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Tesla reported a record number of vehicle deliveries in the first quarter of this year, largely meeting analysts’ estimates, even though production was down from the previous quarter.
During the quarter, Tesla delivered 310,048 vehicles, a slight increase over the previous quarter, and a 68% increase over last year. Wall Street had expected deliveries of 308,836 cars, according to data from Refinitiv. The automaker produced 305,407 vehicles from January to March 2022, up from 305,840 in the previous quarter.
Tesla said it sold a total of 295,324 Model 3 sedans and Model Y sport utility vehicles, while it delivered 14,724 Model S luxury sedans and Model X premium SUVs.
“This was an exceptionally challenging quarter due to supply chain disruptions & China’s zero Covid policy” CEO Elon Musk tweeted. “Exceptional work by Tesla team & key suppliers saved the day” .
Deliveries have been “better than feared given the supply chain issues“, commented Wedbush analyst Daniel Ives in a report.
Despite these good results, a recent spike in Covid-19 cases in China forced Tesla to temporarily suspend production at the Shanghai factory for several days in March and April. In effect, the city is sealing itself off to prevent the spread of the disease.
Soaring gas prices, partly due to the war in Ukraine, should fuel demand for electric cars. However, a lack of stock and rising vehicle prices could weigh on sales, analysts predict. Indeed, after suffering inflation on raw materials and logistics, Tesla has been forced to raise its tariffs in China and the US.
Tesla began delivering vehicles in March that were made at its Gruenheide, Germany, factory, and deliveries of cars made at its Austin, Texas, factory are expected to begin soon.
Read also > TESLA DOMINATES THE U.S. LUXURY MARKET, AHEAD OF GERMAN CAR BRANDS
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Tesla reported a record number of vehicle deliveries in the first quarter of this year, largely meeting analysts’ estimates, even though production was down from the previous quarter.
During the quarter, Tesla delivered 310,048 vehicles, a slight increase over the previous quarter, and a 68% increase over last year. Wall Street had expected deliveries of 308,836 cars, according to data from Refinitiv. The automaker produced 305,407 vehicles from January to March 2022, up from 305,840 in the previous quarter.
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Tesla reported a record number of vehicle deliveries in the first quarter of this year, largely meeting analysts’ estimates, even though production was down from the previous quarter.
During the quarter, Tesla delivered 310,048 vehicles, a slight increase over the previous quarter, and a 68% increase over last year. Wall Street had expected deliveries of 308,836 cars, according to data from Refinitiv. The automaker produced 305,407 vehicles from January to March 2022, up from 305,840 in the previous quarter.
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