Tesla Inc (TSLA.O) earnings above Wall Street estimates on Wednesday, as higher pricing helped buffer the electric vehicle manufacturer from supply chain instability and soaring expenses.
The results should also result in $23 billion in fresh rewards to CEO Elon Musk, who is currently the world’s richest person.
Tesla has been an exception since the pandemic’s breakout, producing record deliveries and profitability for multiple quarters while competitors grappling with worldwide supply chain snarls halted production.
Tesla shares climbed 5% after the closing of regular trading.
During an investor conference call, Musk stated that Tesla has a good chance of exceeding 60 percent car delivery growth this year and that he expects to see 50 percent yearly delivery growth for several years.
Tesla increased its pricing in China, the United States, and other countries after Musk stated in March that the US electric automaker was suffering considerable inflationary pressure in raw materials and logistics due to the Ukraine situation.
“Our own plants have been running below capacity for several quarters as supply chain became the primary limiting factor, which is anticipated to persist for the remainder of 2022,” Tesla said in a statement.