Tesla Inc reported on Wednesday that second-quarter web earnings was $2.26 billion, in contrast with $1.14 billion a 12 months earlier.

The automaker additionally reported an increase in quarterly revenue as a collection of worth will increase on its best-selling autos helped offset manufacturing challenges, sending its shares up 4 % in prolonged buying and selling.

Tesla has raised the costs of its vehicles a number of occasions this 12 months to deal with greater prices for lithium utilized in batteries and aluminum used for bodywork, together with different uncooked supplies.

Nevertheless, CEO Elon Musk mentioned Tesla would decrease costs when inflation cools.

Complete income fell to $16.93 billion within the second quarter from $18.76 billion a 12 months earlier, ending its streak of posting file income in current quarters because it struggled to satisfy demand for its electrical vehicles. as a result of closure of its Shanghai manufacturing unit and manufacturing challenges in new vegetation