Tesla's second-quarter profit jumped 20 percent, beating analyst expectations, as the electric vehicle maker benefited from strong demand and price cuts.

The company reported net income of $2.7 billion, or 91 cents per share, in the quarter, compared with $2.2 billion, or 71 cents per share, in the same period a year ago. Revenue rose 47 percent to $24.9 billion.

Tesla's delivery of new vehicles rose 83 percent in the April-through-June period to 466,140 vehicles. The company's factories in Austin, Texas, and Berlin, Germany, are ramping up production, and Tesla said it expects to deliver more than 1.5 million vehicles this year.

Tesla's profit margins declined in the quarter, as the company lowered prices in some markets in an effort to boost sales. However, the company's gross profit still came in at 18.2 percent, which was above analyst expectations.

Tesla CEO Elon Musk said the company is "facing some near-term headwinds" from rising inflation and supply chain disruptions. However, he said he is confident that Tesla will continue to grow in the long term.

"We are making progress in a number of important areas, including scaling our production capacity, expanding our product line, and developing new technologies," Musk said in a statement. "We are confident that we will continue to grow and succeed in the long term."

Tesla's results were well-received by investors, and the company's stock price rose more than 5 percent in after-hours trading.

The strong results from Tesla come at a time when the global auto industry is facing headwinds from rising inflation and supply chain disruptions. However, Tesla's strong demand and pricing power have helped the company weather the storm.

Tesla's results suggest that the demand for electric vehicles is still strong, even as the global economy faces challenges. The company's continued growth is likely to put pressure on its competitors, and it could further accelerate the shift to electric vehicles.

In addition to its strong results, Tesla also announced a number of new initiatives during the quarter. The company launched a new software update that includes a number of new features, such as a "Dog Mode" that keeps the car cool for pets left inside. Tesla also announced that it is working on a new self-driving software that will be released later this year.

Tesla's second-quarter results are a positive sign for the company and the electric vehicle industry. The company's strong demand and pricing power are likely to help it weather the current economic challenges, and its continued growth is likely to put pressure on its competitors.