Despite continuous supply chain issues and a manufacturing closure in China, Tesla made a $3.3 billion profit in the first quarter of this year, generating $18.7 billion in revenue.
Tesla manufactured more than 305,000 vehicles and delivered more than 310,000 units in the first quarter.
The company stated that it supplied 295,324 Model 3 and Model Y automobiles, as well as 14,724 Model S and X vehicles.
During an earnings call with analysts late Tuesday, Musk estimated that the electric carmaker will be able to scale up manufacturing and create 1.5 million vehicles this year.
"It seems likely that we'll be able to produce one and a half million cars this year," he said.
This year, the company launched two new locations, one in Berlin and the other in Austin, Texas.
Tesla commenced Model Y deliveries from Texas in April 2022, after beginning manufacturing in Berlin in March 2022.