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China demand helps Tesla to record quarter amid chip shortage

EV maker's revenue jumps as CEO Musk admits supply problems

PALO ALTO, U.S. -- Tesla reported record first-quarter sales and revenues on Monday, but the U.S. electric vehicle maker admitted it faced a "huge problem" from the global chip shortage.

For the three months ended March, Tesla reported $10.39 billion in revenue, up 74% year over year, boosted by $518 million in regulatory credits and $101 million from selling the company's bitcoin reserve.

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