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Tesla notches record profit, sees big 2022 production gain

Bloomberg4/21/2022 8:24 AM GMT+08  • 4 min read
Tesla notches record profit, sees big 2022 production gain
“We may pull a rabbit out of the hat. Q3 and Q4 will be substantially higher." / Photo: Bloomberg
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Tesla Inc reported better-than-expected first-quarter results, buoyed by strong demand for its electric vehicles, with Elon Musk predicting output will grow at a fast clip for the rest of the year despite supply-chain challenges.

The first major US automaker to report financial results for the first three months, Tesla easily beat estimates with a record profit. It cautioned that production remains constrained by shortages and higher prices for key components, a common refrain for automakers due to global bottlenecks on supplies of parts such as semiconductors.

But Chief Executive Officer Musk said Tesla should be able to make up for any production shortfalls in the first half of the year from coronavirus-related shutdowns at its factory in Shanghai, and is on track to expand production to more than 1.5 million vehicles this year. It delivered about 936,000 cars in 2021.

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