- 'Evacuate now, now, now': Florida braces for next hurricane
- US Supreme Court skeptical of challenge to 'ghost guns' regulation
- Sparks fly as Orban berates EU 'elites' in parliament trip
- US finalizes rule to remove lead pipes within a decade
- Solanke hungry for second England cap after seven-year wait
- Gilded canopy restored at Vatican basilica
- Zverev scrapes through, Djokovic cruises to Shanghai Masters last 16
- Trump secretly sent Covid tests to Putin: Bob Woodward book
- Gauff answers critics: 'It's hard to win all the time'
- Neural networks, machine learning? Nobel-winning AI science explained
- China says raised 'serious concerns' with US over trade curbs
- Boeing delivers 27 MAX jets in September despite strike
- German 'Maddie' suspect could be free in 2025 after cleared of other sex crimes
- Italy seek Nations League consistency as Germany continue rebuild
- From boom to budgeting as reality bites for Saudi football
- Stock markets diverge as Hong Kong sinks, oil prices fall
- US trade gap narrowest in five months as imports slip
- Stay and 'you are going to die': Florida braces for next hurricane
- England 96-1 after Salman's century lifts Pakistan to 556
- Hollywood star Idris Elba champions African cinema in Ghana
- Djokovic rolls Cobolli to make Shanghai Masters last 16
- Milan's Hernandez receives two-game suspension after referee rant
- Geoffrey Hinton, soft-spoken godfather of AI
- Ex-Barcelona and Spain great Iniesta retires aged 40
- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Ex-skipper Skelton eyes Wallabies November return
- Spanish great Iniesta leaves indelible legacy after retirement
- Indian Kashmir elects first regional government in a decade
- Hong Kong stocks crash, oil prices retreat on fading China boost
- Man City accuse Premier League of 'misleading' claims after legal case
- Duo wins Physics Nobel for key breakthroughs in AI
- Agha defies England as Pakistan post 515-8 in first Test
- September second-warmest on record: EU climate monitor
- Pastor wanted by US for sex trafficking to run for Philippine senate
- Mozambican writer Mia Couto dreams future leaders set an 'example'
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- German suspect in 'Maddie' case cleared in separate sex crimes trial
- Israel expands offensive against Hezbollah in south Lebanon
- China stocks rally fizzles on stimulus worries amid Asia retreat
- Bangladesh's Yunus says no elections before reforms
- England strike twice as Pakistan reach 397-6 at lunch in first Test
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Kenya's deputy president faces impeachment vote
- N. Korean soldiers 'highly likely' killed in Ukraine: Seoul
- 'Appeals Centre' to referee EU social media disputes
- US Supreme Court to hear 'ghost guns' regulation case
CMSC | -0.06% | 24.555 | $ | |
RBGPF | -0.46% | 60.52 | $ | |
CMSD | 0.55% | 24.926 | $ | |
SCS | -0.19% | 12.925 | $ | |
BTI | -0.16% | 35.145 | $ | |
NGG | 0.57% | 65.855 | $ | |
AZN | -0.29% | 76.65 | $ | |
RIO | -4.77% | 66.45 | $ | |
GSK | -1.54% | 38.045 | $ | |
RYCEF | 1.29% | 6.97 | $ | |
RELX | 1.02% | 46.515 | $ | |
VOD | -0.26% | 9.665 | $ | |
BCE | -0.8% | 33.265 | $ | |
BCC | -0.03% | 141.23 | $ | |
JRI | 0.2% | 13.206 | $ | |
BP | -3.75% | 31.942 | $ |
Tesla reports Q1 profits of $3.3 bn, topping expectations
Tesla reported another banner quarter of profit growth Wednesday as the rapid expansion of electric vehicle (EV) manufacturing capacity boosted sales despite ongoing supply chain problems.
Elon Musk's high-flying EV company reported first-quarter profits of $3.3 billion, up 658 percent from the year-ago period on an 81 percent jump in revenues to $18.8 billion.
The strong profits follow the unveiling of two new factories during the quarter in Germany and the US state of Texas, with that positive development offset somewhat by a temporary shutdown of its China factory due to Covid-19.
Tesla also cited a boost from higher retail prices enacted in part due to rising production costs in the face of semiconductor shortages and difficulties procuring other key supplies.
"Prices of some raw materials have increased multiple-fold in recent months," Tesla said. "The inflationary impact on our cost structure has contributed to adjustments in our product pricing, despite a continued focus on reducing our manufacturing costs where possible."
The results are the latest in a series of strong earnings that has brought glory to Musk, who has most recently launched an unsolicited bid to acquire Twitter.
A closely watched focus of analysts has been the impact of Covid-19 lockdowns on Tesla's Shanghai plant.
Without quantifying the impact to vehicle output, Tesla said, "although limited production has recently restarted, we continue to monitor the situation closely."
The company maintained its multi-year target of growing 50 percent average annual growth in deliveries, while alluding to the constraints of the current market.
"Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through the rest of 2022," Tesla said.
Shares rose 4.1 percent to $1,017.02.
A.Mahlangu--AMWN