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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.
The company’s automotive revenue soared 87% to $16.86 billion. Automotive gross margins jumped to a record 32.9% with Tesla reporting a gross profit of $5.54 billion in its main segment. Regulatory credits accounted for $679 million of automotive revenue for the quarter.
Declining solar deployments
Tesla’s solar deployments dropped by nearly half to 48 MW in the first quarter of 2022 versus the same time last year. It deployed 846 MWh of lithium ion-based battery energy storage systems, up 90% from the same time last year, but down from the previous quarter.
Tesla attributed the declines in solar deployments to import delays on certain components that were beyond the company’s control.
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With inputs from Tesla