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Tesla Gains on Musk Optimism About Overcoming Supply Issues

  • CEO Musk expects 2022 production to top 1.5 million vehicles
  • Carmaker more than doubles revenue from regulatory credits
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WATCH: Tesla reported better-than-expected first-quarter results, buoyed by strong demand for its electric vehicles amid ongoing supply-chain challenges.Source: Bloomberg
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Tesla Inc. shares rose, erasing their decline for the year, after the carmaker reported better-than-expected earnings and Elon Musk predicted production will grow at a fast clip for the rest of 2022 despite supply chain challenges.

The first major U.S. automaker to report financial results for the first three months handily beat estimates with a record quarterly profit. While Tesla cautioned that it remains constrained by shortages of materials and components -- a common refrain for automakers plagued by bottlenecks of parts such as semiconductors -- its ability to overcome obstacles is setting itself apart.