The daily business briefing: April 21, 2022

Tesla reports record first-quarter profit, home prices hit a record high, and more

A Tesla lot in Fremont, California
A Tesla lot in Fremont, California
(Image credit: Justin Sullivan/Getty Images)

1. Tesla reports record 1st-quarter profit

Tesla on Wednesday reported record first-quarter profit of $3.32 billion, a seven-fold increase as sales jumped by 80 percent over a year earlier. The electric-car maker said its earnings per share reached $3.22, beating expectations of $2.26 per share. Revenue reached $18.76 billion, compared to $17.80 billion expected. CEO Elon Musk said Tesla would be able to increase production more than previously projected this year despite ongoing supply-chain clogs and China coronavirus restrictions that cost Tesla a month of production at its Shanghai factory. "Shanghai is coming back with a vengeance," Musk said. He said Tesla would produce more than 1.5 million vehicles this year, 60 percent more than last year.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.