Tesla electric vehicles have become expensive. The prices have been hiked and no effect has been noticed in the demand. Deliveries increased by about 68 percent despite supply chain issues and the shutdown of its Shanghai factory due to pandemic restrictions. Profits of the company have jumped by $3.3 billion in the first quarter of 2022.
The EV giant is planning to expand its production facilities with new factories coming up in Germany and Texas. It delivered around 310,000 cars in Q1 of the year and CEO Elon Musk confirmed to be ramping up the production by about 60 percent this year.
Tesla has a habit of not advertising its electric vehicles, but often tweets and comments of Musk hit headlines and create controversies. The company said spikes in demand have been noticed with the increased marketing of other EV makers.
The company adds that mass production of its robotaxi is in process and hit the roads by 2024 with no pedals and no steering wheels.
The share prices of Tesla have jumped about 5 percent after reports of strong results while some investors are speculating Musk would become busy with his other projects as he recently tweeted to be buying Twitter for $43 billion.
Musk is currently the wealthiest man on the planet. His wealth increased with the increase in the market value of Tesla stock. His net worth is about $260 billion. His closest rival and founder of Amazon, Jeff Bezos, is less rich by about $100 billion.
Lately, Hertz claimed to have ordered 100,000 EVs from Tesla, but Musk downplayed saying no such deal has been signed yet. The news initially surged share prices, but the statement of Musk played differently in the market.
Tesla is currently handling more demand than production. It is trying to increase production and improve the supply chain.