Tesla seems to be shielded against the auto industry turmoil.
The electric vehicle giant has reported first-quarter earnings for 2022 beating analysts’ expectations. The company earned adjusted income of $3.3 billion exceeded the $2.5 billion forecasted by analysts. It also blasted the $1.1 billion reported a year ago. Earnings per share hit $3.22, a huge increase against the $2.26 expected.
Revenue of $18.8 billion also topped forecasts, rising 6% from the fourth quarter sales and 81% from the year ago total. Earlier this month, Tesla reported vehicle deliveries of 310,048 for the first quarter.
“In addition to chip shortages, recent COVID-19 outbreaks have been weighing on our supply chain and factory operations,” the company said in a statement after their Shanghai plant being shut down for a couple of weeks in April.
Telsa CEO Elon Musk predicts rapid recovery in vehicle production in China to drive strong growth in total output. “Basically, the future is very exciting. I’ve never been more optimistic or excited about Tesla’s future than I am right now,” Musk said.
The company is concerned that supply chain problems will prevent factories working at full capacity, a situation that will likely persist through the rest of 2022.