is to increase vehicle deliveries by an average of 50% annually. Production in China would recover strongly, he said.
The world’s largest car company by value is recovering from a shutdown at its Shanghai factory, where work was suspended March 28 because of strict government measures meant to slow the spread of Covid-19. Tesla said it lost about a month of production from the shutdown.
*Tesla Tweet on Q1 revenue
Tesla Q1 Earnings Call and Q&A → https://t.co/3TDbseohci
— Tesla (@Tesla) April 20, 2022
“Shanghai is coming back with a vengeance,”
Mr. Musk said as the company reported that sales in the first three months of the year had jumped roughly 80% from a year earlier to $18.76 billion, generating a record profit of $3.32 billion
However, factories are likely to continue operating below capacity through 2022, due largely to supply-chain bottlenecks, Tesla said.
- Tesla delivered around 310,000 vehicles globally in the first quarter, up from 184,877 a year earlier and 308,650 in the fourth quarter.
The auto maker has been charging more for its cars amid inflation and persistent supply-chain bottlenecks.
The cost of one configuration of the Model Y jumped 30% in the year ended in March, according to Bernstein