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Tesla almost doubled its income in Q1 regardless of business extensive provide chain woes

Tesla constructed 305,000 autos within the first quarter of this yr, delivered 310,000 of them, posted $3.Three billion in internet revenue, and opened two new factories — in Berlin and Austin — all whereas CEO Elon Musk sought a extremely publicized hostile takeover of Twitter.

Tesla's latest manufacturing unit investments, in addition to efforts to shore up its battery element provide chain, are a part of the corporate's localization technique, which seeks to lower production costs by constructing autos nearer to the markets they'll ultimately be offered in. However like the rest of the automotive industry, Tesla faces an more and more tight provide of essential semiconductors and rising costs spurred by inflation itself introduced on by Russia's invasion of Ukraine. It is also presently navigating the shuttering of its Gigafactory in Shanghai, which closed as a consequence of COVID outbreaks within the area. Work on the manufacturing unit has solely partially resumed in latest days.

On the opening of the Austin Gigafactory earlier this month, Musk confirmed that the long-awaited Cybertruck would lastly be going on sale in 2023 and {that a} extensive beta of its Full Self-Driving know-how can be rolling out all through North America this yr. Q1 2022 additionally noticed price increases across Tesla's model lineup and the elimination of gratis mobile charging equipment.

Tesla will maintain its quarterly investor teleconference at 5:30pm ET at the moment, keep tuned for updates from that decision together with no matter enjoyable tidbits fall out of Elon's head throughout it.


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