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Tesla posts $438M 1Q profit on strong electric vehicle sales

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DETROIT – Charged up by strong sales of its electric cars and SUVs, Tesla on Monday posted its seventh-straight profitable quarter.

The company made $438 million in the three-month period that ended March 31, as sales more than doubled the same period last year to nearly 185,000 vehicles.

All but 2,000 of the sales were lower-priced Model 3 sedans and Model Y SUVs. Tesla said it didn’t produce any of its higher priced Model S sedans and Model X SUVs as it switched to new versions during the quarter.

The Palo Alto, California, company faces challenges as it tries to reach its second-straight annual profit this year. There’s a global shortage of semiconductors that’s forcing automakers to idle factories, and Tesla is facing renewed scrutiny

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