- UN holds 'Summit of the Future' to tackle global crises
- Marxist leader set to become Sri Lanka's next president
- From blades to pull-up bars: UK charity tackles knife crime
- Swiss vote on pensions and environment protections
- No pain, no gain: Chinese pro wrestlers fight for recognition
- UAE leader seeks to deepen 'strategic' ties in US visit during Mideast crisis
- Hezbollah takes heavy hits but still fighting Israel
- Floods, landslides hit central Japan months after major quake
- All Blacks coach Robertson demands better finishing
- Argentina edge South Africa to keep title hopes alive
- Biden says China 'testing us,' in hot mic remarks to Quad allies
- Dubois destroys Joshua to retain IBF world heavyweight crown
- Guardiola says critics want Man City wiped 'from face of the Earth'
- Biden says 'Quad' is 'here to stay' despite challenges
- Dubois knocks out Joshua to retain IBF world heavyweight crown
- Vinicius helps 'faster' Madrid overturn stubborn Espanyol
- Zelensky to press US on long-range missile strikes inside Russia
- PSG drop first points in draw at Reims
- Vinicius, Mbappe on target as Madrid crush plucky Espanyol
- Jeeno leads Ko by two at LPGA Queen City Championship
- Bottega Veneta goes for 'E.T.' chic as Madonna pops into D&G
- Messi, Miami frustrated by New York late leveler
- Musk's X platform takes first step toward lifting Brazil ban
- 'Business as usual' for Australia match-winner Carey amid boos
- Israeli jets pound Lebanon after deadly Beirut strike
- Ten Hag bemoans Man Utd's lack of killer instinct in Palace stalemate
- France's Macron appoints new government in shift to right
- Cheika proud of Leicester grit after winning start as boss
- Profligate Man Utd pay price in 0-0 draw at Palace
- Kane, Olise run riot as Bayern thump Bremen
- Diaz fires Liverpool top of Premier League, Man Utd held at Palace
- LIV champion Rahm out of LIV Team semis with severe flu
- Slot surprised by tearful Nunez's moment of magic
- Title rivals Norris, Verstappen on 'cool' front row for Singapore GP
- Biden talks China with 'Quad' leaders in hometown summit
- Juve and Napoli play out goalless draw in early Serie A title tussle
- Alcaraz fears tennis tour grind will 'kill us'
- Carey sparks recovery as Australia thrash England in 2nd ODI
- Leclerc, Sainz lament 'disappointing' Saturday in Singapore
- Bottega Veneta holds investors' aces as Madonna pops into D&G
- Beirut digs for victims at building flattened in Israeli strike
- Verstappen stages protest over 'ridiculous' swearing punishment
- Bayern boss Kompany lauds 'special talent' Olise
- Diaz fires Liverpool top of Premier League, Spurs bounce back
- Heavy fire over Israel-Lebanon border after deadly Beirut strike
- Ramos guides unbeaten Toulouse to Montpellier win despite Hogg scuffle
- Myanmar flood death toll jumps to 384
- Chelsea owners 'happy' with win at West Ham amid rift report
- Kane and Olise run riot as Bayern thump Bremen
- Ramos guides unbeaten Toulouse to Montpellier win
Tesla reports Q1 profits of $3.3 bn, topping expectations
Tesla reported another banner quarter of profit growth Wednesday as the rapid expansion of electric vehicle (EV) manufacturing capacity boosted sales despite ongoing supply chain problems.
Elon Musk's high-flying EV company reported first-quarter profits of $3.3 billion, up 658 percent from the year-ago period on an 81 percent jump in revenues to $18.8 billion.
The strong profits follow the unveiling of two new factories during the quarter in Germany and the US state of Texas, with that positive development offset somewhat by a temporary shutdown of its China factory due to Covid-19.
Tesla also cited a boost from higher retail prices enacted in part due to rising production costs in the face of semiconductor shortages and difficulties procuring other key supplies.
"Prices of some raw materials have increased multiple-fold in recent months," Tesla said. "The inflationary impact on our cost structure has contributed to adjustments in our product pricing, despite a continued focus on reducing our manufacturing costs where possible."
The results are the latest in a series of strong earnings that has brought glory to Musk, who has most recently launched an unsolicited bid to acquire Twitter.
A closely watched focus of analysts has been the impact of Covid-19 lockdowns on Tesla's Shanghai plant.
Without quantifying the impact to vehicle output, Tesla said, "although limited production has recently restarted, we continue to monitor the situation closely."
The company maintained its multi-year target of growing 50 percent average annual growth in deliveries, while alluding to the constraints of the current market.
"Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through the rest of 2022," Tesla said.
Shares rose 4.1 percent to $1,017.02.
F.Pavlenko--BTB