- US writes off over $1 billion of Somalia debt
- Stock markets climb, dollar dips as US votes
- Boeing union approves contract, ending over 7-week strike
- Stock markets rise, dollar falls as US votes
- US September trade deficit widest in over two years
- 'Black day': French workers protest Michelin plans to close two plants
- Saudi Aramco's quarterly profit drops 15% on low oil prices
- Spain unveils aid plan a week after catastrophic floods
- Europe auto struggles lead to cuts at Michelin, Germany's Schaeffler
- Norway speeds ahead of EU in race for fossil-free roads
- Most Asian markets rise as US heads to polls in toss-up vote
- Nintendo lowers sales forecast as first-half profits plunge
- Most Asian markets rise ahead of toss-up US election
- Saudi Aramco says quarterly profit drops 15% on low oil prices
- Boeing union says approves contract, ending over 7-week strike
- New Hampshire hamlet tied in first US Election day votes
- China's premier 'fully confident' of hitting growth targets
- Asian markets swing ahead of toss-up US election
- Turkey sacks 3 mayors on 'terror' charges, sparking fury in southeast
- Prince William plays rugby on S.Africa climate prize visit
- Striking workers weigh latest Boeing contract offer
- Montreux Jazz Festival hails 'godfather' Quincy Jones
- Stock markets hesitant before knife-edge US election
- 'War ruined me': Lebanon's farmers mourn lost season
- Stock markets rise before knife-edge US election
- Eight on trial over French teacher's 2020 beheading
- Ryanair profit falls, growth hit by Boeing delays
- Quincy Jones, entertainment titan and music mastermind
- Most markets rise ahead of US vote, China stimulus meeting
- Most Asian markets rise ahead of US vote, China stimulus meeting
- Climate finance billions at stake at COP29
- Nations gather for crunch climate talks in shadow of US vote
- Asian markets rise ahead of US election, Chinese stimulus meeting
- No need to tell your husband: Harris banks on women's votes
- Striking Boeing workers set to vote on latest offer
- Pakistan shuts primary schools in Lahore over record pollution
- Fading literature: Delhi's famed Urdu Bazaar on last legs
- Green shoots spring from ashes in Brazil's fire-resistant savanna
- Serbia to demolish 'German' bridge amid outcry
- War decimates harvest in famine-threatened Sudan
- Nuts! NY authorities euthanize Instagram squirrel star
- Nvidia to join Dow Jones Industrial Average, replacing Intel
- US stocks rebound on Amazon results ahead of Fed, election finale
- Wall Street bounces while oil prices climb on Middle East worries
- For a blind runner, the New York marathon is about 'vibrations'
- Wall Street bounces while oil prices gain on geopolitical fears
- ExxonMobil profits dip as it gives back almost $10 bn to investors
- Global stocks diverge, oil prices gain on geopolitical fears
- On Belgian coast, fishing on horseback -- and saving a tradition
- French brushmakers stage 'comeback' with pivot to luxury market
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Tesla reports Q1 profits of $3.3 bn, topping expectations
Tesla reported another banner quarter of profit growth Wednesday as the rapid expansion of electric vehicle (EV) manufacturing capacity boosted sales despite ongoing supply chain problems.
Elon Musk's high-flying EV company reported first-quarter profits of $3.3 billion, up 658 percent from the year-ago period on an 81 percent jump in revenues to $18.8 billion.
The strong profits follow the unveiling of two new factories during the quarter in Germany and the US state of Texas, with that positive development offset somewhat by a temporary shutdown of its China factory due to Covid-19.
Tesla also cited a boost from higher retail prices enacted in part due to rising production costs in the face of semiconductor shortages and difficulties procuring other key supplies.
"Prices of some raw materials have increased multiple-fold in recent months," Tesla said. "The inflationary impact on our cost structure has contributed to adjustments in our product pricing, despite a continued focus on reducing our manufacturing costs where possible."
The results are the latest in a series of strong earnings that has brought glory to Musk, who has most recently launched an unsolicited bid to acquire Twitter.
A closely watched focus of analysts has been the impact of Covid-19 lockdowns on Tesla's Shanghai plant.
Without quantifying the impact to vehicle output, Tesla said, "although limited production has recently restarted, we continue to monitor the situation closely."
The company maintained its multi-year target of growing 50 percent average annual growth in deliveries, while alluding to the constraints of the current market.
"Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through the rest of 2022," Tesla said.
Shares rose 4.1 percent to $1,017.02.
S.F.Lacroix--CPN