Tesla (NASDAQ:TSLA) shares were trading around 4% higher after-hours following the company’s reported Q1 results, with EPS of $3.22 coming in significantly above the consensus estimate of $2.26. Revenue grew 81% year-over-year to $18.8 billion, beating the consensus estimate of $17.8 billion, reflecting growth in vehicle deliveries, increased average selling price (ASP) and growth in other parts of the business.
Total production was 305,407 vehicles, out of which 14,218 of Model S/X and 291,189 of Model 3/Y. Total deliveries were 310,048, out of which 14,724 of Model S/X deliveries and 295,324 of Model 3/Y deliveries.
During the quarter the company started its production and deliveries from Gigafactory Berlin (March 2022) and Gigafactory Texas (April 2022).
The company noted that supply chain challenges have remained persistent and it has been navigating through them for over a year. Furthermore, recent COVID-19 outbreaks have been weighing on the company’s supply chain and factory operations, in addition to chip shortages.
According to the company, the inflationary impact with some raw material prices increasing multiple-fold in recent months has contributed to adjustments in the company’s product pricing, despite the ongoing focus on reducing its manufacturing costs where possible.
By Davit Kirakosyan
Tesla Shares Jump 4% on Strong Q1 Beat, Revenue Increases 81%