The world’s leading producer of electric vehicles posted its most profitable quarter fueled by record deliveries. Elon Musk says a dedicated Tesla robotaxi is coming.
Tesla CEOElon Musk speaks at the opening of the electric carmaker's Giga Texas plant on April 7, 2022 in Austin.Tesla Inc., the world’s leading producer of electric vehicles, reported its most profitable quarter in company history fueled by record deliveries in 2022’s first quarter though ongoing supply chain challenges and slowed production in China related to the pandemic are likely to be a drag on operations for the time being.it earned a best-ever $2.86 per share, up from $0.
“Despite numerous supply interruptions, including shutdowns in our Shanghai factory and nearby suppliers due to COVID, we’ve continued making progress and achieved our best-ever vehicle deliveries,” Tesla CFO Zack Kirkhorn said in a conference call. “We continue to drive towards further strengthening of our financials in the second half of the year and believe our 50% or above growth rate remains achievable for the year.
The addition of new auto-assembly plants in Berlin and Texas will help offset the China slowdown though the two facilities won’t be running at full capacity for months. “The rate of growth will depend on our equipment capacity, operational efficiency and the capacity and stability of the supply chain,” the company said in its earnings release.
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