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Tesla revenue surged 81% in Q1; Shanghai production resumes

U.S. EV maker forecasts more supply chain challenges ahead

Tesla beat Wall Street estimates for revenue and profit in the first quarter.   © Reuters

PALO ALTO, U.S. -- Tesla reported blockbuster first quarter results Wednesday after the bell, defying ongoing supply chain challenges. However, the U.S. electric vehicle maker warned of a tough road ahead, as its main production hub -- Shanghai Gigafactory -- was forced to close for three weeks in April and only recently resumed limited production.

"While weekly production rates were strong in Q1, a spike in COVID-19 cases in Shanghai resulted in the temporary shutdown of our factory as well as parts of our supply chain," Tesla said in an earnings release.

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