Tesla races ahead of rising costs with price hikes

STORY: Tesla raced past expectations in the first quarter.

The EV maker said revenues hit $18.8 billion - around a billion more than analysts had forecast, and up 81% from a year earlier.

Price hikes were key to the gains.

Tesla lifted prices in China, the U.S. and other markets to overcome rising costs for raw materials.

Logistics remain a problem though, with the conflict in Ukraine adding to chaos in the supply chain.

In a call with investors, boss Elon Musk said Tesla factories were running at below capacity as a result.

He says the constraints are likely to continue through the rest of the year.

Even so, the results let Musk meet a hat trick of performance goals.

That entitles him to $23 billion in new compensation.

Musk gets no salary as such, with his earnings tied to Tesla’s market capitalisation and financial growth.

Looking ahead, he said Tesla would have some “exciting announcements” in the coming months about securing raw materials for batteries.

Musk also predicted the firm would mass produce a robotaxi with no steering wheel or pedal by 2024.

He made no mention of his recent offer to buy Twitter, or whether he might borrow against Tesla stock to fund the deal.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting