Tesla beats quarterly revenue expectations

Tesla on Monday beat Wall Street expectations for first-quarter revenue and profit, fueled by record deliveries.

The electric carmaker - which delivered a record 184,800 vehicles globally in the January to March quarter - said it expects growth in vehicle volume to exceed 50% this year and said it's on track to start production and deliveries at its planned factories in Texas and Berlin soon.

Tesla, led by billionaire entrepreneur Elon Musk, said sales jumped more than 70% from the same period a year earlier to roughly $10.4 billion.

The company said it was able to navigate through the global chip supply shortage in part by pivoting extremely quickly to new microcontrollers.

Still, the world's most valuable automaker, whose shares jumped more than eight-fold last year, faces challenges on other fronts.

In the United States, its full self-driving software is facing new federal investigations following 28 crashes of Tesla vehicles, including a recent fatal one in Texas that killed two.

And in China, home to Tesla's second vehicle factory, Tesla has been under growing pressure from the government and public after a woman protested alleged brake problems during the Shanghai auto show.