Electric automaker Tesla exceeded Wall Street expectations for earnings and revenue in the second quarter on Monday as record shipments offset the effects of an ongoing global shortage of chips and raw materials.

Stocks in the world most valuable automaker closed 2.2 percent at 657.62 and rose to 667.01 in expanded trading.

The company said it was expected to start production this year SUV model Y in Texas and Germany, the launch of the semi-truck would be postponed until 2022. Despite the pandemic and supply chain crisis that affected the auto industry, Tesla posted record deliveries during the quarter thanks Sale of cheaper models, including Model 3 sedans and model Y crossovers.

The automaker, led by billionaire Elon Musk, said sales rose from $ 6.04 billion a year ago to $ 11.96 billion when its US factory was closed for more than six weeks due to local lockdown orders to contain the spread of the coronavirus.

Red Tesla Model 3 exhibited at a Shanghai auto showThe Model 3, seen here at an auto show in Shanghai, had record deliveries in the last quarter.Barcroft Media via Getty Images

According to IBES data from Refinitiv, analysts had expected sales of about 11.3 billion US dollars.

Without items, Tesla achieved a profit of 1.45 US dollars per share, clearly exceeding analyst expectations of a profit of 98 cents per share.

Tesla said operating income rose primarily due to volume growth and cost reductions that offset “additional supply chain costs, lower regulatory credit revenues,” and other items, including $ 23 million in losses from cryptocurrency investments.

Tesla’s profitability was often based on sales of regulatory loans to other automakers, but in the second quarter Tesla was profitable for the first time since late 2019 without those loans. His GAAP net income for the second quarter was $ 1.14 billion. The income from the loans was only $ 354 million.

A Tesla steering wheel with self-driving technologyTesla recently updated the beta version of its self-driving technology.Bloomberg via Getty Images

“Tesla impressed with its numbers as the majority of its revenue came from vehicle sales. Of the $ 10.2 billion in total automotive sales, only $ 354 million came from regulatory loan sales. That’s the lowest amount in the past four quarters, ”said Jesse Cohen, senior analyst at Investing.com.

Automaker Stellantis expects it will meet its European CO2 emissions targets this year without environmental credits bought from Tesla.

Tesla stuck to its plan to increase vehicle deliveries by more than 50 percent this year, but added, “The rate of growth will depend on our equipment capacity, operational efficiency, and the capacity and stability of the supply chain.”

Tesla said it had postponed the launch of the semi-truck program to 2022 “to better focus on these factories and due to limited battery cell availability and global supply chain challenges.”

Tesla previously postponed the expected opening of its first European factory from July to late 2021 due to fierce opposition to the environment, bureaucracy and planning optimizations.