Market: Tesla publishes results above expectations

SAN FRANCISCO (Reuters) – Tesla on Wednesday reported quarterly results that beat Wall Street expectations as higher vehicle prices helped the U.S. automaker offset rising costs and supply chain issues .

Since the start of the coronavirus health crisis, Tesla has released record data for its deliveries and profits, even as some of its rivals have been forced to suspend production due to bottlenecks.

The electric vehicle maker’s stock rose 4% in post-closing trading on Wall Street.

Tesla raised prices in the United States, China and other countries after its boss, Elon Musk, spoke in March of the significant inflationary pressures facing his group, citing the consequences of the Ukraine crisis.

Over the January-March period, the group’s turnover stood at 18.8 billion dollars, against a consensus which stood at 17.8 billion dollars according to IBES data from Refinitiv. This is an increase of 81% over one year.

Earnings per share were $3.22, while analysts had expected an average of $2.26.

(Report Hyunjoo Jin in San Francisco and Akash Sriram in Bangalore; French version Jean Terzian)

Copyright © 2022 Thomson Reuters

Leave a Comment