The electric vehicle maker generated nearly $18.8 billion in sales in the first quarter, and it fared better than analysts had expected.
Tesla had sales of $18.76 billion in the first quarter, according to the quarterly report presented Wednesday evening. Analysts previously expected revenue to end at $17.92 billion in the first three months of the year, according to the Bloomberg consensus.
Revenue increased by 81 percent compared to the same period last year.
Earnings were also better than expected, with earnings per share of $3.22 per share versus analyst expectations of $2.27 per share.
Tesla’s share slid before the numbers were released Wednesday night, down about 5%. Post-trade, on the other hand, the stock is clearly pointing higher, with an increase of about 4 percent at 22.45.
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I think production problems will continue throughout the year
In previous numbers released in January, the company also indicated that problems in supply chains meant factories were not operating at full capacity.
Tesla now writes that they believe supply challenges will result in factories remaining at full capacity through 2022.
In addition to chip shortages, recent COVID-19 outbreaks have affected supply chains and factory activities. Moreover, prices for some raw materials have doubled in recent months, the company wrote in its quarterly report.
The Corona pandemic has contributed to bottlenecks, including at important ports, which have led to delivery problems and delays for a number of goods.
In recent weeks, the epidemic has caused more problems for electric car manufacturers in China. Many cities and regions, including the city of Shanghai, have introduced large-scale closures.
And the giant Tesla plant in Shanghai, which usually produces more than 2,000 cars a day, was forced to close at the end of March due to restrictions. Production at the plant began recently with a limited capacity, and the situation is being closely monitored, the company wrote.
The new gig factory outside of Berlin in Germany started production in March.
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Delivered a record number of cars
Tesla announced earlier this month that the company delivered 310,048 electric vehicles in the first three months of the year. It was a new record high of about 2,000 more than the previous quarter, and somewhat higher than analysts had expected.
The number of electric cars produced in the first quarter was 305,047.
Then Elon Musk confirmed that the record delivery took place despite the world’s supply crunch and factory closures.
Tesla reiterates that it expects delivery numbers to increase 50 percent year over year.
Tesla delivered a record number of cars in the first three months of the year
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