Despite rising prices, Tesla has continued to enjoy massive patronage from customers. The company’s profit soared to $3.3 billion in Q2 2022.
While production was affected by higher costs and COVID-19 restrictions, the company’s deliveries were up 68%. In Q1 2022, the company delivered more than 310,000 cars. Telsa’s CEO, Elon Musk predicted that the company would produce 60% more cars during the year as a whole compared to 2021.
To solve the issue with higher costs, there are indications that Musk could buy a lithium company.
The company is also introducing several measures that will help protect workers at its Shanghai factory which had previously been closed due to COVID-19. With the factory set to reopen, workers will be required to sleep at the factory in a bid to avoid further lockdown.
Tesla is also expanding its factories as it looks to increase production. New factories in Texas and Germany will further help boost the company’s products and drive sales up.