Tesla has been elevating costs – however that hasn’t appeared to dent demand for its electrical vehicles.

Regardless of the agency going through greater prices, income at Elon Musk’s electrical automotive firm soared to $3.3bn (£2.5bn) within the first three months of the 12 months, as clients proved prepared to pay extra.

The agency’s deliveries have been up 68% – and would have been greater if not for provide chain shortages, the agency mentioned.

Its Shanghai manufacturing facility was additionally just lately compelled shut resulting from Covid restrictions.

Because the plant reopens this month, employees shall be required to sleep on the manufacturing facility in an effort to keep away from additional lockdowns, Bloomberg has reported.

“Though restricted manufacturing has just lately restarted, we proceed to observe the scenario carefully,” Tesla mentioned because it shared quarterly outcomes with buyers.

Tesla has been pushing to broaden, opening new factories in Texas and Germany in current weeks.

The agency delivered greater than 310,000 vehicles within the first three months of the 12 months and in a convention name, chief government Elon Musk predicted the corporate would produce 60% extra vehicles in the course of the 12 months as an entire in comparison with final 12 months.

Tesla doesn’t promote its merchandise, however attracts frequent headlines, typically associated to controversial feedback made by Mr Musk.

However the agency mentioned that it had additionally seen spikes in orders following elevated advertising and marketing from rival electrical automotive makers.

Mr Musk mentioned Tesla expects to mass produce a robotaxi with no steering wheel or pedals by 2024.

Whereas Tesla shares rose greater than 5% in after-hours commerce, following the sturdy outcomes, some buyers fear Mr Musk could also be distracted from his give attention to the electrical carmaker because it expands.

Mr Musk, identified for his generally erratic musings on Twitter, just lately made an unsolicited provide to purchase the social media platform for $43bn.

The rise in Tesla’s inventory market worth lately has made Mr Musk the world’s richest man, with an estimated internet value of greater than $260bn.

That’s almost $100bn greater than his closest rival, Amazon founder Jeff Bezos.