Tesla’s first quarter deliveries break previous record; beats expectation
On Friday Tesla Inc posted record-breaking deliveries for the January to March quarter, beating Wall Street estimates, as solid demand for less expensive models offset the impact of global shortage of parts.
Tesla said, ”We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity. The new Model S and Model X have been exceptionally well received … and we are in the early stages of ramping production.”
Last year Tesla’s Shanghai factory started production of the Model Y in the key market where it already produces Model 3 sedans. In February, Tesla’s China sales jumped from the previous month even as demand usually falls during China’s Lunar New Year holidays which occurred that month.
According to the Refinitiv data, the electric car maker deliverd 184,800 vehicles globally during the first quarter, above estimates of 177,822 vehicles.
This also exceeds its previous record of 180,570 achieved last quarter. In February, Tesla suspended its California plant for two days due to ” parts shortage.”
Tesla delivered 182,720 Model 3/Ys in the first quarter, up 13% from the previous quarter. In contrast, deliveries of pricier S/Xs slumped from 18,920 to2,020 during the period, ahead of model refreshes.
Other automakers like General Motors Co on Thursday reported a rebound in first-quarter U.S sales from a coronavirus-induced slump last year, but volumes were capped by a global chip scarcity that forced many companies to cut production.
Tesla has become the most valuable auto company in the world by far, despite production that is a fraction of rivals such as Toyota Motor Corp, Volkswagen AG and GM.
