Tesla record profit blows away estimates
CNN
Tesla has posted record profits once again, overcoming supply chain issues that have dogged the broader auto industry to blow away Wall Street's forecast for the company for the first quarter of 2022.
But the company warned that it is not immune from supply chain problems, which it said limited "our ability to run our factories at full capacity," a situation that will likely persist through the rest of 2022, it added. A recent Covid outbreak and lockdown rules in China forced it to temporarily shut its factory in Shanghai earlier this month.
"Recent Covid-19 outbreaks have been weighing on our supply chain and factory operations," Tesla said. "Furthermore, prices of some raw materials have increased multiple-fold in recent months. The inflationary impact on our cost structure has contributed to adjustments in our product pricing."
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