Tesla's financial results were boosted by multiple price hikes for its vehicles meant to offset rising costs of lithium, nickel, cobalt and other precious metals used to make batteries.
Tesla reported Wednesday that its first-quarter net earnings were over seven times greater than a year ago, powered by strong sales despite globalThe electric vehicle and solar panel company made $3.32 billion from January through March. Revenue for the quarter was $18.76 billion, also beating estimates of $17.85 billion.
It may be harder for Tesla to post similar numbers later this year. It's facing costs from ramping up new factories in Germany and Texas, as well as rising commodity prices. It's also looking at increased competition as startups and legacy automakers roll out more electric models.The company said its weekly production for the quarter was strong, but a spike in COVID-19 cases brought the temporary shutdown of its factory in Shanghai, as well as part of Tesla's supply chain.
"Although limited production has recently restarted, we continue to monitor the situation closely," the company said in a letter to investors. CEO Elon Musk is expected to attend the company's earnings conference call later Wednesday. He also could be asked about his $43 billion hostile bid to take over Twitter.Tesla delivered a record 310,000 vehicles worldwide in the first quarter, up roughly 68% from the same period in 2021. The increase came even as Tesla battled a global shortage of computer chips and other parts like the rest of the global auto industry. Tesla delivered 185,000 vehicles in the first quarter of last year.
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