Tesla beat analyst estimates for quarterly revenue and profit after pushing up prices in response to inflation, which offset the impact of closing a company’s Shanghai factory.
The world’s most valuable automaker reported first-quarter revenue of $18.8 billion, compared with estimates of $17.8 billion, according to Refinitiv data. This represents an increase of 81% over the previous year.
Sales of carbon credits to other automakers rose 31% in the quarter to $679 million.
Earnings per share were $3.22, beating analysts’ estimates of $2.26.
Tesla has been an exception since the start of the pandemic, posting record sales and results for several quarters as rivals struggle with supply chain problems.
Tesla shares rose 4% after regular trading.
“Price increases are outpacing cost inflation,” said Craig Irwin of investment firm Roth Capital.
Tesla raised prices for China, the United States and elsewhere after Chief Executive Elon Musk said the automaker was facing significant inflationary pressure on raw materials and logistics amid the Ukraine crisis.
“Our own factories have been running below capacity for several quarters as the supply chain has become the main limiting factor, which will likely continue through the rest of 2022,” Tesla said in a statement.
Tesla said chip shortages and recent Covid-19 outbreaks are taking a toll on its supply chain and manufacturing operations, while prices for some raw materials have soared.
The automaker closed a factory in Shanghai for about three weeks before gradually resuming production this week. “Although production has recently restarted, we continue to monitor the situation closely,” the automaker said.
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