Tesla has drawn a lot of scrutiny lately, has run into delays with the refreshed Model S and Model X, and the auto industry is struggling through a global shortage of semiconductors. But none of those things seemed to have much effect on Tesla’s business.
On Monday, the Silicon Valley automaker announced its best-ever start to a year, despite not making a single Model S sedan or Model X SUV. That’s thanks in large part to the fact that Tesla continues to increase the number of Model 3s and Model Ys it makes and sells out of its year-old factory in Shanghai, China, validating CEO Elon Musk’s long-standing goal of localizing production in the world’s biggest markets for electric vehicles.
As a result, Tesla generated $10.4 billion in...
