Tesla earns $3.3 bn profit on revenue of $18.7 bn in first quarter

Tesla e-vehicles

Elon Musk-run Tesla has earned $3.3 billion profit on revenue of $18.7 billion in the first quarter this year despite ongoing supply chain challenges and factory shutdown in China.

Tesla in its Q1 2022 earnings report said it produced more than 305,000 vehicles and delivered more than 310,000 vehicles during the first quarter of 2022.

The company said it delivered 295,324 Model 3 and Model Y vehicles, while 14,724 were for the Model S and X.

Elon Musk predicted that the electric car-maker would be able to ramp up production and produce 1.5 million cars this year. “It seems likely that we’ll be able to produce one and a half million cars this year,” Elon Musk said.

Tesla has opened two new facilities — one in Berlin and the second in Austin, Texas — this year.

Tesla started production in Berlin during March 2022 and began delivering Model Y from Texas this April.

Tesla said Automotive revenue rose 87 percent to $16.86 billion.

Elon Musk said Tesla will hold a robotaxi event in 2023 and is aiming for volume production in 2024.