Revenue at US electric car maker Tesla Inc. in January-March rose 81% (year-on-year) to $18.76 billion.

Net income increased 7.7 times to $3.32 billion, or $2.86 per share, up from $438 million, or $0.39 per share, a year earlier.

Experts surveyed by FactSet had on average forecast Tesla’s quarterly revenue at $17.7 billion and net income at $2.2 billion.

Earnings excluding one-time factors rose to $3.22 per share from $0.93 per share, with a market consensus forecast of $2.26 per share.

The company increased vehicle production last quarter by 69% to 305,407,000 vehicles, while deliveries to customers rose 68% to a record 310,048,000 units.

Tesla’s press release notes that supply chain challenges remain and there are still shortages of semiconductor components. In addition, the recent COVID-19 outbreak in China forced the company to suspend operations at its Shanghai plant, and to date production has resumed only to a limited extent.

In addition, Tesla has noted a recent surge in commodity prices, which has forced it to adjust product prices.

The automaker’s facilities have not been operating at full capacity for several consecutive quarters due to supply chain issues, and this situation is likely to continue through the end of 2022, according to the press release. “That said, we have sufficient liquidity to fund product development plans, long-term capacity expansion and other expenses,” the company said.

Tesla shares rose 5.6 percent in additional trading Wednesday after the reports were released. Their value has fallen 7.5% since the beginning of this year.