Tesla Inc reported record first-quarter electric vehicle deliveries on Saturday, mostly surpassing analysts’ expectations, while production decreased from the prior quarter due to supply chain problems and a China factory stoppage.
‘This was a *exceptionally* challenging quarter due to supply chain disruptions and China’s zero Covid policy,’ CEO Elon Musk tweeted. ‘Excellent effort by the Tesla team and key suppliers saved the day.’
Tesla delivered 310,048 units in the third quarter, a small increase from the previous quarter and a 68 percent increase from the previous year. According to Refinitiv statistics, Wall Street projected 308,836 car deliveries.
From January to March, Tesla manufactured 305,407 automobiles, a decrease from 305,840 in the previous quarter.
Tesla, the world’s most valuable automaker, has fared better than competitors in navigating the pandemic and supply chain interruptions, and its new Shanghai factory is fuelling growth.
However, a recent increase in COVID-19 cases in China has led Tesla to temporarily halt production at its Shanghai factory for several days in March and April while the city closes to test inhabitants for the disease. more info
According to Daniel Ives, an analyst at Wedbush, the deliveries were ‘better than predicted considering supply chain difficulties.’
Tesla reported a total of 295,324 Model 3 cars and Model Y sport utility vehicles sold, as well as 14,724 Model S luxury sedans and Model X premium SUVs delivered.
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