Tesla (NASDAQ:) shares were trading around 4% higher after-hours following the company’s reported Q1 results, with EPS of $3.22 coming in significantly above the consensus estimate of $2.26. The revenue grew by 81% over the year to $18.8billion, surpassing the consensus estimate at $17.8billion. This is due to increased vehicle deliveries and an increase in average selling prices (ASP). Other parts of the company also saw growth.

The total production included 14,218 Model S/X cars and 29,1,189 Model 3/Y. Out of total deliveries, 310,048, there were 14,724 Model S/X and 295,324 Model 3/Y delivery.

The company began production and delivery from Gigafactory Berlin in March 2022 and Gigafactory Texas in April 2022.

Company noted that the supply chain issues have not been resolved and has struggled to navigate them over the past year. Furthermore, recent COVID-19 outbreaks have been weighing on the company’s supply chain and factory operations, in addition to chip shortages.

According to the company, the inflationary impact with some raw material prices increasing multiple-fold in recent months has contributed to adjustments in the company’s product pricing, despite the ongoing focus on reducing its manufacturing costs where possible.

By Davit Kirakosyan