Austin-based automaker Tesla reported Wednesday that its first-quarter net earnings were more than seven times greater than a year ago, powered by strong sales despite global supply chain issues and pandemic-related production cuts in China.

The electric vehicle and solar panel company made $3.32 billion from January through March. Excluding special items such as stock-based compensation, the company made $3.22 per share. That soundly beat Wall Street estimates of $2.26 per share according to data provider FactSet.

Revenue for the quarter was $18.76 billion, also beating estimates of $17.85 billion. Tesla's revenue was boosted by multiple price hikes meant to offset rising costs of lithium, nickel, cobalt and other precious metals used to make batteries.

On a call with investors, Tesla CEO Elon Musk said Tesla is early in its journey, and the company is continuing to grow rapidly. 

"The future is very exciting. I've never been more optimistic or excited about Tesla's future than I am right now," he said. 

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It might be harder for Tesla to post similar numbers later this year. The company is facing costs from ramping up new factories in Austin and Germany, as well as rising commodity prices. It's also looking at increased competition as startups and legacy automakers roll out more electric models.

On the call with investors Wednesday, Musk said the company expects both factories to increase production in the coming year. He said Tesla also expects to see vehicle output growth of over 50% annually over the next several years.

"We expect to ramp those which like slowly but like say growing exponentially with them achieving high volume by the end of this year," Musk said. 

Musk said the new factories will remain focused on the Model Y as they ramp up, and could reach 5,000 vehicles a week about 9 to 12 months after the start of production. 

"It's important for new factories to be focused on and have the least amount of complexity and variation, which is why Giga Berlin and Giga Texas are focused on the Model Y," Musk said.  

Musk said that in Austin, streamlined production techniques designed to simplify parts and production of Model Y could help the factory ramp faster.

The company said its weekly production for the first quarter was strong, but a spike in COVID-19 cases brought the temporary shutdown of its factory in Shanghai, as well as part of Tesla's supply chain.

“Although limited production (at the Shanghai factory) has recently restarted, we continue to monitor the situation closely,” the company said in a letter to investors.

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Tesla delivered a record 310,000 vehicles worldwide in the first quarter, up roughly 68% from the same period in 2021. The increase came even as Tesla battled a global shortage of computer chips and other parts like the rest of the global auto industry. Tesla delivered 185,000 vehicles in the first quarter of last year.

Tesla seems to have dealt with parts shortages better than the rest of the industry.

Last year the company delivered a record 936,000 vehicles, an 87% increase over 2020 numbers. The company said in February that it expects 50% annual growth in sales, meaning it expects about 1.4 million vehicles to be delivered this year.

Musk last year relocated Tesla's corporate headquarters from California to Austin, on the site of the company's new $1.1 billion manufacturing facility. 

Earlier this month, Tesla hosted thousands of visitors for a grand opening celebration at the Austin site, and event Musk dubbed a "Cyber Rodeo."

During the event, Musk called the Austin manufacturing facility “the most advanced car factory the world has ever seen," and made clear that the facility is key to Tesla's success. Musk said Tesla aims to make as many as half a million vehicles in Austin next year, making it the highest volume car factory in the country. 

Musk said the company is using a number of new technologies at the facility, which he said is home to the world’s biggest casting machine, designed to simplify and by proxy speed up the manufacturing process.

Musk also confirmed that the facility has started producing batteries, with plans to swiftly scale production. “We think over time this will be the biggest cell factory in the world,” Musk said. 

Musk confirmed that the first Tesla Model Y SUVs made at the Austin factory are now being delivered to customers, and said production will start next year in Austin on the company's Cybertruck. The factory will also build the company's Model 3 and Semi vehicles, Musk said.

Includes material from American-Statesman reporter Kara Carlson and the Associated Press.