Here's how Tesla performed versus Street estimates:

Revenue: $18.8 billion versus $17.9 billion expected

Adjusted earnings per share: $3.22 versus $2.27 expected

Musk noted that despite COVID-19 related shutdowns at its key Shanghai manufacturing plant recently, Tesla production has come back with a "vengeance." He added that will aid in Tesla potentially delivering 60% more cars this year compared to 2021, ahead of many analyst estimates.

"Taking a step back, with the supply chain issues still a lingering overhang on the auto space and logistical issues globally, we believe these 'Cinderella-like' delivery numbers in a brutal supply chain backdrop speaks to an EV demand trajectory that looks quite robust for Tesla heading into the rest of 2022," Wedbush Managing Director Dan Ives said.

Ives has a $1,400 price target on the stock. At current levels, Ives' price target assumes 33% upside over the next 12-months.