Tesla profits soar as customers pay more

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Demand for its electric cars has not been affected by the price hikes ofTesla.

In the first three months of the year, profits at the electric car company soared as customers were willing to pay more.

If supply chain shortages had not affected deliveries, they would have been higher.

Due to Covid restrictions, it was forced to shut down its factory in Shanghai.

As the plant reopens this month, staff will be required to sleep at the factory in order to avoid further lockdowns.

Although limited production has recently restarted, we continue to monitor the situation closely, as it shared quarterly results with investors.

New factories have been opened in Texas and Germany in the last few weeks.

In the first three months of the year, the company delivered more than 310,000 cars, and in a conference call with investors, Musk predicted that the company would produce 1.5 million cars in the year as a whole.

In the first three months of the year, revenues jumped 81%.

In after-hours trade, the shares rose more than 4%.

The rapid rise ofTesla stock in recent years has made Musk the world's richest man with a reported net worth of more than $260 billion.

His closest competitor is Amazon founder Jeff Bezos.

Musk put in an offer to buy the social media firm for $43 billion.