Tesla Races Ahead of Rising Raw Material Costs on Price Hikes

Tesla Races Ahead of Rising Raw Material Costs on Price Hikes
Model Y cars in the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, on March 22, 2022. Patrick Pleul/Pool via Reuters
Reuters
Updated:

SAN FRANCISCO—Tesla Inc surged past Wall Street estimates for quarterly revenue and profit on Wednesday, as the electric carmaker raised prices in response to inflation, offsetting the impact of a Shanghai factory shutdown.

Tesla has been an outlier since the pandemic outbreak, posting record deliveries and earnings for several quarters when rivals wrestling with global supply chain snarls rolled out production halts.