Business World

Tesla profits soar to $3.3 billion in the first 3 months of 2022 as customers pay more amid supply chain shortages

Profits of Elon Musk’s electric car company, Tesla, soared to $3.3 billion in the first three months of the year, as customers proved willing to pay more.

The firm’s deliveries were up 68% and would have been higher if not for supply chain shortages, the firm said.

Its Shanghai factory was also recently forced shut due to Covid-19 restrictions.

As the plant reopens this month, staff will be required to sleep at the factory in an effort to avoid further lockdowns, reports said.

“Although limited production has recently restarted, we continue to monitor the situation closely,” Tesla said as it shared quarterly results with investors.

Tesla has been pushing to expand, opening new factories in Texas and Germany in recent weeks.

The firm delivered more than 310,000 cars in the first three months of the year and in a conference call, chief executive Elon Musk predicted the company would produce 60% more cars during the year as a whole compared to last year.