Tesla reports 81% jump in revenue in Q1 results
Revenue growth was driven by increasing vehicle deliveries and average sales prices
By Yashasvini Razdan
Published - Apr 21, 2022, 02:06 AM ET
Last Updated - Feb 22, 2024, 03:23 PM EST
Tesla (NASDAQ: TSLA) reported that its revenue rose 81% to $18.8 billion in the first quarter ended March 31, versus estimates of $17.8 billion.
The electric-vehicle maker said that revenue growth was driven in part by an increase in the number of cars it delivered and average sales prices.
Tesla raised its prices in the US, China, and other countries, after Musk said in March that the company was facing inflationary pressures in raw materials and logistics amid the Russia-Ukraine war.
This month, Tesla reported approximately 310,048 vehicle deliveries for the first quarter. Model 3 and Model Y vehicles comprised 95%, or 295,324, of deliveries in the period ending March 31, 2022.
