Tesla profit tops target; Elon Musk sees no demand problem

Tesla Inc on Wednesday reported a smaller-than-expected drop in quarterly profit as a string of price increases on its electric vehicles (EVs) helped offset production challenges caused by Covid-19 lockdowns in China.

Chief Financial Officer Zachary Kirkhorn said Tesla was still pushing to reach 50% growth in deliveries this year, adding that while the target had become more difficult, “it remains possible with strong execution.”