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Tuesday, September 27, 2022

Tesla generates a $3 billion profit and expects to sell 1.5 million vehicles this year

With ongoing supply chain issues and a manufacturing closure in China, Elon Musk’s Tesla Corporation generated $3.3 billion in profit in the first quarter of this year on sales of $18.7 billion, according to the company’s financial statements.

Tesla manufactured more than 305,000 cars and delivered more than 310,000 vehicles during the first quarter of the fiscal year.

The business said that it supplied 295,324 Model 3 and Model Y automobiles, while 14,724 vehicles were delivered for the Model S and Model X vehicles.

Musk said on a results conference call with investors late on Tuesday that the electric vehicle manufacturer will be able to scale up production and build 1.5 million vehicles this year.

“It is plausible that we will be able to build one and a half million automobiles this year,” he said. ”

This year, the corporation launched two new facilities, one in Berlin and the other in Austin, Texas, both in the United States.

Tesla began shipping Model Y vehicles from Texas in April 2022, after the commencement of manufacturing in Berlin in March 2022.

Tesla’s Full Self-Driving Beta Program, according to Elon Musk, has experienced a number of false dawns. “With respect to full-self driving, of any technology development I’ve ever been involved in, I’ve never really seen more kinds of false dawns where it seems like we’re going to break through but we don’t,” Musk said.

According to the corporation, automotive sales reached $16.86 billion, an increase of 87 percent over the same time in 2021.

Musk, who has launched a $43 billion takeover bid for Twitter, has said that Tesla would conduct a robotaxi event in 2023 and that the company plans to begin volume production in 2024.

David Faber
I am a Business Journalist of The National Era
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