Tesla posts $3bn in profit, aims 1.5mn cars this year

Despite ongoing supply chain challenges and factory shutdown in China, Elon Musk-run Tesla earned $3.3 billion profit in the first quarter this year, registering $18.7 billion in revenue.

In the first quarter, Tesla produced more than 305,000 vehicles and delivered more than 310,000 vehicles.

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

On an earnings call with analysts late on Tuesday, Musk predicted that the electric car-maker would be able to ramp up production and produce 1.5 million cars this year.

"It seems likely that we'll be able to produce one and a half million cars this year," he said.

The company has opened two new facilities -- one in Berlin and the second in Austin, Texas, this year.

Tesla started production in Berlin during March 2022 and began delivering Model Y from Texas this April.

On Tesla's Full Self-Driving Beta programme, Musk said, "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."

Automotive revenue reached $16.86 billion, up 87 per cent from the same period in 2021, said the company.

Musk, who has made a Twitter takeover offer of $43 billion, said Tesla will hold a robotaxi event in 2023 and is aiming for volume production in 2024.