Tesla mentioned first-quarter internet earnings and revenues surged after the EV maker delivered document models at larger costs.

The corporate led by Elon Musk posted internet earnings for the quarter of $3.32 billion in contrast with a revenue of $438 million a yr earlier. Income was $18.8 billion within the first quarter ended March 31 from $10.39 billion a yr earlier.

Earnings per share and income exceeded Wall Avenue expectatons. Tesla reported earnings per share of $2.86 whereas analysts anticipated $2.26.

Tesla has been an outlier for the reason that pandemic outbreak, posting document deliveries and earnings for a number of quarters when rivals wrestling with international provide chain snarls rolled out manufacturing halts.

The corporate’s two new factories in Texas and Berlin are ramping up manufacturing, with Musk delivering Tesla’s first Texas-made Mannequin Y autos earlier this month. The corporate began deliveries in Berlin in March.

Tesla has raised costs in response to inflation, offsetting the influence of a Shanghai manufacturing facility shutdown

“Worth will increase are properly exceeding price inflation,” mentioned Craig Irwin at Roth Capital. “Chinese language manufacturing points appear effectively managed, and we anticipate Austin and Berlin to make up the slack from Shanghai’s 19-day outage.”

Tesla raised its costs in China, the U.S. and different nations after Musk mentioned in March that the carmaker was dealing with important inflationary strain in uncooked supplies and logistics amid the disaster in Ukraine.

“Our personal factories have been working under capability for a number of quarters as provide chain turned the principle limiting issue, which is prone to proceed via the remainder of 2022,” Tesla mentioned in a press release.

Tesla mentioned chip shortages and up to date COVID-19 outbreaks have been weighing on its provide chain and manufacturing facility operations, whereas costs of some uncooked supplies have elevated multiple-fold in latest months.

Gross sales of its regulatory credit score to different automakers jumped 31 % to $679 million within the quarter from a yr earlier, serving to enhance income and earnings.

Tesla shut down its Shanghai manufacturing facility throughout a COVID outbreak for about three weeks earlier than resuming manufacturing step by step this week. “Though restricted manufacturing has lately restarted, we proceed to watch the scenario intently,” Tesla mentioned on Wednesday.

Musk supplied to purchase Twitter final week, sparking considerations about him being distracted from the carmaker at a time when it’s ramping up manufacturing at its new factories. The Berlin and Texas plant might be key to assembly demand and lowering reliance on its Shanghai manufacturing facility, its greatest meeting web site.

There are considerations that Musk might promote some Tesla shares or borrow towards extra Tesla shares to finance his $43 billion bid to purchase Twitter.