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.
Shares of Tesla rose 4 percent after the close of regular trading.
“Price increases are nicely exceeding cost inflation,” said Craig Irwin at Roth Capital.
“Chinese production issues seem well managed, and we expect Austin and Berlin to make up the slack from Shanghai’s 19-day outage.”
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