Tesla has seemingly won the hearts of drivers looking to go green, as rising prices has stopped short of putting off consumers from making the leap.
Elon Musk’s electric vehicle (EV) company enjoyed record profits of $3.3bn (£2.5bn) in the first thee months of the year, despite inflationary headwinds.
In its first quarter update published late last night, the US EV giant reported deliveries growing nearly 70 per cent, which could have been higher had supply chain hang-ups not curtailed production.
Tesla’s factories in China have been experiencing Covid-19 lockdowns in recent months. However, Musk’s recently opened facility in Texas, its biggest so far, is hoped to boost progress.
While the firm delivered over 310,000 cars in the first quarter, Musk expects the company to produce 60 per cent more cars this year, in comparison with 2021.
As a result of the record performance, Musk – the billionaire tech entrepreneur behind SpaceX and Starlink – stands to receive more than $23bn (£17.6bn) in stock awards, The Times first reported.
Musk, already the world’s richest man, is set to receive three fresh tranches of shares under a compensation arrangement with Tesla, which he receives instead of a salary as chief executive of the carmaker.
The figures, which also include an 81 per cent jump in revenue, sparked investor interest on Wall Street last night.
It comes as Musk embarks on a contentious takeover bid for social media giant Twitter.