Tesla profit tops target

Brisk sales: Visitors looking at a China-made Tesla Model Y sport utility vehicle at the EV maker's showroom in Beijing. Tesla's China factory ended the second quarter with a record monthly production level. - Reuters

SAN FRANCISCO: Tesla Inc has reported a higher-than-expected quarterly profit as a string of price increases on its best-selling electric vehicles (EVs) helped offset production challenges caused by Covid-19 lockdowns in China.

Chief executive Elon Musk said he expects inflation will begin to ease by the end of the year, and he told a conference call that Tesla does not have a demand problem.