Tesla doubled its revenue in the first quarter despite extensive supply chain problems in the industry

Tesla constructed 305,000 automobiles within the first quarter of this 12 months, delivered about 310,000 of them, after which opened new crops in Berlin and Austin. All whereas CEO Elon Musk pursued a hostile takeover of Twitter.

Tesla’s current plant investments, in addition to efforts to bolster the battery elements provide chain, are a part of the corporate’s localization technique, which seeks to decrease manufacturing prices by constructing automobiles nearer to the markets the place they’ll ultimately be offered.

However like the remainder of the auto business, Tesla is dealing with a rising scarcity of essential semiconductors, and value hikes attributable to inflation attributable to Russia’s invasion of Ukraine. Additionally it is at the moment engaged on closing its Gigafactory in Shanghai, which has been closed because of the coronavirus outbreak within the area. Work on the manufacturing facility has solely partially resumed in current days.

Opening the Gigafactory in Austin earlier this month, Elon Musk confirmed that the much-anticipated Cybertruck will lastly go on sale in 2023 and {that a} broad beta model of the totally autonomous know-how shall be rolled out throughout North America this 12 months.

Nonetheless, each the upcoming Cybertruck and Roadster (in addition to “Future Merchandise”) are nonetheless listed as “in growth,” versus “in manufacturing” like X/S and three/Y on this latter investor group. “We’re nonetheless on monitor to get into digital automobile manufacturing subsequent 12 months,” Musk assured buyers and reporters current on Wednesday’s name.

The primary quarter of 2022 additionally noticed value will increase throughout Tesla’s mannequin lineup and the elimination of free transportable charging gear. Total, the corporate reported $3.3 billion in web earnings, up from $438 million final 12 months.

Wanting forward, Musk predicts a brand new 12 months in 2022. The corporate’s official forecast estimates a 50 % enhance in automobile manufacturing. “I actually suppose we’ve got an inexpensive probability of a 60 % enhance from final 12 months,” Musk mentioned.

He additionally referred to the Robotaxi prototype that Tesla is creating. “It has been vastly improved for autonomy, which suggests it will not have a steering wheel or pedals, and it’ll have quite a lot of different improvements that I feel are very thrilling,” he added. Robotaxi may attain manufacturing quantity by 2024.

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